Nordstrom maintains full-year revenue forecast despite revenue miss
Investing.com | Author Senad Karaahmetovic
Published Nov 21, 2023 04:13PM ET
Nordstrom (JWN) maintains full-year revenue forecast despite revenue miss
Nordstrom (JWN) reported a mixed set of results for the third quarter.
While the adjusted earnings per share came in at 25 cents, which is above the expected 12 cents, revenue fell 6.4% from the year ago period to $3.32 billion. Analysts were looking for $3.42 billion.
Sales fell 6.8% to $3.2 billion with Nordstrom Brand dropping 9.4% year-over-year.
The stock whipsawed in after-hours trading following the release of the results. Shares were up 1% at 16:12 EDT.
For the full year, the company narrowed the earnings per share guidance range and reiterated a full-year outlook for sales of -4% to -6%.
"In the third quarter we continued to make progress against our priorities, and we're especially pleased with the resulting improvements in gross margin and earnings," said Erik Nordstrom, chief executive officer of Nordstrom, Inc. (NYSE:JWN)
"Given continued uncertainty and softening consumer spend, we're remaining agile and focused on serving our customers."
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