We’ve never understood why Nordstrom’s (NYSE:JWN) [– $47.17] comp sales metrics sometimes just did not make sense.
For example, in November 2011, the full-line stores reported comp sales of 5.6% while the Rack stores reported +5.1%. Yet, the total company comp sales metric was disclosed as +5.6%. This happened in many other months as well. Today, the company provided a bit of an explanation:
In the sales release, our November total same-store sales increase of 5.6% is not necessarily intuitive, given Rack’s increase of 5.1% and our multi-channel increase of 5.6%. Please keep in mind that our total same-store sales include accounting adjustments that are not allocated to Nordstrom and Nordstrom Rack.
Yep, it’s now as clear as mud.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.