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Nordstrom Inc. shares rallied in the extended session Thursday after the department-store chain topped Wall Street earnings expectations and raised the lower level of its earnings outlook.
Nordstrom JWN, +1.09% shares rallied 8.6% after hours, following a 1.1% rise in the regular session to close at $34.32. Shares are down 26% for the year. In comparison, the S&P 500 index SPX, -0.16% finished down 0.2% Thursday, and is up 24% for the year.
The company reported third-quarter net income of $126 million, or 81 cents a share, compared with $67 million, or 39 cents a share, in the year-ago period.
“Our third-quarter earnings exceeded expectations, demonstrating substantial progress in the delivery of our strategy and strength of our operating discipline,” said Erik Nordstrom, co-president of Nordstrom, in a statement.
Revenue declined to $3.67 billion from $3.75 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 63 cents a share on revenue of $3.67 billion.
Nordstrom expects earnings of $3.30 to $3.50 a share, narrowing its previous range of $3.25 to $3.50 a share, while analysts forecast earnings of $3.29 a share.
