Cost-Cutting, Inventory Control Help Boost Nordstrom's Quarterly Profit.

Knight Ridder/Tribune Business News, February, 2002

By Jake Batsell, The Seattle Times Knight Ridder/Tribune Business News

Feb. 22--A year ago, swollen inventories and rising expenses led to a grim fourth quarter for Nordstrom, which vowed to run a leaner operation in 2001.

Yesterday, the Seattle retailer said belt-tightening had helped it nearly double its fourth-quarter profit, despite declining sales during a recession.

"Obviously, the (sales) were affected by the economy, but with the things within their control, they're doing a good job," said Bob Toomey, analyst for RBC Dain Rauscher in Seattle.

At stores open longer than a year, sales declined 2.9 percent. Nordstrom, like many other department stores and specialty retailers, saw sales drop during the fourth quarter, which...

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