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Nordstrom Rises After Full-Year Profit Forecast Tops Estimates

Nordstrom Inc. rose in late trading after forecasting full-year profit that exceeded analysts’ estimates, helped by strengthening sales.
By
  • Bloomberg

SEATTLE, United States — Nordstrom Inc. rose in late trading after forecasting full-year profit that exceeded analysts' estimates, helped by strengthening sales.

Earnings will be $3.85 to $3.95 a share this fiscal year, the Seattle-based company said in a statement Thursday. That’s up from the retailer’s previous estimate of as much as $3.80 a share, and tops analysts’ $3.75 average estimate.

Nordstrom is seeing improved sales of younger women’s apparel after the retailer brought in brands like Topshop and J.Crew’s Madewell. To target more price-conscious shoppers, Nordstrom is expanding its chain of outlets and experimenting with online platforms like flash-sale site HauteLook and a clothing service called Trunk Club.

Shares of the largest U.S. luxury department-store chain surged as much as 6.6 percent to $79.88 in late trading in New York after the forecast was released.

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Nordstrom said revenue will grow at least 8.5 percent this year, up from its earlier forecast of at least 7 percent. Analysts expected an 8 percent sales increase. Comparable sales will gain 3.5 percent to 4.5 percent this year, topping the retailer’s earlier outlook of 2 percent and 4 percent.

By Lindsey Rupp; editors: Kevin Orland, Rob Golum.

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