Shares of high-end retailer Nordstrom (JWN) jumped more than 12% in Friday morning trading after JWN announced fiscal first-quarter results that surpassed forecasts.
During the fiscal quarter that ended on May 3, JWN said it earned $140 million, a 3.5% decline from $145 million in the year-ago period. EPS came in at 72 cents, topping JWN’s previously-issued profit guidance of between 60 cents and 70 cents, the Wall Street Journal noted.
JWN reported first-quarter sales of $2.84 billion, up 6.8% from the prior-year period. Same-store sales climbed 3.3% during the quarter. Including credit card revenue, JWN posted total-first quarter revenue of $2.93 billion. Wall Street had expected revenue of $2.86 billion.
The retailer also indicated that it is looking for a financial partner for its $2 billion Nordstrom credit card receivables business.
Nordstrom said that common stock repurchases during the quarter totaled $192 million. JWN’s current share repurchase program still has $478 million authorized for stock buybacks.
On Thursday, JWN stock closed at $61.49 per share.
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