Nordstrom, Inc. (NYSE: JWN) shares are soaring after reporting a third-quarter earnings beat.
Earnings came in at 81 cents per share, beating estimates by 17 cents. Sales came in at $3.566 billion, missing estimates by $104 million.
The company raised the lower end of its 2019 EPS guidance from $3.25-$3.50 to $3.30-$3.50, against a $3.29 consensus estimate.
"Our market strategy is transforming our business model in how we're serving customers... We achieved an important milestone with the opening of our New York City flagship store, significantly increasing our presence in the world's top retail market. It's a culmination of efforts across many teams, and we are grateful for their dedication and passion in bringing this store to life," said Erik Nordstrom, co-president.
"Our third quarter earnings exceeded expectations, demonstrating substantial progress in the delivery of our strategy and strength of our operating discipline. Through our customer focus, we drove broad-based improvement in top-line trends. The consistent strength of our inventory and expense execution contributed to increased profitability for the quarter."
- Full-price net sales decreased 4.1%
- Off-price net sales increased 1.2%
- Total digital sales grew 7%, representing 34% of the business
- Nordy Club subscribers increased 13%
Nordstrom shares traded higher by more than 9% in Thursday's after-hours session. The stock closed the regular session at $34.32 per share.
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