Nordstrom Stock Rallies On Strong Q2 Earnings: Details

Author: Erica Kollmann | August 27, 2024 04:37pm

Nordstrom, Inc. (NYSE:JWN) reported its second-quarter financial results after Tuesday's closing bell. Here's a look at the key figures from the report. 

The Details: Nordstrom reported quarterly earnings of 96 cents per share, which beat the analyst consensus estimate of 71 cents by 35.21%. Quarterly sales clocked in at $3.894 billion, which just missed the analyst consensus estimate of $3.896 billion and represents a 3.23% increase from the same period last year.

• Total comparable sales increased 1.9%.
• Gross merchandise value (GMV) increased 3.5 percent.
• Nordstrom banner net sales and comparable sales each increased 0.9%.
• Net sales for Nordstrom Rack increased 8.8% and comparable sales increased 4.1%.
• Digital sales increased 6.2%.
• Gross profit, as a percentage of net sales, of 36.6% increased 155 basis points compared with the same period in fiscal 2023, primarily due to strong regular price sales and leverage on higher total sales.
• Ending inventory increased 8.3%, versus a 3.4% increase in sales.

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“Our second quarter results were solid, and we’re encouraged by the continued topline strength in both banners and the progress we’re making to expand gross margin and increase profitability,” said Erik Nordstrom, CEO of Nordstrom, Inc. “We’re confident in our outlook for the remainder of the year and look forward to sustaining the momentum we’ve built as we execute on our 2024 priorities.”

Outlook: Nordstrom expects fiscal year earnings of between $1.75 and $2.05 per share.

JWN Price Action: According to Benzinga Pro, Nordstrom shares are up 8.33% after-hours at $23 at the time of publication Tuesday.

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Photo: Courtesy of Nordstrom, Inc.

Posted In: JWN