On August 14, 2023, shoppers were seen exiting the Nordstrom store at the Westfield Topanga mall in Los Angeles. Despite Nordstrom’s holiday-quarter sales exceeding Wall Street’s expectations, the company’s outlook for the upcoming year was less optimistic, causing shares to drop by about 10% in extended trading.
Based in Seattle, Nordstrom revealed plans to open new Nordstrom Rack stores and boost online and in-store sales in the coming year. However, the company projected a 2% decline to a 1% gain in full-year revenue, including retail sales and credit cards, compared to the previous year. This forecast accounts for a more than 1% decrease due to having one less week in the fiscal year.
Nordstrom anticipates earnings per share between $1.65 and $2.05 for the full year, which is an improvement from the previous fiscal year’s earnings per share of $1.51.
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