Nordstrom

“For the full year, Nordstrom now expects total revenue growth—including retail sales and credit card revenue—of 6% to 8% from year-ago levels, up from a previous range of 5% to 7% growth. It sees adjusted EPS of $3.20 to $3.50, up from a prior forecast of $3.15 to $3.50 and comfortably above the $3.11 consensus estimate.Nordstrom jumped 11.2% to $23 in late trading following the news. Both full-line and its off-price Nordstrom Rack sales increased double digits from year-ago periods in the quarter, at 23.5% and 10.3%, respectively. Nordstrom said that the return of in-person social events and travel bolstered sales, with men’s apparel notching significant double-digit year-over-year sales growth, above prepandemic levels. The retailer also highlighted strong double-digit sales growth in other core categories like women’s apparel, shoes, and designer goods. The company saw its target higher-income shopper returning to cities as well, as sales at its urban stores surpassed prepandemic levels; the flagship Manhattan location was its top-performing Nordstrom store in the quarter. Moreover, Nordstrom noted that its merchandise margins “improved as a result of favorable pricing impacts and lower markdown rates.”Concurrently, the firm announced a $500 million share repurchase plan.”