Nordstrom’s Quarterly Profit Jumps 88%

Nordstrom Inc. said fiscal fourth-quarter profit jumped 88% as the company reduced costs and avoided steep discounts.

Net income rose to $50.7 million, or 38 cents a share, and sales fell 1.5% to $1.63 billion, while same-store sales dropped 3.4%.

Nordstrom shares rose 28 cents to $25.38 on the NYSE. The Seattle-based company made its announcement after the close of U.S. markets.