Nordstrom Inc's (JWN) same-store sales for November 2010 increased 5.1% compared with the same month last year. Total retail sales were $815 million, up 8.8% from $749 million in November 2009.

The company reported an increase in same-store sales of 8.2% year to date. Total retail sales improved 13.0% to $7.31 billion from $6.47 billion for the same period in fiscal 2009.

Based on same-store sales growth of 6%, Nordstrom also expects fiscal 2010 earnings in a range of $2.60 to $2.65 per share.

The Zacks Consensus Estimate for fiscal fourth-quarter 2010 is 95 cents per share. For fiscal years 2010 and 2011, the Zacks Consensus Estimates are, respectively, $2.66 per share and $3.03 per share.

Nordstrom opened one Nordstrom Rack store at Arrowhead Crossing in Peoria, Arizona, in November. At the end of the month, the company had 204 stores located in 28 states.

Though Seattle-based Nordstrom remains focused on expanding the store network to drive top-line growth, a sluggish discretionary spending environment, intense competition and exposure to seasonal fluctuations keep us on the sidelines. We maintain our “Neutral” recommendation on Nordstrom.