Nordstrom Inc unveiled expectation-beating fourth quarter sales as news broke its chief financial officer was to jump ship to Starbucks Corp on Tuesday.
Comparable sales climbed by 4.7% in the three months to February 1, the department store operator reported, outdoing analysts’ expectations for a 1.3% rise.
Net earnings ticked up 23% to $165 million in the meantime, with the results announcement also confirming chief financial officer Cathy Smith’s departure.
“[She] has been instrumental in strengthening our financial resilience and flexibility,” chief executive Eric Nordstrom commented.
A “comprehensive search” for a replacement had been launched, the company added, in line with Smith’s move to Starbucks to replace longtime veteran Rachel Ruggeri.
Shares were up 0.2% at $24.30 on Tuesday.