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Tuesday, March 02, 2021 5:43:57 PM
Nordstrom (JWN) Tops Estimates on Digital Sales Surge
By: TheStreet | March 2, 2021
• Retailer also sees income tax benefit from CARES act.
Nordstrom, Inc. (JWN) posted better-than-expected fourth-quarter earnings and revenue helped by a surge in digital sales and an income tax benefit from the CARES Act.
The high-end retailer reported earnings per share of 21 cents on revenue of $3.65 billion.
The company had been expected to report earnings of 14 cents a share, on sales of $3.6 billion, based on a FactSet survey of 20 analysts.
In the same period a year ago, the company posted earnings of $1.23 a diluted share on sales of $4.5 billion.
The stock has risen 54.7% since the company last reported earnings on Nov. 24.
The company said digital sales rose 24% from the same period a year earlier and accounted for 54% of the latest quarter's revenue. The Nordstrom brand saw net sales decrease 19%, while Nordstrom Rack sales decreased 23%.
It said it saw an income tax benefit of $51 million in the quarter which "primarily reflects additional benefit from the impact from the CARES Act," according to a statement.
“Heading into 2021, we’re taking steps to improve our inventory position,” said Nordstrom CEO Erik Nordstrom in the statement. “As we execute our long-term growth strategy to get closer to our customers than ever before, we’re confident in our ability to unlock the full potential of our digital-first platform to gain market share and drive profitable growth.”
For the fiscal 2021 year, the company forecast revenue growth of more than 25% "with digital representing approximately 50 percent of sales."
Shares of Nordstrom fell 97 cents, or 2.6% in after-hours trading to $36.61. In the regular session the stock fell 1% on a generally down day for Wall Street.
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By: TheStreet | March 2, 2021
• Retailer also sees income tax benefit from CARES act.
Nordstrom, Inc. (JWN) posted better-than-expected fourth-quarter earnings and revenue helped by a surge in digital sales and an income tax benefit from the CARES Act.
The high-end retailer reported earnings per share of 21 cents on revenue of $3.65 billion.
The company had been expected to report earnings of 14 cents a share, on sales of $3.6 billion, based on a FactSet survey of 20 analysts.
In the same period a year ago, the company posted earnings of $1.23 a diluted share on sales of $4.5 billion.
The stock has risen 54.7% since the company last reported earnings on Nov. 24.
The company said digital sales rose 24% from the same period a year earlier and accounted for 54% of the latest quarter's revenue. The Nordstrom brand saw net sales decrease 19%, while Nordstrom Rack sales decreased 23%.
It said it saw an income tax benefit of $51 million in the quarter which "primarily reflects additional benefit from the impact from the CARES Act," according to a statement.
“Heading into 2021, we’re taking steps to improve our inventory position,” said Nordstrom CEO Erik Nordstrom in the statement. “As we execute our long-term growth strategy to get closer to our customers than ever before, we’re confident in our ability to unlock the full potential of our digital-first platform to gain market share and drive profitable growth.”
For the fiscal 2021 year, the company forecast revenue growth of more than 25% "with digital representing approximately 50 percent of sales."
Shares of Nordstrom fell 97 cents, or 2.6% in after-hours trading to $36.61. In the regular session the stock fell 1% on a generally down day for Wall Street.
Read Full Story »»»
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