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Nordstrom forecasts full-year profit, revenue above estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Nordstrom’s flagship store in New York was displaying an express service, including tailoring, during the media preview on October 21, 2019. REUTERS/Shannon Stapleton

(Reuters) – Nordstrom Inc (NYSE:) Forecast full-year profits and revenue higher than Wall Street estimates Tuesday. The company is betting on strong consumer demand as Americans return to work and attend more social events.

Due to the efforts of its staff during holidays, it was also able to beat its quarterly sales estimates.

According to Refinitiv IBES data, analysts expect a growth of 3.6% to the revenue from its department stores.

The full-year earnings per shares, which excludes the effect of share repurchase activity and share buybacks, were also projected at $3.15 to $2.50. The average analyst expected to earn $2.01 per share.

From $3.65billion last year, total revenue increased to $4.49billion in the fourth quarter. According to Refinitiv, IBES, analysts were anticipating $4.35 trillion.

Nordstrom’s net income grew to $200million, or $1.23/share, during the quarter that ended January 29, from $33,000,000, or 21c/share, one year ago.

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