Nordstrom shares down 4% on guidance cut, while Q3 results beat estimates By Investing.com

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© Reuters. Nordstrom shares down 4% on guidance cut, while Q3 results beat estimates

By Davit Kirakosyan

Nordstrom (NYSE:) shares fell more than 4% after-hours following the company’s reported . While EPS of $0.20 and revenue of $3.5 billion (down 2.9% year-over-year) came in better than the consensus estimates of $0.13 and $3.47B, respectively, the company cut its full-year guidance.

The company expects fiscal 2022 EPS to be in the range of $2.30-$2.60, compared to the consensus estimate of $2.34. Revenue growth, including retail sales and credit card revenues, is expected to be in the range of 5-7%.

“When customer demand decelerated in late June, we took action to align inventory and expenses with the changing trends, which has prepared us to navigate the current macroeconomic environment. This quarter our teams continued to advance our Closer to You strategy and supply chain capabilities, as we focus on initiatives to drive profitable growth and achieve our long-term strategic and financial goals,” said Erik Nordstrom, CEO of Nordstrom.

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