financetom
Business
financetom
/
Business
/
Nordstrom beats quarterly estimates, breaking weak demand trend at department stores
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nordstrom beats quarterly estimates, breaking weak demand trend at department stores
Nov 26, 2024 1:33 PM

Nov 26 (Reuters) - Nordstrom ( JWN ) beat third-quarter revenue and profit estimates on

Tuesday, helped by rising demand for popular brands including On Running, Hoka and Vuori at its

department stores.

Adding fresh and desired brands to its shelves has helped Nordstrom ( JWN ) appeal to more

customers. The company's efforts to focus on digital growth and expand Rack stores, its

off-price brand, have further boosted sales ahead of a potentially mixed holiday season.

The Seattle, Washington-based company raised the lower-end of its annual comparable sales

forecast, now expects a growth of 1% to 2% from its previous range of flat to a 2% rise.

Apparel chains such as Abercrombie & Fitch ( ANF ) and Gap also benefited from

customers purchasing their new and trendier product offerings.

Nordstrom ( JWN ) bucked the trend on tepid spending at department stores by luring in shoppers for

categories including women's apparel, shoes and men's apparel, while peers such as Macy's

and Kohl's struggled with patchy demand.

Nordstrom's ( JWN ) total revenue rose 4.3% to $3.46 billion in the quarter ended Nov. 2 from a year

earlier. Analysts, on average, estimated a 0.8% rise to $3.35 billion, according to data

compiled by LSEG.

Benefits from strong full-price sales and improvements in variable costs across the business

helped the upmarket department store chain expand its profit margins.

Its quarterly gross profit as a percentage of sales rose 60 basis points to 35.6%.

The company reported adjusted profit of 33 cents per share for the third quarter, compared

with analysts' expectations of 21 cents apiece.

During the July to September period, foot traffic at Nordstrom ( JWN ) and Nordstrom Rack stores

grew 1.4% and 5% year over year, respectively, according to Placer.ai data.

In September, Nordstrom's ( JWN ) founding family offered to take the department store chain private

for $23 per share, teaming up with a Mexico-based retailer in its latest bid.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Uber, Lyft Facing Disruption as Tesla Seeks to Expand Robotaxi Services, Wedbush Says
Uber, Lyft Facing Disruption as Tesla Seeks to Expand Robotaxi Services, Wedbush Says
Jul 11, 2025
08:26 AM EDT, 07/11/2025 (MT Newswires) -- Uber Technologies ( UBER ) and Lyft ( LYFT ) are facing disruption slowly, then all at once, as Tesla (TSLA) reportedly seeks to expand its robotaxi services to Arizona, Wedbush Securities said in a note Friday. The firm noted that Tesla, which recently launched robotaxi services in Austin, has reportedly applied to...
Helix Acquisition, TheRas Say Registration Statement for Proposed Business Combination Declared Effective by US SEC
Helix Acquisition, TheRas Say Registration Statement for Proposed Business Combination Declared Effective by US SEC
Jul 11, 2025
08:29 AM EDT, 07/11/2025 (MT Newswires) -- Helix Acquisition (HLXB), a special purpose acquisition company, and TheRas, doing business as BridgeBio Oncology Therapeutics, said Friday that their registration statement on Form S-4 for the proposed business combination has been declared effective by the US Securities and Exchange Commission. The companies said they plan to complete the merger next month, and...
Bloom Energy Well-Positioned for Long-Term Growth in Fuel Cells, Electrolyzers, RBC Says
Bloom Energy Well-Positioned for Long-Term Growth in Fuel Cells, Electrolyzers, RBC Says
Jul 11, 2025
08:27 AM EDT, 07/11/2025 (MT Newswires) -- Bloom Energy ( BE ) remains well-positioned for long-term growth in fuel cells and electrolyzers and SK Group's partial stake divestment is not seen as a shift in the strategic relationship, RBC Capital Markets said in a note Friday. According to the note, the divestment likely reflects SK monetizing an investment that supported...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved