Nordstrom Inc. (NYSE: JWN) reported second quarter EPS of $0.75 and $3.0 billion in revenues after markets closed today. EPS for the same period a year ago totaled $0.80, and last year’s revenue totaled $2.72 billion. The results compare to the Thomson Reuters consensus estimates for EPS of $0.74 and $3.02 billion in revenue.
The specialty apparel retailer raised its full-year EPS guidance to $3.40-$3.50. The consensus estimate had called for EPS of $3.45. The forecast for full-year same-store sales increased to 6%-7% above last year’s results. For the third quarter the company expects same-store sales to rise in the high single digits, while fourth quarter same-store sales are forecast to increase in the mid single digits. Gross profits are expected to decline by 20-40 basis points in the third quarter and by 5-25 basis points in the fourth quarter.
Gross profits fell by 98 basis points in the second quarter, to 36.6% compared with 37.4% in the same period a year ago.
Nordstrom also said that it intends to further accelerate the opening of its Nordstrom Rack stores. There are currently 110 of the stores in operation and the company will open 15 in 2012 and 24 in 2013. The company’s plan calls for more than 230 Nordstrom Rack stores by the end of 2016.
Shares are up about 0.75% in after-hours trading, at $55.48. The current 52-week range is $37.28-$57.75. Thomson Reuters had a consensus analyst price target of $57.95 before today’s results were announced.
Paul Ausick
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.