Nordstrom Does It Again in Q3
Nordstrom Inc. (NYSE: JWN) released fiscal third-quarter financial results after markets closed Thursday. The retailer said that it had $0.81 in earnings per share (EPS) and $3.67 billion in revenue, compared with consensus estimates that called for $0.64 in EPS and $3.67 billion in revenue. The same period from last year had $0.67 in EPS and $3.75 billion in revenue.
Overall, sales trends improved across Nordstrom’s Full-Price and Off-Price businesses through aggressive actions taken during the year related to loyalty, digital marketing and merchandise assortment.
In Full-Price, net sales decreased 4.1% compared with the same period in fiscal 2018. Off-Price net sales increased 1.2%. Total company digital sales grew 7% and represented 34% of the business.
Looking ahead to the 2019 fiscal full year, the company expects to see EPS in the range of $3.30 to $3.50 and net sales decreasing 2%. Consensus estimates are calling for $3.29 in EPS and $15.52 billion in revenue for the full year.
Erik Nordstrom, co-president, commented:
Our third quarter earnings exceeded expectations, demonstrating substantial progress in the delivery of our strategy and strength of our operating discipline. Through our customer focus, we drove broad-based improvement in top-line trends. The consistent strength of our inventory and expense execution contributed to increased profitability for the quarter.
Shares of Nordstrom closed Thursday at $34.30, within a 52-week range of $25.01 to $54.65. The consensus analyst price target is $34.35. Following the announcement, the stock was up about 6% at $36.30 in the after-hours session.