Nordstrom earnings disappoint
SEATTLE – Nordstrom’s fourth-quarter earnings failed to meet Wall Street expectations, following a dismal third quarter in which it also failed to meet analysts’ expectations and lowered its outlook for the year.
For the quarter ended Jan. 30, Nordstrom on Thursday reported earnings per share of $1.00, profit of $180 million and total sales of $4.19 billion.
The $1.00 earnings per share included asset impairment charges of 17 cents that were not included in the Seattle company’s outlook.
Wall Street analysts had expected quarterly earnings per share of $1.22 on sales of $4.22 billion, according to estimates collected by Yahoo Finance.
While sales increased 3.7 percent over the year-ago quarter, profit declined 29.4 percent.
Comparable sales – meaning sales in stores open for at least one year – increased 1 percent from the year-ago period.
The company reported full-year earnings per share of $3.15, profit of $600 million and sales of $14.44 billion.
While sales increased 6.9 percent from $13.51 billion for the year ended Jan. 31, 2015, profit declined 16.7 percent from $720 million.
Nordstrom’s yearly revenue result met analyst expectations of $14.43 billion but fell short of their $3.37 earnings per share expectations.
Nordstrom said it expects full-year earnings per share of $3.10 to $3.35 for the upcoming year, short of the $3.53 expected by analysts, as compiled by Yahoo Finance.
Nordstrom shares were down about 6 percent in after-hours trading following release of the results.