Nordstrom Reports Q2 Earnings, Raises Fiscal 2014 Guidance
Nordstrom (NYSE: JWN) released its second quarter earnings report shortly after Thursday's closing bell.
The company posted revenue and sales inline with the consensus estimates at $3.39 billion and $0.95, respectively.
In addition to its results, Nordstorm also announced that it will acquire Trunk Club for $350 million of Nordstrom stock, a portion of which is retention-based and subject to future vesting. The transaction also includes an long-term incentive plan of up to $100 million. The amount will be based on Trunk Club's performance.
Going forward, Nordstrom increased its guided growth rate for net sales and comparable sales from 5.5 - 7.5 percent and 2 - 4 percent to 6.5 - 7.5 and 3 - 4 percent. The company also raised its diluted EPS guidance from $3.75 - $3.90 to $3.80 - $3.90.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.