{"id":87298,"date":"2023-11-21T23:31:30","date_gmt":"2023-11-22T04:31:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nordstrom-beat-earnings-and-reaffirms-guidance-sales-fall-short\/"},"modified":"2023-11-21T23:31:32","modified_gmt":"2023-11-22T04:31:32","slug":"nordstrom-beat-earnings-and-reaffirms-guidance-sales-fall-short","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87298","title":{"rendered":"Nordstrom Beat Earnings and Reaffirms Guidance. Sales Fall Short."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000806919\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Nordstrom<br \/>\n       posted stronger-than-expected earnings for its latest quarter and reaffirmed guidance, but revenue fell as shoppers pulled back.  <\/p>\n<p>\n        Nordstrom<br \/>\n       (ticker: JWN) posted adjusted earnings of 25 cents a share for the fiscal third quarter ended in October, ahead of consensus estimates for 12 cents a share, according to FactSet. Revenue fell 6.4% year over year to $3.3 billion in the period, narrowly missing projections for $3.4 billion. <\/p>\n<div class=\"paywall\">\n<p>Sales at the company\u2019s banner department stores fell 9.4% compared to the prior year. Nordstrom Rack, the company\u2019s off-price segment, fared a bit better, with sales down 1.8%. <\/p>\n<p>\u201cIn the third quarter we continued to make progress against our priorities, and we\u2019re especially pleased with the resulting<br \/>improvements in gross margin and earnings,\u201d said CEO Erik Nordstrom. \u201cGiven continued uncertainty and softening consumer spend, we\u2019re remaining agile and focused on serving our customers.\u201d<\/p>\n<p>Gross profit was 35%, up 1.8 percentage points year over year thanks to lower markdowns and a better inventory position, the company said. Inventory levels were 8.8% lower than the year-ago quarter.<\/p>\n<p>The company reaffirmed its outlook for fiscal 2023 and narrowed its earnings-per-share range. It continues to expect revenue will fall between 4% and 6% for the full year, while adjusted earnings per share will range between $1.90 and $2.10. Previous guidance called for earnings to range between $1.80 and $2.20 a share. <\/p>\n<p>Shares of Nordstrom ticked up 0.6% to $15 after-hours trading. The stock is down 8% this year. <\/p>\n<p>Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/nordstrom-earnings-stock-price-9c56dba1?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nordstrom posted stronger-than-expected earnings for its latest quarter and reaffirmed guidance, but revenue fell as shoppers pulled back. Nordstrom (ticker: JWN) posted adjusted earnings of 25 cents a share for the fiscal third quarter ended in October, ahead of consensus estimates for 12 cents a share, according to FactSet. Revenue fell 6.4% year over year [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-87298","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nordstrom Beat Earnings and Reaffirms Guidance. 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