Nordstrom rises after Q2 earnings beat estimates

Nordstrom

28/08/2024 16:27

(Updates)
    ** Shares of department store owner Nordstrom  JWN.N  rise
6.1% to $20.8 in day trading
    ** 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
    ** JWN 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 six brokerages have raised their PT on stock,
including Citigroup that lifted target price to $22 from $20
    ** Although brokerage says "challenging retail environment
will continue to make it difficult for the company to grow sales
and earnings"
    ** Majority of brokerages rate the stock "hold"; their
median PT is $20
    ** Including session's gains, JWN stock had risen 22.8% YTD 

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