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Nordstrom beats on 2Q earnings and revenue while raising guidance for rest of 2018

Sparkling results by Nordstrom as earnings and revenue beat estimates

Shoppers in department stores
Nordstro is a leading US fashion retailer

Nordstrom Inc (NYSE:JWN) reported a strong beat on earnings and revenue for the second quarter on Thursday, sparking its shares in after-hours trade to spike.

The company also raised its guidance for the rest of the year based on its strong performance so far in 2018. Nordstrom's performance mirrored that of Walmart, whose results also prompted a rally in its stock during Thursday's session.

The department store operator said second-quarter earnings per share came in at US$0.95, sharply up from the average estimate of US$0.84 and the year-ago level of US$0.65. Revenue for the quarter hit US$4.07bn, compared with the consensus expectation of US$3.96bn and the year ago revenue of US$3.79bn.

Shares of the company soared nearly 14% to US$59.51 in after-hours dealings. Nordstrom shares have climbed some 105 since the start of the year, while the S&P 500 Index has only risen 6%.

EARLY MOVERS: Retailers in focus as Walmart jumps after latest quarter beats estimates but e-commerce group JD.com loses ground

Based on first-half results, the company raised its full-year earnings per diluted share expectations to US$3.50 to US$3.65, from its prior outlook of US$3.35 to US$3.55.

The net sales outlook went up to US$15.4bn to US$15.5bn, up from the prior guidance of US$15.2bn to US$15.4bn.

Nordstrom. is a leading fashion retailer based in the US. It was founded in 1901 as a shoe store in Seattle. Nordstrom operates 372 stores in 40 states, including 122 full-line stores in the United States, Canada and Puerto Rico.

Contact Rene Pastor at [email protected]

Quick facts: Nordstrom, Inc.

Price: 40.21 USD

NYSE:JWN
Market: NYSE
Market Cap: $6.24 billion
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