Nordstrom (NYSE:JWN) earnings for the luxury retailer’s second quarter of 2020 have JWN stock falling hard after markets closed on Tuesday. That’s due to its adjusted losses per share of $1.54 missing Wall Street’s estimate of $1.48. Its revenue of $1.78 billion also couldn’t reach analysts’ estimate of $2.38 billion.
Let’s take a more thorough look at the most recent Nordstrom earnings report below.
- Adjusted per-share losses are a negative change from the company’s adjusted earnings per share of 90 cents in Q2 2019.
- Revenue for the quarter is sitting 53% lower than the $3.78 billion reported in the same period of the year prior.
- The Nordstrom earnings report also has its net loss for the quarter coming in at $255 million.
- That’s a massive decline compared to the company’s net income of $141 million reported during the same time last year.
Erik Nordstrom, CEO of Nordstrom, said this in the earnings report.
“At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans. Thanks to our team’s efforts during the second quarter, we further strengthened our balance sheet with liquidity of $1.3 billion and generated operating cash flow of more than $185 million. We are now pivoting to prioritize market share gains and profitable growth as we advance our strategies.”
Nordstrom doesn’t include guidance in its current earnings report. That makes sense with the novel coronavirus still affecting the U.S. economy. Plenty of other companies are also withholding outlooks at this time.
JWN stock was down 4.1% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.