Nordstrom Down After Slight Q3 Earnings Beat
Nordstrom (NYSE: JWN) is down more than one percent after announcing the firm's third quarter results.
The retailer reported a Q3 EPS of $0.69 versus the Street estimate of $0.66.
Earnings per share were down three percent from the year-ago period.
Revenue arrived at $2.88 billion versus the Street estimate of $2.87 billion. Sales were up two percent year-over-year.
While investors may not be overly impressed with this slight earnings beat, the company said that its third quarter performance was consistent with its full-year outlook. Nordstrom said that its Direct sales growth has been strong, and noted that trends are improving in the Rack.
The department store chain also said that it maintained its "disciplined execution around inventory and expenses while continuing to add new technology and capabilities to enable a better customer experience."
No specific technologies were mentioned, however.
Nordstrom made special note of the Anniversary Sale, which only took place during the second quarter this year. During fiscal 2012, the event occurred during both the second and third quarters.
The retailer said that it estimates that the impact of this event shift has "increased earnings per diluted share in the second quarter and reduced earnings per diluted share in the third quarter by approximately $0.06."
Nordstrom also said that it expects to report a full-year 2013 EPS between $3.65 and $3.70 versus the Street estimate of $3.68.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
Louis Bedigian is the Senior Tech Analyst and Features Writer of Benzinga. You can reach him at louis(at)benzingapro(dot)com. Follow him @LouisBedigianBZ
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