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
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