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Nordstrom Inc JWN shares are trading marginally lower by 0.62% to $19.21 after the company reported mixed fourth-quarter financial results.
What Happened: Nordstrom reported quarterly earnings of 74 cents per share, which beat the analyst consensus estimate of 66 cents.
The company also reported quarterly sales of $4.20 billion which missed the analyst consensus estimate of $4.34 billion by 3.2%. This sales figure represents a 4.2% decrease over sales of $4.38 billion in the same period last year.
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Nordstrom shared with investors that the company sees FY23 adjusted EPS in the range of $1.80-$2.20, versus the analyst consensus estimate of $1.62.
Nordstrom highlighted the company is entering fiscal 2023 with a healthier inventory position, down 15% from last year and comparable to 2019.
The company added that gross profit as a percentage of net sales of 33.2% decreased 525 basis points compared with the same period in fiscal 2021, primarily due to higher markdown rates as the company prioritized rightsizing inventory levels in a highly promotional environment.
What Else: “We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty. We also made the difficult decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core U.S. business,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc.
According to data from Benzinga Pro, JWN has a 52-week high of $29.59 and a 52-week low of $15.52.
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Image and article originally from www.benzinga.com. Read the original article here.