Nordstrom posts 3Q profit, results beat Wall Street estimates
SEATTLE (AP) — Nordstrom Inc. shares jumped in extended trading Thursday after the upscale department store operator reported improved fiscal third-quarter sales and profits.
The Seattle-based company earned $142 million, or 73 cents per share, for the period that ended Nov. 1. That's up from $137 million, or 69 cents per share, last year. The results exceeded Wall Street expectations: Analysts surveyed by Zacks Investment Research anticipated earnings of 71 cents per share.
Nordstrom's revenue increased 8.9 percent to $3.14 billion, also beating Street forecasts. Analysts expected $3.11 billion, according to Zacks.
The company said that its revenue from its stores open for at least a year rose 3.9 percent.
Nordstrom lowered its full-year earnings forecast to reflect the impact of its recent acquisition of Trunk Club, a personalized clothing service for men. The company now expects to earn $3.70 to $3.75 per share versus its prior forecast of $3.80 to $3.90. Analysts had been expecting $3.86 a share, according to FactSet.
The company also said that revenue is expected to increase 7.5 percent for the year, versus prior guidance of a 6.5 to 7.5 percent increase.
Nordstrom's shares rose 2.6 percent to $75.17 in extended trading following the report. They have increased 19 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 10 percent.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. JWN stock research report from Zacks.