Nordstrom Inc. (NYSE: JWN) released fiscal fourth-quarter financial results after markets closed Thursday. The retailer said that it had $1.23 in earnings per share (EPS) and $4.54 billion in revenue, compared with consensus estimates that called for $1.47 in EPS and $4.56 billion in revenue. The same period of last year reportedly had $1.48 in EPS and $4.48 billion in revenue.
In its Full-Price segment, net sales increased by 1.0%. In Off-Price, net sales increased by 1.8%. Digital sales grew 9% and represented 35% of sales. Online order pickup contributed more than half of digital sales growth in Full-Price.
Looking ahead to the 2020 fiscal full year, the company expects to see EPS in the range of $3.25 to $3.50 and net sales increasing 1.5% to 2.5%. Consensus estimates are calling for $3.49 in EPS and $15.82 billion in revenue for the year.
Separately, the company announced changes to its board of directors. Current board members Kevin Turner and Gordon Smith have chosen not to seek re-election to the board at the expiration of their respective terms at the annual shareholders meeting on May 20.
CEO Erik Nordstrom commented:
Through our customer focus, inventory efficiencies and expense discipline, we drove improvement in sales trends in Full-Price and Off-Price, and we increased profitability during the second half of the year. Our 2019 results reflected the accelerated roll out of our market strategy, our strength of Nordstrom Rack’s execution, improved merchandise margins and realized expense savings that were 10 percent above our plan. As we move forward, we are further leveraging digital capabilities and scaling our market strategy to drive sales and earnings growth. The momentum from our investments and market strategy is enabling us to get closer to customers, transforming the way we’re serving them.
Nordstrom stock closed Tuesday at $33.44 per share, within a 52-week range of $25.01 to $46.20. The consensus price target is $37.50. Following the announcement, the share price was down about 8% at $30.69 in early trading indications Wednesday.
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