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published in Blogs
Nov 26, 2022
Nordstorm (JWM, $22.13) beats Q3 earnings expectations

Nordstorm (JWM, $22.13) beats Q3 earnings expectations

Nordstrom posted its third quarter adjusted earnings of $0.20 per share, well above analysts’ expectations of $0.14 per share. The figure was lower than $0.39 per share a year ago, though.

Revenues for the quarter slipped -2.5% from the year-ago quarter to $3.55 billion, just ahead of Street forecasts.  Sales at Nordstrom Rack fell -1.8% year-over-year. Digital sales were down -16%, partly due to the timing of Nordstrom's anniversary sale event (i.e. the second quarter).

Looking ahead, the retail chain has projected adjusted profits in the range of $2.13 to $2.43 per share for its full financial year, revising its forecast down from $2.45 to $2.75 per share, as it clears out excess inventory and makes space for new premium brand purchasing capacity. The company continues to expect revenue growth of between 5% and 7% and adjusted profit margins of between 4.3% and 4.7% for the year.

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