Department store operator Nordstrom Inc on Thursday reported better-than-expecte...
NEW YORK - Department store operator Nordstrom Inc on Thursday reported better-than-expected quarterly profit but missed Wall Street’s sales estimates, as customers bought more merchandise at its off-price stores and less at its full-price stores.
“In full-price, we saw an unexpected slowdown in full-line store traffic during and after the holidays,” Chief Executive Erik Nordstrom said on a conference call after reporting earnings. To ward off attempts by online retailers to capture its high-end shoppers, the Seattle-based retailer has invested in its website, apps and a loyalty program, while also building out its Nordstrom Rack stores that sell off-price merchandise in the United States and Canada. Those stores compete with the likes of Macy’s Inc’s Backstage stores and TJX Cos Inc’s T.J. Maxx.
Nordstrom’s fourth-quarter net income rose to $248 million, or $1.48 per share, compared with $151 million, or 89 cents per share, a year earlier. That beat Wall Street’s average estimate of $1.42 per share, according to IBES data from Refinitiv. For the full fiscal year, Nordstrom forecast earnings of between $3.65 and $3.90 per share. That is largely above Wall Street’s average estimate of $3.67 per share.
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