Ahead of its fourth-quarter earnings report this week, Nordstrom Inc. (NYSE: JWN) has announced the expansion of its footprint in Canada. Specifically, the Seattle-based retailer said Tuesday that it plans to open a Nordstrom Rack store in Toronto, Ontario.
The company previously had announced the opening of three full-line stores in the Toronto area beginning this year, and it already has full-line stores in Calgary, Ottawa and Vancouver.
Nordstrom is scheduled to report fourth-quarter and fiscal-year results after markets open on Thursday. This American upscale fashion retailer is expected to post earnings per share (EPS) of $1.22 and revenues of $4.22 billion for the quarter. That compares to the $1.32 per share and $4.04 billion it posted in the same period of last year. However, analysts overestimated EPS in three of the past four quarters.
Full-year EPS are expected to total $3.38, which would be down about 9% year over year. But the consensus forecast has revenues at $14.44 billion, or almost 7% higher than in the previous year. As with the EPS estimate for the quarter, expectations for full-year earnings have slipped a bit in the past 60 days.
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Karen McKibbin, president of Nordstrom Canada, said:
We’re excited to announce our first Nordstrom Rack in Canada in such a wonderful location and provide Canadian customers another way to shop their favorite Nordstrom brands at great prices, We want to be a part of compelling locations across the country and this is a great first step. We look forward to getting our doors open to serve customers in Toronto.
Nordstrom Rack is the off-price retail division of the company, which claims to have 194 Nordstrom Rack stores.
Shares of Nordstrom closed most recently at $48.91, in a 52-week trading range of $44.49 to $83.16. The consensus price target is $55.72, yielding an implied upside of more than 12%.
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