Nordstrom, Inc. Stock Falls 6% on Weak Same-Store Sales Growth

Nordstrom, Inc. (NYSE:JWN) had a mixed quarter as the company posted earnings that topped analysts’ expectations, but its same-store sales growth left something to be desired.

Nordstrom, Inc.The retail giant announced that its first quarter of fiscal 2018 yielded earnings of $87 million, or 51 cents per share, which came in ahead of the company’s earnings from the year-ago quarter of $63 million, or 37 cents per share. Wall Street was calling for earnings of 43 cents per share in its consensus estimate, according to data compiled by FactSet.

Nordstrom also unveiled revenue of $3.47 billion for its first quarter, which was stronger than the $3.28 billion it brought in during its first quarter of fiscal 2017. Analysts were calling for sales of $3.46 billion, according to a survey conducted by FactSet.

However, the company’s stock took a hit as it brought in a comparable-store sales increase of 0.6%, which was weaker than the same-store sales increase of 1.1% that Wall Street projected, according to FactSet.

Nordstrom also adjusted its bottom range of its per-share earnings outlook for the year as it now expects earnings in the range of $3.35 per share and $3.55 per share for its full fiscal year, ahead of its previous guidance that was in the range of $3.30 to $3.55 per share.

The company added that it still sees its fiscal 2018 sales expectations in the range of $15.2 billion to $15.4 billion.

JWN stock was down about 0.2% during regular trading hours Thursday and fell a further 5.9% after the bell.

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