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Nordstrom Tops Q2 Estimates, Raises Outlook

The retailer reported strong sales growth at its Rack outlets


Nordstrom (NYSE:JWN) announced on Thursday that it earned $156 million during the second quarter, down 11% from $175 million in the same period last year.

The high-end retailer recorded sales of $2.92 billion, up 7.4% over 2011, but fell short of the $2.96 billion Wall Street anticipated, the Associated Press noted. EPS for the quarter came in at 75 cents, narrowly topping the 74 cents analysts had predicted.

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Company officials raised their earnings outlook for the year, estimating a full-year profit of between $3.40 and $3.50 a share, up from earlier guidance of between $3.30 and $3.45 a share.

Shares of Nordstrom rose about 1% in Friday midday trading.

Revenue from stores open at least 12 months increased 4.5%, while revenue from its online operations jumped 40% over last year. Online sales may have benefited from free shipping offered on all orders regardless of dollar value.

Sales at its Rack outlet stores outpaced sales at its full department stores, rising 7.7%. Nordstrom plans more than double the number of Rack outlets to 230 within four years.

Earlier this week, Macy‘s (NYSE:M) reported second-quarter earnings that topped Wall Street predictions and raised its guidance for the year.

Article printed from InvestorPlace Media,

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