By Davit Kirakosyan

Nordstrom (NYSE:) shares rose around 9% after-hours following the company’s reported , with revenue coming in at $3.57 billion (up 18.7% year-over-year), compared to the consensus estimate of $3.27 billion. The consensus estimate was ($0.05) for EPS.

The Q1 gross merchandise value (GMV), increased 19.6% year over year. Nordstrom Rack revenue increased by 10.3% and Nordstrom Banner revenue rose 23.5% over the previous year.

Nordstrom, Inc. chief executive said, “Our focus was on serving customers through our interconnected Model with Nordstrom Rack, Nordstrom Rack, scaled digital platform, and strong store fleet. This enabled us to capitalize off customer demand for long-awaited events and refresh their closets.” We made significant progress with our strategic initiatives, and we continue to work on increasing profitability to reach our financial goals.

It provided its complete 2022-year outlook. The company anticipates that EPS will be in the $3.20 to $3.50 range, against the consensus estimate at $3.12. 6-8 % revenue growth is anticipated, which also includes retail sales, credit card revenues and other transactions.

A new 500 million dollar share repurchase programme was also approved by the Board of Directors.

Nordstrom shares were down by 9% in the year to date.