Nordstrom 2Q Bests Estimates, Guides In-Line
Shares of Nordstrom Inc. (NYSE:JWN) surged in trading after-hours as the high-end department store reported second-quarter results that bested forecasts, and gave guidance that was in-line with expectations.
The luxury retailer forecast fiscal 2011 earnings in the range of $2.95 to $3.10 a share, with gross profit rising 30-50 basis points and same-store sales growth between 4% and 6%. The forecast bracketed Wall Streets forecast for full-year earnings of $3.05 a share.
The company reported profit rose 20% to $175 million, or 80 cents a share, compared with last years second-quarter net earnings of $146 million, or 66 cents a share.
Net sales rose 12.4% to $2.72 billion, up from sales of $2.42 billion in the same quarter, one year ago. Comparable-store sales rose to 7.3%, compared to the same period last year.
The results edged out expectations; analysts were expecting earnings of 74 cents a share on revenue of $2.71 billion, according to a poll by Thomson Reuters.
Shares of Nordstrom rallied more than 5% on Thursday, closing $2.19 higher at $42.33. The stock rallied another $1.27, or 3% after results were announced.