Nordstrom rises after Q2 earnings beat estimates

Nordstrom

28/08/2024 10:06

** Shares of department store owner Nordstrom  JWN.N  rise
7.1% to $22.65 in premarket
    ** Company posts Q2 earnings of 96 cents per share, beating 
analysts' expectations of 71 cents/shr - LSEG
    ** Upbeat profit driven by co's Anniversary Sale event that
saw firm demand for sportswear brands and beauty products.
    ** Quarterly revenue rose 3.2% to $3.89 bln versus $3.77 bln
a year ago
    ** Views FY24 adj. EPS between $1.75 and $2.05, above
previous range of $1.65 to $2.05
    ** Sees FY24 comparable sales growth of flat to 2% rise vs
prior forecast of 1% decline to 2% rise
    ** At least three brokerages have raised their PT on stock,
including JP Morgan that lifted target price to $20 from $19
    ** Majority of brokerages rate the stock "hold"; their
median PT is $20
    ** Up to last close, JWN stock had risen 14.57% YTD 

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com;))