Nordstrom shares fall on disappointing forecast
Shares of Nordstrom Inc.
JWN,
fell after hours on Tuesday after the department-store chain’s full-year forecast disappointed investors. The company said it expected full-year same-store sales within a range of down 1% to up 2%, compared with FactSet forecasts for a 1.4% gain. Shares fell 9.2%. For its fourth quarter, the company reported net income of $134 million, or 82 cents a share. Excluding a “a supply chain asset impairment and related charge,” Nordstrom earned 96 cents a share. Sales were $4.42 billion, up from $4.32 billion in the same quarter that ended last year. Analysts polled by FactSet expected adjusted earnings per share of 88 cents, on revenue of $4.38 billion. “We’re laser-focused on efforts we know will drive growth and profitability across the business over the next few years, including new Rack store openings, Nordstrom digital growth and increasing comp store sales,” Chief Executive Erik Nordstrom said in a statement.
