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Nordstrom’s 4Q profits up 35 percent

The Columbian
Published: February 17, 2011, 12:00am

NEW YORK (AP) — Upscale department store chain Nordstrom Inc. says its fourth-quarter profit rose 35 percent as it tightened inventory controls, saw improved consumer credit and made strong sales at full price, and it’s upbeat about 2011.

The company also said Thursday that it’s buying the website HauteLook Inc., which sells clothes on limited-time promotions.

Nordstrom posted profit of $232 million, or $1.04 per share, for the quarter that ended Jan. 29. That compares with $172 million, or 77 cents per share, a year earlier. Its quarterly revenue reached $2.92 billion, an increase of more than 10 percent from a year earlier.

Analysts expected adjusted earnings of 99 cents per share on revenue of $2.83 billion, according to FactSet.

For 2011, Nordstrom expects to earn $2.95 to $3.10 per share. Analysts expect $3.04.

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