Nordstrom shares fell Tuesday after the department store chain reported that fiscal second-quarter sales were still below pre-pandemic levels.
Sales more than doubled compared to the same period in 2020, as shoppers used Nordstrom’s anniversary sale as a reason to head back to the mall. But on a two-year basis, revenue was down 6%.
Nordstrom was feeling more optimistic about the rest of the year, and raised its outlook after rivals Macy’s and Kohl’s did the same in recent days.
But its shares were down more than 6% in extended trading.
Here’s how Nordstrom did for the quarter ended July 31 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 49 cents vs. 27 cents expected
- Revenue: $3.66 billion vs. $3.36 billion expected
Nordstrom reported net income of $80 million, or 49 cents per share, compared with a loss of $255 million, or $1.62 a share, a year earlier. Analysts were expecting earnings of 27 cents per share.
Revenue rose to $3.66 billion from $1.86 billion a year earlier, topping estimates for $3.36 billion.
Total sales from Nordstrom’s anniversary were up 1% compared with 2019, the company said.
