SEATTLE - Nordstrom, Inc. (NYSE:JWN) reported better-than-expected third-quarter results and raised its full-year guidance, driven by sales growth across both its Nordstrom and Nordstrom Rack banners.
The luxury department store chain posted adjusted earnings per share of $0.33, surpassing the analyst estimate of $0.22. Revenue for the quarter came in at $3.35 billion, slightly above the consensus estimate of $3.33 billion and up 4.6% YoY.
Comparable sales increased 4.0% compared to the same period last year. The Nordstrom banner saw net sales rise 1.3% with comparable sales up 4.0%, while Nordstrom Rack net sales jumped 10.6% with comparable sales increasing 3.9%.
"The continued sales growth across the company and strong gross margin in the third quarter indicate our team's focus and efforts are working," said Erik Nordstrom, CEO of Nordstrom, Inc.
Gross profit margin expanded to 35.6%, up 60 basis points YoY, primarily due to strong regular price sales. Digital sales grew 6.4% and represented 34% of total sales during the quarter.
Looking ahead, Nordstrom raised its full-year outlook. The company now expects fiscal 2024 adjusted earnings per share between $1.75 and $2.05, compared to the previous analyst consensus of $1.90. Revenue is projected to be flat to up 1.0% versus fiscal 2023.
Pete Nordstrom, president of Nordstrom, Inc., commented, "Our third quarter results demonstrate that our strategic focus on curating a compelling brand assortment is resonating with customers."
The company declared a quarterly cash dividend of $0.19 per share, payable on December 18, 2024, to shareholders of record as of December 3, 2024.
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