Nordstrom Inc (NYSE:JWN) shares are trading lower Wednesday after the company reported financial results and cut guidance below analyst estimates.
Nordstrom said second-quarter revenue increased 12% year-over-year to $4.09 billion, which beat average analyst estimates of $3.95 billion, according to Benzinga Pro. The company reported quarterly earnings of 81 cents per share, which beat average analyst estimates of 79 cents per share.
“While our quarterly results were consistent with our previous outlook, customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack,” said Erik Nordstrom, CEO of Nordstrom.
Nordstrom expects full-year 2022 revenue growth to be between 5% and 7%, which was revised down from its previous outlook of 6% to 8%. The retailer expects full-year adjusted earnings to be between $2.30 and $2.60 per share versus the estimate of $3.05 per share. Nordstrom previously expected full-year earnings to be between $3.20 and $3.50 per share.
See Also: US Futures Point To Lackluster Start As Fed Official Kashkari’s Hawkish Comments Aggravate Rate Hike Fears
- Telsey Advisory Group analyst Dana Telsey maintained Nordstrom with a Market Perform and lowered the price target from $28 to $25.
- Piper Sandler analyst Edward Yruma maintained Nordstrom with an Overweight and lowered the price target from $28 to $26.
- BMO Capital analyst Simeon Siegel maintained Nordstrom with a Market Perform and lowered the price target from $25 to $24.
- Morgan Stanley analyst Kimberly Greenberger maintained Nordstrom with an Underweight and lowered the price target from $19 to $18.
JWN Price Action: Nordstrom has a 52-week high of $29.59 and a 52-week low of $18.65.
The stock was down 12.5% at $20.30 at time of publication.
Photo: Ryan McKnight from Flickr.