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Nordstrom Stock Sinks on Q3 Earnings Miss, Revenue Beat

JWN stock was plummeting more than 9% after hours

Nordstrom stock (NYSE:JWN) was down more than 9% after the bell as the company reported its latest quarterly earnings results, which were mixed as its earnings were below what analysts were calling for, while its revenue was better than what Wall Street expected.

Nordstrom StockThe retailer said that for its third quarter of fiscal 2018, it brought in net income of $67 million, or 39 cents per share, which is stronger than the $114 million, or 67 cents per share it amassed during the year-ago quarter.

Analysts were calling for Nordstrom to bring in earnings of 67 cents per share. The company added that its revenue for the period increased to $3.75 billion from $3.63 billion in the year-ago quarter, while also topping the $3.70 billion that analysts were calling for, according to data compiled by FactSet.

Its comparable-store sales were up 2.3% year-over-year, meeting expectations. For its fiscal year, Nordstrom is now calling for net sales in the range of $15.5 billion to $15.6 billion, which is stronger than its previous net sales forecast of $15.4 billion to $15.5 billion.

Analysts see the company as bringing in revenue of $15.91 billion for the year. The company is also now seeing its full-year adjusted earnings forecast as being in the range of $3.55 to $3.65 per share, ahead of the company’s previous guidance of $3.50 to $3.65 per share, while analysts see its earnings as being $3.61 per share for the year.

JWN stock is plummeting about 9.1% after the bell Thursday as the company’s earnings missed expectations. Shares had fallen about 3.5% during regular trading hours.

Article printed from InvestorPlace Media, https://investorplace.com/2018/11/nordstrom-stock-jwn-2/.

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