Nordstrom Inc. (NYSE: JWN) reported second-quarter 2017 results after markets closed Thursday evening. The department store giant posted quarterly diluted earnings per share (EPS) of $0.65 on revenues of $3.79 billion. In the same period a year ago, Nordstrom reported EPS of $0.67 on revenues of $3.65 billion. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.64 and $3.75 billion in revenue.
Comparable store sales for the quarter rose 1.7%. Net sales rose 3.5% year-over-year.
The company said that online sales growth totaled 20% at Nordstrom.com, reflecting its largest volume day in company history, and 27% at Nordstromrack.com/HauteLook.
Nordstrom revised guidance for the full 2017 fiscal year. Net sales growth had been forecast at 3% to 4% and is now estimated at approximately 4%. EPS guidance was raised from a prior range of $2.75 to $3.00 to a new range of $2.85 to $3.00.
Consensus estimates call for third-quarter EPS of $0.64 on revenues of $3.59 billion. For the full year analysts were looking for EPS of $2.95 on sales of $15.28 billion.
Nordstrom’s results were better than that of peers like Macy’s, Kohl’s, and Dillards, all of which released quarterly results before markets opened this morning. Macy’s put up a new 52-week low after issuing a soft outlook and Kohl’s dipped sharply even though its results were better than expected. Nordstrom held its annual Anniversary sale during the quarter and three of the five best-selling brands during the sale were the company’s proprietary labels.
Shares traded down up about 2% in Thursday’s after-hours session, at $45.46, after closing at $44.87, down 4.2% for the day. The stock’s 52-week range is $39.53 to $62.82. The consensus 12-month price target on the stock was $46.58 before today’s results were announced. The high price target was $58.00.
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