Shares of Nordstrom, Inc. edged up on Wednesday’s pre-market after its fiscal first-quarter sales went ahead of the analysts’ estimates.
The American luxury store chain gained 8.37% or 1.85 points to $22.53 per share. It completely reversed a plunge of 3.59% or 0.77 points to $20.68 per share in the regular trading session. Accordingly, the upturn added $298.07 million to the company’s valuation.
Nordstrom reported revenue of $3.57 billion for the three months ended in April. The result surpassed the market consensus of $3.28 billion.
Consequently, it reported a loss of $0.60 per share, slightly higher than the anticipated $0.50 per share.
The cost resulted from selling the company’s interest in a corporate office building. It also included an impairment charge related to a Trunk Club property.
The firm also reported a net income of $20.00 million, compared with a net loss of $166.00 million a year earlier.
Moreover, total revenue accelerated to $3.57 billion, beating the estimates of $3.28 billion. It also came in higher than the previous $3.00 billion.
Nordstrom cited momentum in the business as shoppers visited the firm’s department stores to refresh their closets with designer brands and shoes.
Nordstrom lifted its fiscal 2022 revenue, including credit card sales. As a result, it anticipated the metric to increase in the range of 6.00% to 8.00%.
The adjusted outlook is notably higher from the prior guidance of 5.00% to 7.00%.
In addition, it forecasts earnings per share in a range of $3.38 to $3.68. Similarly, it went above the last forecast of $3.15 to $3.50.
This optimistic outlook contrasts with retailers like Target, Kohl’s, and Abercrombie & Fitch. Recently, Nordstrom’s peers dialed back their annual forecasts as supply chain costs and other expenses weighed into profits.
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