Nordstrom Inc (NYSE:JWN) shares are trading flat Wednesday after the company reported better-than-expected top-line results, issued guidance above analyst estimates and announced a buyback.
Nordstrom said first-quarter revenue grew 19% year-over-year to $3.47 billion, which beat the estimate of $3.28 billion, according to data from Benzinga Pro. The company reported a quarterly adjusted loss of 6 cents per share, which missed the estimate for a loss of 5 cents per share.
"Looking ahead, we are committed to driving additional merchandise margin improvement and increasing supply chain productivity, to deliver incremental profitability while continuing to elevate the customer experience," said Pete Nordstrom, president and chief brand officer of Nordstrom.
Nordstrom expects full-year revenue growth of 6% to 8% year-over-year. The fashion retailer expects full-year adjusted earnings to be in a range of $3.20 to $3.50 per share versus the estimate of $3.12 per share. Nordstrom also announced a $500 million share repurchase program.
Analyst Assessment:
- Credit Suisse analyst Michael Binetti maintained Nordstrom with a Neutral rating and lowered the price target from $29 to $26.
- Deutsche Bank analyst Paul Trussell maintained Nordstrom with a Hold rating and raised the price target from $31 to $32.
- Citigroup analyst Paul Lejuez maintained Nordstrom with a Neutral rating and lowered the price target from $27 to $22.
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JWN Price Action: Nordstrom shares have traded between $18.65 and $38.48 over a 52-week period.
The stock was up 0.85% at $20.87 at press time.
Photo: courtesy of Nordstrom.
