The retailer reported a higher-than-expected net income in Q3
In Q3 2020, Nordstrom – one of the
largest American retailers, reported a net income of $53 million, on an EPS of
34 cents. The markets were expecting a loss per share of 6 cents. Still, this
quarter’s figures are lower than those reported the same time last year: a net
income of $126 million and an EPS of 81 cents. This year’s somehow promising
numbers were due to the retailer’s anniversary sale, which “serves as a strong
proof point in our ability to amplify relevant categories, brands, and trends
to meet shifting customer preferences.”
Nordstrom’s overall revenue dropped to $3.09 billion from Q3
2019 and was shy of the $3.10 billion expected.
For Q4, Nordstrom expects its sales to decline as much as
20% but is optimistic about the operating cash flow. Still, this is just
wishful thinking given the uncertainties brought by the pandemic.
During today’s pre-market trading, Nordstrom stock price
went up 5.5%.
Sources: cnbc.com
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