Nordstrom (NYSE:JWN) stock was on the rise Friday following the release of its earnings report for the second quarter of 2018.
Nordstrom’s earnings report for the second quarter of the year includes earnings per share of 95 cents. This is an increase over its earnings per share of 65 cents from the same period of the year prior. It was also a boon to JWN stock by coming in above Wall Street’s earnings per share estimate of 75 cents for the quarter.
Nordstrom also reported net income of $162 million for the second quarter of 2018. This is up from the department store chain’s net income of $110 million from the second quarter of 2017.
During the second quarter of the year, Nordstrom reported revenue of $4.07 billion. This is better than the company’s revenue of $3.79 billion that was reported during the same time last year. It also was good news for JWN stock by beating out analysts’ revenue estimate of $3.67 billion for the period.
Topping off Nordstrom’s positive earnings report for the second quarter of 2018 is an update to its guidance. The company says that it is now expecting earnings per share for the year to range from $3.50 to $3.65. It was previously expecting earnings per share between $3.35 and $3.55 in 2018. Wall Street is looking for earnings per share of $3.46 for the year.
Nordstrom also took time to update its revenue outlook for the full year of 2018. This has it currently expecting revenue for the year to range from $15.40 billion to $15.50 billion. The company’s previous guidance was for revenue between $15.20 billion and $15.4 billion. Analysts are estimating 2018 revenue of $15.78 billion from JWN.
JWN stock was up 11% as of Friday morning and is up 6% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.