Nordstrom stock jumps after beating sales expectations
2023.05.31 16:45
© Reuters.
Investing.com — Nordstrom Inc (NYSE:) shares were rising after the department store operator reported better-than-expected sales for the April quarter.
The an adjusted profit of 7 cents a share on revenue of $3.2 billion. Analysts expected a 10-cent loss per share on revenue of $3.1B.
Nordstrom shares were up 9% in after-hours trading.
The retailer confirmed its outlook for fiscal 2023, saying revenue expectations are for a drop of 4% to 6% compared with 2022, but adjusted EPS will range between $1.80 and $2.20. That excludes the effect of winding down locations and its online operations in Canada.
The company said Nordstrom Rack sales trends improved late in the quarter, with the strongest performance in April, driven by the increased penetration of strategic brands in its merchandise mix.
“We are pleased with the progress we’re making against the key priorities we laid out for 2023 as we continue to enhance our overall customer experience, improve Nordstrom Rack performance, increase inventory productivity and optimize our supply chain operations,” said CEO Erik Nordstrom in a statement.
