Nordstrom tops earnings expectations

Nordstrom tops earnings expectations

One of America’s most prominent luxury department store chains reported better-than-expected Q2 2021 earnings

Nordstrom revealed that for the quarter ended July 31, it scored an EPS of 49 cents compared to the 27 cents forecasted. At the same time, revenues topped the $3.36 billion consensus, with figures coming in at $3.66 billion. Compared to the year-ago numbers, sales more than doubled.

Revenues surged as shoppers used Nordstrom’s anniversary sale as a reason to purchase new shoes, dresses and activewear. Total sales from the anniversary event were up 1% compared to 2019.

According to Pete Nordstrom, the company’s president: “A compelling merchandise assortment, combined with new and differentiated services and experiences, contributed to strengthening customer engagement and improving financial results during our Anniversary Sale.”

For the future, Nordstrom expects its annual revenue to increase more than 35%, revising it from a prior calling of 25% growth.

As of Tuesday’s market close, Nordstrom shares are up 21% since the beginning of the year, pushing its market cap to $6 billion.

Source: cnbc.com

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