Nordstrom on Tuesday reported fourth-quarter sales and earnings that topped analysts' estimates, thanks to stronger shopper demand online and growth at its off-price Nordstrom Rack business.
But the company cautioned that it has been recently impacted by shipping delays, which held up some of its holiday merchandise from getting to shelves and stockrooms on time. Nordstrom said it is working to sell through that inventory, most of which is nonseasonal, during its fiscal first quarter. It said it should be back to normal inventory levels by the second quarter.
Its shares were falling around 3% in after-hours trading.
Here's how Nordstrom did for the quarter ended Jan. 30 compared with what analysts were anticipating, using Refinitiv data:
- Earnings per share: 21 cents vs. 14 cents expected
- Revenue: $3.65 billion vs. $3.60 billion expected
Nordstrom's net income shrank to $33 million, or 21 cents per share, from $193 million, or $1.23 a share, a year earlier. That came in better than the 14 cents per share that analysts were anticipating, according to a Refinitiv survey.
Total revenue fell nearly 20% to $3.65 billion from $4.54 billion a year earlier. That came in ahead of a forecast for $3.60 billion.
Nordstrom shares are up about 8% over the past 12 months, as of Tuesday's market close. The retailer has a market cap of $5.93 billion, which is less than Kohl's but greater than Macy's.
Find the full press release from Nordstrom here.
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