Fashion retailer Nordstrom, Inc. ( JWN
The Seattle-based company reported second quarter net income of $146 million, or 66 cents per share, compared with $105 million, or 48 cents per share, in the year-ago period. Revenue rose 13% from last year, to $2.5 billion.
On average, Wall Street analysts expected a matching profit of 66 cents, on smaller revenue of $2.4 billion.
Nordstrom also said that same-store sales rose 8.4% in the period. Same-store sales are a key metric used to measure a retailer's health, since they compare sales at established stores rather than newly-opened ones.
Looking ahead, the company maintained its full-year earnings outlook for profit of $2.50 to $2.65 per share, while analysts currently expect $2.62 per share.
Nordstrom shares fell $1.82, or -5.4%, in premarket trading Friday.
The Bottom Line
Shares of JWN have a dividend yield of 2.39%, based on last night's closing stock price of $33.44. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $36-$37 price levels. We would remain on the sidelines for now.
Nordstrom, Inc. ( JWN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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