DDS

Dillard's, Inc.

210.00
USD
-4.79%
210.00
USD
-4.79%
160.51 416.71
52 weeks
52 weeks

Mkt Cap 3.49B

Shares Out 16.63M

Chat
Send me real-time posts from this site at my email

Nordstrom soars after raising guidance in retail sector shocker

Nordstrom (NYSE:JWN) soared in after-hours trading after breaking apart from retail peers by raising full-year guidance. The outlook was a shocker with many mall chains warning on slowing consumer spending trends. Sales increased 18.7% during Q4 and gross merchandise value increased 19.6% versus the same period a year ago. Nordstrom banner net sales were up 23.5% and Nordstrom Rack sales rose 10.3% while continuing to show sequential improvement towards pre-pandemic sales levels. Digital sales in the fourth quarter rose 18.7% to account for 39% of total sales. Gross profit increased 190 basis points to 32.8% of sales compared with the same period in fiscal 2021. The department store operator's inventory position at the end of the quarter was up 23.7%. Approximately one-quarter of the change in inventory levels was due to pull-forward of Anniversary Sale receipts. Nordstrom (JWN) finished the quarter with $1.3B in liquidity including $484M in cash and the full $800M available on its revolving line of credit. Looking ahead, Nordstrom (JWN) expects revenue growth of 6% to 8% vs. a prior forecast for +5% to +7%. EPS of $3.20 to $3.50 is anticipated vs. $3.15 to $3.50 prior view and $3.17 consensus. A leverage ratio of approximately 2.5X is expected by year-end. Nordstrom (JWN) also authorized a $500M share buyback program. CEO update: "We are focused on more effectively balancing inventory with demand while increasing efficiency throughout our network and delivering newness and selection to our customers."

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue