A pedestrian and cyclist wear facemasks outside a branch of department store chain Nordstrom in Santa Monica, California on May 11, 2020.
Frederic J. Brown | AFP | Getty Images
Nordstrom reported Tuesday a wider-than-expected loss for its fiscal first quarter.
Its shares fell about 4% in after-hours trading.
Here’s how Nordstrom did during the period ended May 1, compared with what analysts were anticipating, using Refinitiv data:
- Loss per share: $1.05 vs. 57 cents expected
- Revenue: $3.01 billion vs. $2.90 billion expected
Nordstrom reported a loss for the period ended May 1 of $166 million, or $1.05 per share, compared with a loss of $521 million, or $3.33 a share, a year earlier. That was bigger than the loss of 57 cents per share that analysts were anticipating, based on Refinitiv data.
It reported total revenue of $3.01 billion, up from $2.12 billion a year earlier. That beat expectations for $2.90 billion.
Net sales, which don’t include credit card revenues, were up 44% from the year-ago period, when Nordstrom’s stores were closed for roughly half the quarter due to restrictions put in place during the Covid pandemic. But net sales were down 13% relative to the same period in fiscal 2019.
Digital sales rose 23% from 2020 levels, and were up 28% compared with the same period in 2019. Nordstrom said its e-commerce business represented 46% of total sales in the latest quarter.
The department store chain reaffirmed its fiscal 2021 outlook.
As of market close Tuesday, Nordstrom shares are up about 17% year to date. It has a market cap of $5.8 billion.
Find the full earnings press release from Nordstrom here.
This story is developing. Please check back for updates.