Nordstrom beats and raises guidance - but shares are down 6% as comp sales miss
- Nordstrom beat on both the top and bottom lines.
- The retailer also raised its full year guidance.
- But shares are falling 6% after comparable sales missed.
- Watch Nordstrom trade in real-time here.
Nordstrom is down 6% in after-hours trading Thursday after first-quarter comparable sales missed Wall Street estimates.
The retailer said comparable same-store sales increased 0.7% at its full-priced stores, missing the 1% gain that analysts were expecting. Comp sales rose 0.4% at its off-price stores such as Nordstrom Rack and Last Chance clearance stores.
But the rest of the report looked good as Nordstrom showed earnings of $0.51 a share, beating the $0.43 estimate put together by analysts surveyed by Bloomberg. Revenue came in at $3.56 billion compared to the anticipated $3.45 billion.
The success was driven in part by the store's digital strategy. Digital sales made up 29% of all first-quarter sales, up from the 25% a year ago. Its rewards program also kicked in with Rewards Customers representing 53% of first-quarter sales.
Looking optimistically to fiscal year 2018, the department store increased its EBIT guidance to between $895 million and $940 million from $885 million to $940 million. It also raised its forecast for earnings-per-diluted-share to between $3.35 and $3.55 from $3.30 to $3.55.
Nordstrom is down more than 2% this year.
