Nordstrom (JWN) Reports 44% Surge in Q1 Profit But Traders Selling as Results Miss the Street
Tweet
Share
E-mail
Get Alerts JWN Hot Sheet
Price: $24.66 --0%
Financial Fact:
Earnings before interest and income taxes: 55M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Earnings before interest and income taxes: 55M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Join SI Premium – FREE
Nordstrom Inc. (NYSE: JWN) said Thursday that strong same store sales gains lead to a 44 percent rise in first quarter profit, however, the retailer missed the Street’s somewhat-lofty expectations.
The department store operator reported quarterly earnings of $116 million or 52 cents per share, up from the $81 million or 37 cents per share in the same quarter last year. Analysts had been looking for a more robust 55 cents per share.
Revenue came in at $1.99 billion during the three month period, up 16.7 percent from the $1.71 billion reported in the year-ago quarter and slightly better than the market consensus of $1.96 billion.
Sales at stores open at least one year were up 12 percent for the company.
“Nordstrom’s first quarter performance continued the sales momentum experienced throughout the latter half of 2009, the company stated in its earnings release. “The company’s ongoing progress in serving its customers with a compelling blend of fashion, newness, and quality, led to same-store sales increases in each month of the quarter.”
Looking forward, Nordstrom raised its guidance for full year 2010 earnings from $2.30 to $2.55 per share to $2.50 to $2.65 per share. Analysts are currently looking for $2.61 per share in 2010. The retailer also said that it expects same store sales to rise 4 percent to 6 percent this year.
The stock has fallen about 2% in the after-hours session. At last check, Nordstrom was trading around $40.45.
The department store operator reported quarterly earnings of $116 million or 52 cents per share, up from the $81 million or 37 cents per share in the same quarter last year. Analysts had been looking for a more robust 55 cents per share.
Revenue came in at $1.99 billion during the three month period, up 16.7 percent from the $1.71 billion reported in the year-ago quarter and slightly better than the market consensus of $1.96 billion.
Sales at stores open at least one year were up 12 percent for the company.
“Nordstrom’s first quarter performance continued the sales momentum experienced throughout the latter half of 2009, the company stated in its earnings release. “The company’s ongoing progress in serving its customers with a compelling blend of fashion, newness, and quality, led to same-store sales increases in each month of the quarter.”
Looking forward, Nordstrom raised its guidance for full year 2010 earnings from $2.30 to $2.55 per share to $2.50 to $2.65 per share. Analysts are currently looking for $2.61 per share in 2010. The retailer also said that it expects same store sales to rise 4 percent to 6 percent this year.
The stock has fallen about 2% in the after-hours session. At last check, Nordstrom was trading around $40.45.
You May Also Be Interested In
- BJ's Wholesale Club (BJ) Tops Q2 EPS by 19c, Beats on Revenue; Offers FY27 EPS Guidance
- Nordson Corp. (NDSN) Tops Q3 EPS by 16c; Offers Guidance
- Navios Maritime Partners (NMM) Tops Q2 EPS by 34c
Create E-mail Alert Related Categories
Earnings, Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
