Nordstrom Shares Up 8% On Strong Earnings Beat

By Markets MarketWatch Pulse

Nordstrom Inc. rose 8% late Thursday after the retailer reported third-quarter adjusted per-share earnings well above expectations and sales in line with Wall Street's forecast. Nordstrom said it lost $10 million, or 6 cents a share, in the quarter, reversing net earnings of $81 million in the year-ago period. Adjusted for one-time earnings, the retailer earned $148 million, or 84 cents a share. Sales rose 7.2% to $3.5 billion, compared with $3.2 billion a year ago. Analysts polled by FactSet had expected Nordstrom to report adjusted earnings of 51 cents a share on sales of $3.48 billion. Comparable-store sales rose 2.4%. Nordstrom also raised its fiscal year 2016 outlook for adjusted earnings per share to $2.85 to $2.95, from $2.60 a share to $2.75 a share, to incorporate the better-than-expected quarterly results.

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