Nordstrom Inc. (NYSE: JWN) reported fiscal third-quarter financial results after markets closed on Thursday. The company posted $0.84 in earnings per share (EPS) and $3.5 billion in revenue versus consensus estimates from Thomson Reuters calling for $0.51 in EPS and $3.48 billion in revenue. The same period from last year had $0.57 in EPS and $3.33 billion in revenue.
Comparable sales increased 2.4%, compared with the same period last year. This includes a favorable comparison resulting from one week of the Anniversary Sale, historically the company’s largest event of the year, shifting into the third quarter. Combined second and third quarter comparable sales, which removes the impact of the event shift, increased 0.4% compared with the same period last year.
In terms of guidance for the 2016 full year, the company expects to have net sales increasing 3.5% and EPS in the range of $2.85 to $2.95. The consensus estimates are calling for $2.73 in EPS and $14.82 billion in revenue for the full year.
On the books, cash and cash equivalents totaled $531 million at the end of the quarter, versus $821 million at the end of the same period from last year.
Blake Nordstrom, co-president, Nordstrom, commented:
We’ve made considerable changes in the way we operate to improve the customer experience while increasing our productivity. We are particularly proud of our team’s efforts to align inventories and improve our operating efficiencies. These outcomes have positively impacted our operating results.
Shares of Nordstrom closed Thursday up 7% at $56.03, with a consensus analyst price target of $49.38 and a 52-week trading range of $35.01 to $64.51. Following the release of the earnings report, the stock was up initially 6.7% at $59.79 in the after-hours trading session.
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