Nordstrom Inc. (NYSE: JWN) released its fiscal first-quarter financial results after the markets closed on Thursday. The retailer said that it had $0.51 in earnings per share (EPS) on $3.56 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.44 in EPS on revenue of $3.46 billion. The same period of last year reportedly had EPS of $0.37 and $3.35 billion in revenue.
During the quarter, comparable sales increased 0.6%. Total company net sales increased 5.8% in this time, primarily due to the shift of a Nordstrom Rewards loyalty event into the first quarter relative to the second quarter last year.
Also, Nordstrom increased sales enabled through digital capabilities by 18% in the first quarter, compared with the same period in 2017. Digitally enabled sales represented 29% of first-quarter sales, up from 25% a year ago.
Sales from Nordstrom Rewards customers represented 53% of first-quarter sales, compared with 47% last year.
Looking ahead to the 2018 fiscal full year, the company expects to see EPS in the range of $3.35 to $3.55 and revenues between $15.2 billion and $15.4 billion, with comparable sales of 0.5% to 1.5%. The consensus estimates call for $3.43 in EPS on $15.71 billion in revenue for the full year.
On the books, Nordstrom cash and cash equivalents totaled $966 million at the end of the quarter, versus $653 million at the end of the same period of last year.
Shares of Nordstrom closed on Thursday at $50.91, with a consensus analyst price target of $51.19 and a 52-week range of $37.79 to $54.00. Following the announcement, the stock was down 7% at $47.38.
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.