:max_bytes(150000):strip_icc()/GettyImages-2167989284-9c07362be0f34ca2a3d89fec0d8f39a6.jpg "Nordstrom Stock Jumps Amid Strong Earnings, Rack Sales")
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KEY TAKEAWAYS
- Nordstrom shares jumped Wednesday, a day after posting better-than-estimated adjusted EPS of 96 cents on revenue of $3.89 billion.
- The department store operator reported a nearly 9% year-over-year sales gain at its Nordstrom Rack discount chain.
- Nordstrom also said its comparable store sales would be in a range of flat to 2% growth from fiscal 2023, compared with its previous projection of a 1% decline to 2% growth.
Nordstrom (JWN) shares jumped Wednesday, a day after posting better-than-expected second-quarter results.
Nordstrom reported adjusted earnings per share (EPS) of 96 cents on revenue of $3.89 billion, topping consensus expectations of analysts polled by Visible Alpha, and a nearly 9% year-over-year sales gain at its Nordstrom Rack discount chain.
“We’re encouraged by the continued topline strength in both banners and the progress we’re making to expand gross margin and increase profitability,” Nordstrom Chief Executive Officer (CEO) Erik Nordstrom said. “We’re confident in our outlook for the remainder of the year and look forward to sustaining the momentum we’ve built as we execute on our 2024 priorities.”
Nordstrom Raises Low End of FY Comparable Store Sales Range
The department store operator also said its full-year comparable store sales would be in a range of flat to 2% growth from fiscal 2023, compared with its previous projection of a 1% decline to 2% growth.
Nordstrom shares rose 5.5% to $22.31 as of 10:50 a.m. ET Wednesday, bringing their gain for 2024 to about 20%.