Share prices for Nordstrom (NYSE:JWN) fell more than 4% after its third-quarter results were released. Although earnings per share of $0.20 and revenue of $3.5 billion (down 2.9% yoy) were above consensus estimates of $0.13 and $3.47 billion, respectively, the company lowered its guidance for the full year.
The company expects full-year 2022 EPS to be in the $2.30 to $2.60 range, against the consensus estimate of $2.34. Revenue growth, including retail sales and credit card revenue, is expected to be in the 5-7% range.
“As customer demand slowed in late June, we took steps to align inventory and spending with changing trends, which prepared us to navigate the current macroeconomic environment. This quarter, our teams continued to develop our Closer to You strategy and supply chain capabilities as such,” said Eric Nordstrom, President. Nordstrom CEO: “We are focused on initiatives to drive profitable growth and achieve our long-term strategic and financial goals.”
By Davitt Kirakosian