SEATTLE — Nordstrom’s quarterly income jumped by nearly $100 million thanks largely to the corporate tax cut, the Seattle retailer said Thursday as it reported better than expected profit but a shortfall in sales. The company reported its net sales decreased 4.7 percent, although ignoring an extra week in 2017 yields a 0.1 percent increase.
Quarterly revenues were nearly $4.5 billion, while profit was $248 million, compared to $151 million a year earlier, “primarily due to lower income tax expense associated with corporate tax reform,” the company announced. On a per-share basis, quarterly income was $1.50, compared to 90 cents the previous year.
For the year, Nordstrom said, its digital sales increased 16 percent and made up 30 percent of sales.
