Nordstrom Inc. (NYSE: JWN) released its fiscal first-quarter financial results after the markets closed on Thursday. The retailer said that it had $0.51 in earnings per share (EPS) on $3.56 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.44 in EPS on revenue of $3.46 billion. The same period of last year reportedly had EPS of $0.37 and $3.35 billion in revenue.
During the quarter, comparable sales increased 0.6%. Total company net sales increased 5.8% in this time, primarily due to the shift of a Nordstrom Rewards loyalty event into the first quarter relative to the second quarter last year.
Also, Nordstrom increased sales enabled through digital capabilities by 18% in the first quarter, compared with the same period in 2017. Digitally enabled sales represented 29% of first-quarter sales, up from 25% a year ago.
Sales from Nordstrom Rewards customers represented 53% of first-quarter sales, compared with 47% last year.
Looking ahead to the 2018 fiscal full year, the company expects to see EPS in the range of $3.35 to $3.55 and revenues between $15.2 billion and $15.4 billion, with comparable sales of 0.5% to 1.5%. The consensus estimates call for $3.43 in EPS on $15.71 billion in revenue for the full year.
On the books, Nordstrom cash and cash equivalents totaled $966 million at the end of the quarter, versus $653 million at the end of the same period of last year.
Shares of Nordstrom closed on Thursday at $50.91, with a consensus analyst price target of $51.19 and a 52-week range of $37.79 to $54.00. Following the announcement, the stock was down 7% at $47.38.
24/7 Wall St.
4 Red-Hot Mega-Retailers Ready for a Big Summer Selling Season