The Nordstrom sign is on the front of the company’s flagship store in Seattle. The luxury retailer is expected to announce its first quarter results soon. Due to the COVID-19 pandemic, many of the company’s locations are closed.
Toby Scott | Barcroft Media | Getty Images
Nordstrom reported fourth quarter revenue and earnings on Tuesday that beat analysts’ estimates thanks to stronger online buyer demand and growth in the off-price Nordstrom rack business.
However, the company warned it was recently hit by shipping delays that resulted in some of its vacation goods not getting to shelves and warehouses on time. Nordstrom said it was working to sell this inventory, most of which is non-seasonal, during the first fiscal quarter. It said it should return to normal inventory levels by the second quarter.
Shares fell around 3% after close of trading.
Here’s how Nordstrom performed for the quarter ended January 30th compared to analyst expectations using refinitive data:
- Earnings per share: 21 cents compared to 14 cents expected
- Revenue: $ 3.65 billion versus $ 3.60 billion expected
Nordstrom net income declined to $ 33 million, or 21 cents per share, from $ 193 million, or $ 1.23 per share, last year. According to a refinitive poll, this was better than the 14 cents per share expected by analysts.
Total revenue declined nearly 20% from $ 4.54 billion a year ago to $ 3.65 billion. That was ahead of a forecast of $ 3.60 billion.
Nordstrom stock is up around 8% over the past 12 months at close of trading on Tuesday. The retailer has a market cap of $ 5.93 billion, which is less than Kohls but more than Macy’s.
You can find the full press release from Nordstrom here.
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