Nordstrom Q2 Earnings: Top and Bottomline Beat Estimates, Issues Guidance – Nordstrom (NYSE:JWN)
Nordstrom, Inc. JWN shares are trading lower in the after-hours session Thursday following the company’s second-quarter earnings report. This is what’s driving the action.
What To Know: The company reported quarterly earnings of 84 cents per share, which beat the analyst consensus estimate of 45 cents, a 3.7% increase over earnings of 81 cents per share from the same period last year.
The company reported quarterly sales of $3.77 billion, which beat the analyst consensus estimate of $3.65 billion, a 7.89% decrease over sales of $4.09 billion from the same period last year.
Net sales decreased 8.3%, compared to a decrease of 11.6 percent in the first quarter, representing a “sequential improvement in sales at both Nordstrom and Nordstrom Rack.” Gross merchandise value decreased by 8.5 percent.
Second quarter net sales included a 275 basis point negative impact from the wind-down of Canadian operations. Anniversary Sale timing had a negative impact of approximately 200 basis points on net sales compared with 2022.
Nordstrom estimated full-year 2023 earnings of between $1.80 and $2.20 per share versus the $1.99 estimate.
“We’ve worked hard to improve our operating model, and our solid results reflect the continued progress we made against our top priorities to improve Nordstrom Rack performance, increase inventory productivity and deliver efficiencies through supply chain optimization,” said Erik Nordstrom, CEO of Nordstrom, Inc.
“These 2023 priorities improve the way we operate and drive profitability in the near term, and better position us to succeed and deliver value to our shareholders in the long-term. Looking ahead, we remain confident in our ability to deliver on these priorities, all while keeping the customer at the center of everything we do.”
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JWN Price Action: Shares of JWN were down 4.34% at $16.09 at the time of publication, according to Benzinga Pro.
