Nordstrom misses Wall Street's earnings expectations, as off-price chain Rack lifts sales

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Breaking News: Earnings News

Earnings,Nordstrom Inc,Retail Industry

The department store operator Nordstrom stuck by its full-year forecast despite the miss.

The company's off-price chain Rack outperformed its banner stores.Follow your favorite stocksA Citibike docking station outside the Nordstrom flagship store in New York, US, on Wednesday, Feb. 21, 2024.on Thursday fell short of Wall Street's quarterly earnings expectations, as its off-price chain Rack outperformed the rest of its stores.

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.. Last month, it said it formed a special committee to evaluate bids.

 

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