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DOSSIER – In this photo of August 23, 2017, a Nordstrom sign is posted outside of a mall in Indianapolis. Nordstrom Inc. announces its results on Thursday, November 15, 2018. (AP Photo / Darron Cummings, File) The Associated Press
SEATTLE (AP) – Shares of Nordstrom Inc. slid after trading hours on Thursday after retailer of a department store issued mediocre forecasts for the full year.
The Seattle-based company reported a net profit of $ 67 million, or 39 cents a share, in the third quarter. Earnings, adjusted for non-recurring costs, amounted to 67 cents per share.
The results have exceeded Wall Street's expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research indicated a profit of 64 cents per share.
The department store operator had sales of $ 3.75 billion during the period, which is also higher than Street's forecast. Six analysts surveyed by Zacks expected $ 3.68 billion. A year ago, Nordstrom earned $ 114 million, or 67 cents a share, for a $ 3.54 billion business figure.
Sales in stores open at least a year, a key indicator of retailers' health, increased 2.3% during the quarter, with Nordstrom's Rack's non-price stores recording a 5.8 increase %. Fixed-price stores are almost stable at 0.4%.
Nordstrom expects earnings per share of $ 3.55 to $ 3.65 per year and $ 15.5 to $ 15.6 billion in revenue. On average, analysts surveyed by FactSet expected an annual profit of $ 3.61 on revenues of $ 15.91 billion.
Nordstrom shares slid 10% to $ 52.50 in prolonged trading. Until the close of the regular meeting on Thursday, the stock has risen 25% since the beginning of the year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a report on Zacks' actions on JWN at https://www.zacks.com/ap/JWN.
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