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