Shares of Nordstrom, Inc. (NYSE:JWN) are jumping nearly 12% after hours today, following the company’s second quarter earnings report that blew away analyst estimates.
The Seattle-based upscale retailer posted Q2 EPS of $0.67, easily surpassing Wall Street’s $0.56 forecast. Revenue fell slightly from last year to $3.59 billion, narrowly missing estimates.
Looking ahead, JWN raised its full-year EPS forecast to a range of $2.60 to $2.75, up from $2.50 to $2.70 previously. Revenues are expected to range from approximately $14.45 to $14.73 billion.
Analysts are looking for $2.68 per share for the year, on $14.59 billion in sales.
From the press release:
“Over the past several quarters, our team has been actively addressing our inventory, expense and capital, and in the second quarter, made substantial progress by bringing down inventory in-line with sales,” said Blake Nordstrom, co-president, Nordstrom, Inc. “Those efforts, along with the strength of our Anniversary Sale and a great response from customers to that event, drove better than expected results for the second quarter.”
Other notes from the report included:
- Q2 return on Assets was 5.1%, down from Q1′s 5.9%
- Q2 RoIC was 9.1%, down from Q1′s 10.0%
- Anniversary Sale performed better than expected.
- Comparable sales fell 1.2%.
- Gross profit as a percentage of net sales was 34.3%.
- Inventory growth was 1.4%.
- Reaffirmed 2017 comparable sales forecast of -1% to +1%.
Nordstrom shares rose $5.69 (+11.96%) in aftermarket trading to $53.25. Prior to the report, JWN had fallen 4.5% year-to-date.
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