Nordstrom (JWN) Tops Q2 EPS by 11c, Raises FY Outlook

August 11, 2016 4:07 PM EDT
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(Updated - August 11, 2016 4:09 PM EDT)

(Updated corrects comps figure)

Nordstrom (NYSE: JWN) reported Q2 EPS of $0.67, $0.11 better than the analyst estimate of $0.56. Revenue for the quarter came in at $3.65 billion versus the consensus estimate of $3.68 billion.

Comps were down 1.2%

Quarter Ended Six Months Ended
July 30, 2016 August 1, 2015 July 30, 2016 August 1, 2015
Sales Comp % Sales Comp % Sales Comp % Sales Comp %
Nordstrom full-line stores - U.S. $1,978 (6.5%) $2,097 0.8% $3,560 (7.0%) $3,796 0.7%
Nordstrom.com 683 9.4% 625 20.4% 1,178 6.7% 1,105 20.1%
Full-price 2,661 (2.8%) 2,722 4.8% 4,738 (4.0%) 4,901 4.5%
Nordstrom Rack 926 1.1% 857 1.7% 1,819 0.2% 1,688 0.8%
Nordstromrack.com/HauteLook 157 34.7% 117 49.6% 323 38.3% 234 50.4%
Off-price 1,083 5.3% 974 6.5% 2,142 4.9% 1,922 5.7%
Other retail1 127 79 249 143
Total Retail segment 3,871 3,775 7,129 6,966
Corporate/Other (279) (177) (345) (252)
Total Company $3,592 (1.2%

GUIDANCE:

Nordstrom sees FY2016 EPS of $2.60-$2.75, versus the consensus of $2.57.

FISCAL YEAR 2016 OUTLOOK

The Company updated its annual earnings per diluted share expectations to incorporate its second quarter results. Nordstrom's expectations for fiscal 2016 are as follows:

Prior Outlook Current Outlook
Net sales (percent) 2.5 to 4.5 increase 2.5 to 4.5 increase
Comparable sales (percent) 1 decrease to 1 increase 1 decrease to 1 increase
Retail EBIT (percent) 10 to 20 decrease 10 to 15 decrease
Credit EBIT $70 to $80 million Approximately $80 million
Earnings per diluted share (excluding the impact of any future share repurchases) $2.50 to $2.70 $2.60 to $2.75

For earnings history and earnings-related data on Nordstrom (JWN) click here.



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