Clothing retailer Nordstrom, Inc. (NYSE:JWN) late Thursday posted much better than expected third quarter earnings and boosted its full-year outlook, sending shares soaring in after-hours trading.
The Seattle-based company reported Q3 EPS of $0.84, which easily beat Wall Street’s view of $0.52. Revenues rose 7.2% from last year to $3.47 billion, also topping estimates of $3.43 billion.
Comparable sales rose 2.4% in the latest period, which was in line with forecasts.
JWN noted that Women’s Apparel and Men’s Apparel were its top performing segments, with younger customer-focused departments in Women’s Apparel showing particular strength.
Looking ahead, the company forecast full-year 2017 EPS of $2.85-2.95, up significantly from a prior $2.60-2.75 and well ahead of Wall Street’s $2.74 estimate. JWN also forecast sales of $14.59 billion, which would also beat analysts’ view of $14.57 billion.
The company commented via press release:
“We’ve made considerable changes in the way we operate to improve the customer experience while increasing our productivity,” said Blake Nordstrom, co-president, Nordstrom, Inc. “We are particularly proud of our team’s efforts to align inventories and improve our operating efficiencies. These outcomes have positively impacted our operating results.”
Nordstrom shares rose $3.97 (+7.09%) to $60.00 in after-hours trading Thursday. Prior to today’s report, JWN had gained 11.2% year-to-date.