Last Update: 10-Aug-12 09:17 ET
Nordstrom shares rise 2% following better than expected earnings
Nordstrom (JWN $56.00 +0.92) reported second quarter earnings of $0.75 per share, $0.01 better than the consensus of $0.74; revenues rose 3.8% year/year to $2.92 bln versus the $3 bln consensus (in ilne with pre-announcement). Co raises guidance for FY13, sees EPS of 3.40-3.50 from prior guidance of $3.30-3.45 versus the $3.44 consensus. Second quarter same-store sales increased 4.5 percent compared with the same period in fiscal 2011. Given the strong performance of the Nordstrom Rack business and availability of quality locations, the Company is planning to further accelerate the expansion of this business. Over the last four years, Nordstrom has more than doubled the number of Nordstrom Rack locations to its current total of 110 stores. Its initial plan for 15 store openings in 2012 remains and will increase to 24 openings in 2013. The Company plans to have over 230 Rack stores by the end of 2016. Sees Q3 same store sales in high-single digit increase. Sees Q4 same store sales mid-single digit increase.
Nordstrom (JWN $56.00 +0.92) reported second quarter earnings of $0.75 per share, $0.01 better than the consensus of $0.74; revenues rose 3.8%