Consumer Stocks Climbing; Nordstrom at Record High Following Q1 Results

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Consumer stocks were higher Friday afternoon with shares of consumer staples companies in the S&P 500 climbing about 0.4%. Shares of consumer discretionary firms in the S&P 500 were ahead just 0.1%.

In company news, Nordstrom ( JWN ) shares were up nearly 13% in early afternoon trade, posting the best advance today for a company in the S&P 500, after last night posting Q1 per-share earnings and revenue that topped analyst projections and also saying it was seeking a financial partner for its credit-card receivables.

JWN shares recently were holding on to a 12.8% gain at $69.36 each, earlier rising to a new, all-time at $69.78 a share.

The department-store retailer earned $0.72 per share during its March quarter, beating the Capital IQ consensus by $0.04 per share. Revenue rose 6.8% over year-ago levels to $2.84 billion, exceeding expectations by around $80 million. Same-store sales increased 3.9% over the same quarter last year, well above its prior outlook expecting little to 2% growth.

JWN also said it was looking for a financial partner for its $2 billion Nordstrom credit card receivables portfolio, believing a deal would allow it to maintain the company's customer focus while also gaining greater financial flexibility.

In other sector news,

(+) KGJI, (+27.2%) Chinese jeweler earns $16.1 mln, or $0.24 per share, during Q1, up from $3.0 mln during the year-ago period. Net sales rose 38.9% year over year to $307.5 mln. Analyst estimates were not available for comparison.

(-) EVRY, (-38.4%) Reports Q1 net loss of $0.73 per share, excluding non-recurring items, trailing the Capital IQ consensus by $0.59. Revenue falls 4.6% year over year to $93.2 mln, lagging estimates by around $7.43 mln.



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This article appears in: Investing , Commodities

Referenced Stocks: JWN

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