Nordstrom’s 2016 sales reach record high of $14.5bn

Despite US retailers struggling to stay in the black in 2016, Nordstrom managed to outperform >>

A rendering of Nordstrom's new CF Sherway Gardens store due to open in 2017

Luxury department store retailer Nordstrom ended fiscal 2016 with record high sales of $14.5bn.

It was good news for the US retailer, which in the same year had announced it would be cutting up to 400 jobs and shutting its San Diego store after more than 30 years in business.

In fiscal 2016, the retailer’s diluted EPS were $2.02, which exceeded expectations.

Nordstrom put the figure down to continued operational efficiencies in inventory and expense execution.

Net sales grew 2.9% and comparable sales remained relatively flat showing a decline of 0.4%.

Overall, highlights for the retailer included online sales representing roughly 25% of its full-price sales, totalling more than $2.5bn.

Nordstrom also expanded further into Canada with two stores opening in autumn 2016 in Toronto, contributing $300m in total sales.

In 2017, a new full-line store is scheduled to open in Toronto at CF Sherway Gardens on 15 September.

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