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Nordstrom: Dressed for Success.(company earnings)(Brief Article)
- Article from:
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Kiplinger's Pick of the Day Web Feature
- Article date:
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June 2, 2005
- Author:
- Dixon, Lisa; Marquardt, Katy
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Copyright informationCOPYRIGHT 2005 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kiplinger Washington Editors
Better-than-expected sales meant a big gain for Nordstrom's (JWN) shares on Thursday. The upscale retailer said that same-store sales in May increased 7.4%. The stock, up 70% from its 52-week low last August, rose an additional 4.35% by Thursday afternoon.
The market for luxury goods is "red hot," which is why shares of high-end retailers have generally been performing well, says Eric Barden, co-manager of Texas Capital Value & Growth. Barden's fund invests in companies of all sorts, and Nordstrom is one of his favorite stocks.
The Seattle-based chain operates 151 stores in 27 states (95 of the stores are department stores). ...