Nordstrom Inc (NASDAQ:JWN) shares are moving Wednesday after the company reported third-quarter financial results. Here’s a rundown of the report.
What Happened: Nordstrom reported third-quarter revenue of $3.32 billion, which was down from $3.55 billion on a year-over-year basis. The company reported quarterly earnings of 25 cents per share, which was improved from earnings of 20 cents per share in the prior year’s quarter.
Net sales for Nordstrom Rack decreased 1.8%. Active grew by double-digits and beauty and accessories were up low single-digits compared to 2022.
“In the third quarter we continued to make progress against our priorities, and we’re especially pleased with the resulting improvements in gross margin and earnings,” said Erik Nordstrom, CEO of Nordstrom.
“Given continued uncertainty and softening consumer spend, we’re remaining agile and focused on serving our customers.”
Nordstrom said it expects full-year 2023 revenue to decline between 4% and 6% versus 2022. The company anticipates full-year adjusted earnings of $1.90 to $2.10 per share.
Following the company’s quarterly results, Telsey Advisory Group analyst Dana Telsey maintained Nordstrom with a Market Perform rating and lowered the price target from $19 to $17.
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JWN Price Action: Nordstrom shares were down 0.54% at $14.82 at the time of publication, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
