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Nordstrom Management Discusses Q2 2012 Results - Earnings Call Transcript

The Rack continues to execute well, increasing its market share while achieving high sales productivity, EBIT margins and return on invested capital. Recognizing its growth potential several years ago, we embarked on a more ambitious store expansion plan for the Rack. Over the last 4 years, the number of Racks has more than doubled to 110 today. Based on what we've experienced during this period and how our customers responded, we see an opportunity for even greater acceleration in its growth. We will continue with our plan to open a total of 15 Racks this year, and then increase to 24 openings in 2013. Its' likely that we'll have doubled our size again by 2016 with over 230 Rack stores. We are encouraged by the performance we've seen in this business and by the ongoing growth opportunity it represents to serve more customers.

Our Direct business followed its 44% sales increase in the first quarter with a 40% increase in the second quarter. It largely reflects the meaningful investments we're making to improve the customer experience in e-commerce, expanding selection, improving the site experience, expediting the checkout and delivery process and ultimately making it easier for our customers to shop. This year for the first time, our Fashion Rewards customers had the chance to shop online during the 9-day early access period prior to the start of the event. And with the launch of the Nordstrom iPad app, coming later this month, we are excited to introduce some novel features that we think customers will appreciate.

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