From CNBC: 2024-11-26 17:33:27

Nordstrom exceeded Wall Street’s quarterly sales expectations, with revenue up 4% from last year. The company provided a conservative full-year sales forecast, expecting revenue to range from flat to up 1%. CEO Erik Nordstrom credited the growth to increased sales in women’s apparel, activewear, shoes, men’s apparel, and kids.

Despite a noticeable decline in sales trends towards the end of October, Nordstrom’s net income for the fiscal third quarter was $46 million, or 27 cents per share, compared to $67 million, or 41 cents per share, in the year-ago period. Revenue rose from $3.32 billion in the year-ago quarter.

Nordstrom’s sales growth of 4% across its two brands, Nordstrom and Nordstrom Rack, surpassed analysts’ expectations for a 0.7% increase in comparable sales. The company’s sales growth is significant given the pressure on discretionary merchandise and luxury categories in the retail sector.

Nordstrom’s full-year outlook remains consistent with its previous adjusted earnings per share range of $1.75 to $2.05. The company’s digital sales rose 6.4% year over year, accounting for about a third of total sales. Nordstrom has made efforts to enhance its online shopping experience and expand its product offerings.

Nordstrom’s founding family made a bid to take the company private for $23 per share, leading to a surge in the company’s stock price. As of Tuesday’s close, Nordstrom’s stock has risen 32% this year, outperforming the S&P 500’s 26% gains. The company continues to focus on driving sales growth and enhancing the customer experience.



Read more at CNBC: Nordstrom (JWN) earnings Q4 2024