A Citibike docking station outside the Nordstrom flagship store in New York, US, on Wednesday, Feb. 21, 2024.
Bing Guan | Bloomberg | Getty Images
Nordstrom on Thursday fell short of Wall Street’s quarterly earnings expectations, as its off-price chain Rack outperformed the rest of its stores.
Despite the miss, the Seattle-based department store operator stuck by its full-year forecast.
Here’s what the retailer reported┬аcompared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Loss per share: 24 cents vs. 8 cents expected
- Revenue: $3.34 billion vs. $3.20 billion expected
Nordstrom shares slid about 7% in extended trading.
Nordstrom’s off-price chain, Nordstrom Rack, was the strongest performer in the quarter. Comparable sales for chain rose 7.9% year over year. The company’s main brand climbed 1.8%.
The chain reaffirmed that it expects earnings of $1.65 to $2.05 for the full fiscal year. Nordstrom anticipates full-year revenue will be in a range of a 2 percent decline to 1 percent growth from the prior year.
For its fiscal first quarter, Nordstrom posted a net loss of $39 million, versus a net loss of $205 million in the prior-year period. The company’s total revenue rose to $3.34 billion from $3.18 billion in the previous year.
The results come as the Nordstrom family again considers taking the company private. Last month, it said it formed a special committee to evaluate bids.
Nordstrom, like its department store rivals, is trying to win over young consumers as it relies on aging customers.
