Nordstrom's same-store sales whiff
Thomson Reuters
The high-end department store said same-store sales slipped 0.8% versus a year ago, missing the unchanged reading that analysts had forecast.
The company earned an adjusted $0.43 a share, easily beating the $0.27 that Wall Street was expecting. That included "an interest expense charge of $18 million, or $0.06, related to a $650 million debt refinancing completed in the first quarter of 2017," the release said.
Revenue of $3.35 billion, edged out the $3.33 billion that the Bloomberg consensus was anticipating.
The company reiterated its full-year earnings per diluted share outlook of $2.75 to $3.00, and said it expects net sales to increase between 3 to 4 percent while comparable sales hold steady.
Shares of Nordstrom are down 3% at $44.81 in extended trading on Thursday.
Nordstrom's results come after both Macy's and Kohl's failed to excite investors with their earnings announcements ahead of Thursday's opening bell. Aside from missing on earnings and revenue, Macy's said comparable sales on an owned-plus-licensed basis contracted by 4.6% in the first quarter, missing analyst forecasts of a 3.5% year-over-year decline.
While Kohl's beat on earnings, its sales fell short of Wall Street estimates.
Prior to the earnings, Nordstrom's stock was down 7.6% on Thursday.
- IMD forcasts heatwave for few states in next 5 days
- IIFL Securities Q4 profit more than doubles to ₹180 crore
- Global economy to grow 2.7% in 2024 as major economies avoid severe downturn: UN report
- North Korea has fired a ballistic missile toward Sea of Japan, says South Korean military
- Finance minister asks for greater push and investment in the manufacturing sector at the CII Annual Summit