Nordstrom, Inc. shares traded higher by 11 percent on Wednesday after the company reported strong first-quarter sales numbers and raised its full-year guidance.
On Tuesday, Nordstrom reported a first-quarter adjusted EPS loss of 6 cents, slightly missing consensus analyst estimates of a 5-cent loss. First-quarter revenue of $3.57 billion exceeded Wall Street expectations of $3.28 billion. Revenue was up 19 percent from a year ago.
Nordstrom said net sales at its namesake stores grew 23.5 percent in the quarter, while Nordstrom Rack sales were up 10.3 percent from a year ago.
Looking ahead, Nordstrom raised its fiscal 2022 revenue growth guidance from a previous range of between 5 percent and 7 percent to a new range of between 6 percent and 8 percent. The retailer also raised its 2022 adjusted EPS guidance from a previous range of between $3.15 and $3.50 to a new range of between $3.38 and $3.68….