Nordstrom (NYSE:JWN) unveiled its latest quarterly earnings results late today, bringing in a profit that was below what analysts called for, while its revenue was also below the mark, playing a role in sending JWN stock down after hours Tuesday.
The Seattle, Wash.-based retail business revealed that for its first quarter of its fiscal 2019, it posted net income of $37 million, or 23 cents per share. This marked a 57.5% decline when compared to its year-ago profit that amounted to $87 million, or 51 cents per share.
Nordstrom also failed to live up to expectations as the Wall Street consensus estimate predicted earnings of 42 cents per share, according to data compiled by FactSet in a survey of analysts. Revenue was also underwhelming as the company’s sales tallied up to $3.4 billion, a 5.6% slide from the $3.6 billion of the year-ago period.
Wall Street saw the business bringing in revenue of $3.6 billion, according to the FactSet survey. Nordstrom said in a statement that it “began taking steps to drive improvement, which include: resolving executional issues associated with the launch of its enhanced loyalty program; further investing in its digital marketing; and re-balancing its merchandise assortment to better align with customer expectations.”
JWN stock is sinking roughly 8.1% on Tuesday after the bell following the news of its earnings and sales misses and year-over-year declines. Shares had been gaining more than 1% during regular trading hours for Nordstrom.