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Nordstrom earnings top estimates, retailer raises full-year outlook
Retailer Nordstrom on Tuesday reported fiscal first-quarter earnings and sales that topped analysts' estimates, and raised its full-year outlook. The stock was up more than 4% in extended trading.
The retailer also said it had reinstated its annual forecast, which it had pulled last year amid the pandemic, after reporting first-quarter results that exceeded its own expectations.
Sales totaled $2.92 billion, up 44% from $2.03 billion during the same quarter in 2020 and higher than the $2.89 billion that analysts were expecting, according to Refinitiv.
Nordstrom said it saw growth in its top-performing merchandise categories, which include designer, women's apparel and beauty.
It also saw continued strength in its off-price business, which includes Nordstrom Rack, where sales climbed 45% from 2020 levels.
The company's net income of $166 million, or $1.03 per share, compared with a loss of $521 million, or $3.33 per share, a year earlier. Excluding one-time charges, it earned $1.27 per share, better than the 27 cents that analysts were expecting.
Nordstrom now expects fiscal 2021 sales to grow more than 25%, up from its prior range of 20% to 25% growth. Analysts are looking for a sales increase of 22.8%.
The retailer also hiked its outlook for full-year earnings before interest and taxes to a range of $600 million to $700 million, up from its prior range of $300 million to $400 million.
Nordstrom shares are up about 21% year to date. The company has a market cap of $5.5 billion.
VIDEO02:52
Nordstrom earnings top estimates, retailer raises full-year outlook
Retailer Nordstrom on Tuesday reported fiscal first-quarter earnings and sales that topped analysts' estimates, and raised its full-year outlook. The stock was up more than 4% in extended trading.
The retailer also said it had reinstated its annual forecast, which it had pulled last year amid the pandemic, after reporting first-quarter results that exceeded its own expectations.
Sales totaled $2.92 billion, up 44% from $2.03 billion during the same quarter in 2020 and higher than the $2.89 billion that analysts were expecting, according to Refinitiv.
Nordstrom said it saw growth in its top-performing merchandise categories, which include designer, women's apparel and beauty.
It also saw continued strength in its off-price business, which includes Nordstrom Rack, where sales climbed 45% from 2020 levels.
The company's net income of $166 million, or $1.03 per share, compared with a loss of $521 million, or $3.33 per share, a year earlier. Excluding one-time charges, it earned $1.27 per share, better than the 27 cents that analysts were expecting.
Nordstrom now expects fiscal 2021 sales to grow more than 25%, up from its prior range of 20% to 25% growth. Analysts are looking for a sales increase of 22.8%.
The retailer also hiked its outlook for full-year earnings before interest and taxes to a range of $600 million to $700 million, up from its prior range of $300 million to $400 million.
Nordstrom shares are up about 21% year to date. The company has a market cap of $5.5 billion.