Home Nordstrom Q3 Revenues Gain But Earnings Miss Estimate
November 24, 2021
Nordstrom Q3 Revenues Gain But Earnings Miss Estimate
Posted In: Retail Articles

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Nordstrom earnings fell short of a Wall Street earnings estimate but beat a revenue forecast in its third quarter.

Net earnings were $64 million, or 39 cents per diluted share, versus net earnings of $53 million, or 34 cents per diluted share, in the year-before period. Net earnings fell short of a MarketBeat-published analyst average estimate of 56 cents per diluted share, but net  revenue for the period topped a $3.54 billion estimate. Net earnings in the 2020 quarter included a $19 million tax benefit associated with the CARES Act. 

Net sales were $3.53 billion and net revenues were $3.64 billion versus $3 billion and $3.09 billion, respectively, in the year-earlier quarter.

Nordstrom banner net sales increased 3% versus the third quarter of fiscal 2019, the company stated, which included an approximately 300 basis point positive impact from a shift in the company’s Anniversary Sale date, while net sales for Nordstrom Rack decreased 8% versus the 2019 third quarter. Sales in the home, active, designer and beauty categories had the strongest growth compared with the third quarter of 2019, according to the company. Nordstrom comparable store sales in the southern regions, including Southern California, grew 8% versus 2019 and outperformed the Northern regions. Comparable sales in suburban locations were stronger than urban stores in the third quarter, with both improving sequentially over the second quarter.

Digital sales decreased 12% versus the 2020 quarter, when the Anniversary Sale temporarily shifted to the third quarter of that year, and increased 20% versus the 2020 period.

 

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