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 >
--Canadian Pacific Kansas City Keeps Quarterly Dividend at CA$0.228 ($0.16) a Share, Payable Jan. 26, 2026, to Holders of Record Dec. 31
--Canadian Pacific Kansas City Keeps Quarterly Dividend at CA$0.228 ($0.16) a Share, Payable Jan. 26, 2026, to Holders of Record Dec. 31
Oct 29, 2025
01:26 PM EDT, 10/29/2025 (MT Newswires) -- Price: 73.71, Change: -0.66, Percent Change: -0.89 ...
Peak Toolworks Announces Acquisition of Southern Carbide, Expanding Service Capabilities Across the South Central U.S.
Peak Toolworks Announces Acquisition of Southern Carbide, Expanding Service Capabilities Across the South Central U.S.
Oct 29, 2025
JASPER, Ind., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Peak Toolworks, North America’s largest manufacturer and servicer of engineered diamond and carbide cutting tools, today announced the acquisition of Southern Carbide, Inc. (“Southern Carbide”), a tooling and sharpening company specializing in industrial cutting tools, sharpening, and repair services designed to extend tool life and reduce production costs. Founded in 1997 and...
US judges question whether Argentina YPF case belongs in US
US judges question whether Argentina YPF case belongs in US
Oct 29, 2025
NEW YORK (Reuters) -At least two U.S. judges on a panel considering whether Argentina must pay investors $16.1 billion after seizing control of state-owned oil company YPF in 2012 questioned on Wednesday whether the case belonged in the United States. The judges were part of a three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan that on...
Exclusive-Germany examines nationalising Rosneft arm after Trump sanctions, say sources
Exclusive-Germany examines nationalising Rosneft arm after Trump sanctions, say sources
Oct 29, 2025
BERLIN/FRANKFURT (Reuters) -U.S. sanctions on Russian oil producer Rosneft have rekindled discussions in Germany about nationalising the company's business there, including a refinery that Berlin depends on for most of its fuel, two sources familiar with the talks told Reuters. The situation highlights the complex web linking Germany with Russia, which supplied Europe's industrial powerhouse with energy in the decades...
Copyright 2023-2026 - www.financetom.com All Rights Reserved