11 Jan Nordstrom Lifts EPS Guidance On Improving Holiday Sales
Nordstrom, Inc. announced an increase in its net sales of 2.5 percent and an increase in comparable sales of 1.2 percent for the nine weeks ended December 30, 2017, compared with the same period last year. This reflected an improvement in Nordstrom full-line and Nordstrom Rack stores relative to year-to-date sales trends and continued growth in e-commerce at Nordstrom.com and Nordstromrack.com/HauteLook.
In the Nordstrom brand, including U.S. and Canada full-line stores and Nordstrom.com, net sales when combined with Trunk Club, increased 0.7 percent and comparable sales increased 1.0 percent. In the Nordstrom Rack brand, which consists of Nordstrom Rack stores and Nordstromrack.com/HauteLook, net sales increased 8.2 percent and comparable sales increased 2.9 percent.
Based on holiday results, the company has updated its fiscal 2017 expectations for an increase in net sales of approximately 4.2 percent, inclusive of the 53rd week, and an increase in comparable sales of approximately 0.5 percent. Nordstrom expects full-year earnings per diluted share to be in a range of $2.90 to $2.95, compared with its prior outlook of $2.85 to $2.95. This reflects sales performance near the high end of the company’s outlook range, continued stability in merchandise margins and expected deleverage from higher supply chain, technology, and occupancy expenses associated with Nordstrom’s growth initiatives. The company’s updated outlook does not incorporate the potential impact of federal tax reform.
The company is scheduled to report its fourth quarter and full-year 2017 financial results after the close of the financial markets on Thursday, March 1, 2018.