Nordstrom Exceeds Q2 Earnings Expectations, Stock Rises 10% on Anniversary Sale Success

Aug 28, 2024, 11:06 AM

Nordstrom reported strong second-quarter earnings, exceeding Wall Street expectations. The company posted an adjusted earnings per share (EPS) of $0.96, surpassing the estimated $0.71, with revenue reaching $3.89 billion, slightly below the consensus estimate of $3.90 billion. This represents a 3.4% increase in year-over-year revenue. The positive results were largely driven by the success of Nordstrom's Anniversary Sale event, which boosted sales despite a cautious consumer environment. The company's stock rose by 10% following the earnings announcement. Nordstrom also raised the lower end of its full-year earnings guidance, reflecting confidence in its financial outlook. Additionally, Nordstrom Rack's performance was notable, contributing to the overall sales increase. However, the net income declined by 10.9%.