Nordstrom rallies on earnings, but wind-down of Canadian operations weigh on sales

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Shares of Nordstrom ran higher after hours on Wednesday after the upscale department-store chain reported better-than-expected first-quarter results.

Shares of Nordstrom Inc. ran higher after hours on Wednesday after the upscale department-store chain reported better-than-expected first-quarter results and held to its full-year outlook, despite what executives characterized as an “uncertain” economic backdrop that has dampened demand for clothing.

The company reported a net loss of $205 million, or $1.27 a share, contrasting with a $20 million profit, or 13 cents a share, in the same quarter last year. Revenue fell to $3.18 billion, compared with $3.57 billion in the prior-year quarter, weighed by the chain’s decision announced in March to close up shop in Canada.

Analysts polled by FactSet expected the retail chain to lose 10 cents a share, on revenue of $3.12 billion. The retailer maintained its outlook for the full year, which called for a sales decline of between 4% to 6% and adjusted earnings per share of $1.80 to $2.20. For the year overall, FactSet forecast earnings of $1.87 a share, on revenue of $14.7 billion, or a 5.1% decrease.Nordstrom reported the results as retailers navigate subdued demand for things like clothing, as more expensive items in grocery stores chew up a bigger share of consumer spending.

 

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