Nordstrom Inc JWN shares are down more than 8% Wednesday morning after the company reported third-quarter financial results.
Nordstrom reported third-quarter revenue of $3.5 billion, which beat average analyst estimates of $3.48 billion, according to Benzinga Pro. The company's topline results were down 2.9% on a year-over-year basis.
Nordstrom reported third-quarter adjusted earnings of 20 cents per share, which beat average analyst estimates of 14 cents per share. The company's earnings results excluded a supply chain technology and related asset impairment charge.
"We delivered both topline and bottom-line results in line with our expectations in the third quarter while enhancing our strategic capabilities. When customer demand decelerated in late June, we took action to align inventory and expenses with the changing trends, which has prepared us to navigate the current macroeconomic environment," said Erik Nordstrom, CEO of Nordstrom.
After right-sizing inventory levels, Nordstrom said it's on track to end the year with a healthy inventory position. Inventory was up 0.6% year-over-year.
Nordstrom expects full-year revenue growth to be between 5% and 7%. Full-year adjusted earnings are expected to be between $2.30 and $2.60 per share.
JWN Price Action: Nordstrom has a 52-week high of $29.59 and a 52-week low of $16.14.
The stock was down 8.26% at $20.78 at time of publication.
Photo: Mike Mozart from Flickr.
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