Published February 21, 2013
Nordstrom (JWN) revealed a stronger-than-expected 20% increase in fourth-quarter earnings Thursday. However, its shares slid 3% after hours on disappointing sales and a lackluster outlook.
Looking toward fiscal 2013, Nordstrom is anticipating earnings in the range of $3.65 to $3.80 a share on sales growth of 4.5% to 6.5%. The outlook came in below the consensus view of $3.97 a share.
Revenue for the three-month period ended Feb. 2 climbed 13.5% on a year-over-year basis to $3.6 billion, but just missed the Street’s view of $3.7 billion.
Shares of Nordstrom slid close to 3% in extended trading to $53.
The Seattle-based luxury department store posted fourth-quarter net earnings of $284 million, or $1.40 a share, compared with $236 million, or $1.11 a share a year ago.
The results topped average analyst estimates of $1.34 in a Thomson Reuters poll
Same-store sales, a key growth measure for retailers measuring sales at stores open longer than a year, were up 6.3%, and Nordstrom said general expenses as a percentage of sales slumped by 45 points.
Meanwhile, Nordstrom Rack, the retailer’s discount chain that opened 12 new stores in calendar 2012, saw its sales grow 23%.