Shares of Nordstrom Inc. JWN declined more than 2% in after-hours trading after the company reported weaker-than-expected fourth-quarter earnings.
The Seattle, Washington-based company posted a quarterly profit of $255 million, or $1.32 per share, compared to $268 million, or $1.37 per share, in the year-ago period.
Its sales gained to $3.94 billion from $3.61 billion. However, analysts were expecting earnings of $1.35 per share on revenue of $4.01 billion.
Nordstrom comparable sales rose 4.5% in the period. Nordstrom.com net sales gained 19%, while Nordstrom Rack net sales climbed 17%. Nordstromrack.com/HauteLook net sales jumped 28% in the same period.
Gross profit, as a percentage of net sales, slipped 53 basis points to 36.7% in the quarter.
During the quarter, Nordstrom repurchased 0.7 million shares of its common stock for $56 million.
During the year, the company opened 3 full-line stores and 27 Nordstrom Rack stores.
For the full year, Nordstrom expects profit of $3.65 to $3.80 per share and sales growth of 7% to 9%. The company also projects comparable sales growth of 2% to 4%.
Nordstrom shares fell 2.77% to $75.00 in after-hours trading.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in