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Nordstrom (JWN) Tops Q2 EPS by 19c; Updates FY15 Outlook

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August 13, 2015 4:06 PM EDT

Nordstrom (NYSE: JWN) reported Q2 EPS of $1.09, $0.19 better than the analyst estimate of $0.90. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.67 billion.

Nordstrom comparable sales, which consist of the full-line and Nordstrom.com businesses, increased 4.8 percent. Top-performing merchandise categories included Cosmetics and Women's Apparel. The strength in Women's Apparel was led by coats, dresses and younger customer-focused departments.

The Company updated its annual earnings per diluted share expectations, incorporating second quarter results, including the reclassification of receivables as "held for sale" associated with the pending credit card transaction and share repurchases in the second quarter. Nordstrom's expectations for fiscal 2015 are as follows:

Prior Outlook Current Outlook, excluding credit transaction and other, net Current Outlook
Net sales increase (percent) 7 to 9 8.5 to 9.5 8.5 to 9.5
Comparable sales increase (percent) 2 to 4 3.5 to 4.5 3.5 to 4.5
Gross profit % (basis points) 5 to 15 decrease 5 decrease to 5 increase 5 decrease to 5 increase
Selling, general and administrative expenses % (basis points) 55 to 65 increase 65 to 75 increase 65 to 75 increase
Credit transaction and other, net -- -- $51 million EBIT increase
Earnings per diluted share (excluding the impact of any future share repurchases) $3.65 to $3.80 $3.70 to $3.80 $3.85 to $3.95

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


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