Investing.com -Nordstrom Inc (NYSE:JWN) is the latest retailer to release expectation-topping earnings as the company's strategies to survive the "new normal" for the retail climate appear to be paying off.
Retail giants have struggled in recent quarters due to increased competition from online merchants which have made consumers more bargain hungry. But, in the latest quarter, Nordstrom beat analysts expectations for earnings and met on revenue as total net sales increased 3.5% and comparable sales increased by 1.7% versus the comparable period.
Nordstrom earned 65 cents a share versus expectations for 64 cents. Revenue was $3.7 billion, in line with expectations.
The company noted that its Anniversary Sale, historically its largest event of the year, performed better than recent trends. The company also noted that to date in fiscal 2017, it has opened six Nordstrom Rack stores and closed one full-line store.