Nordstrom Rises on Strong Earnings

Shares of Nordstrom jumped more than 10% on strong quarterly results released after the bell Monday. Net income came in at $165.7 million ($0.68/share), up from $135.7 million ($0.52/share) last year. Earnings for the third quarter included a $0.07/share gain from Nordstrom selling its Faconnable chain. Revenue climbed 5.3% to $1.97 billion. Excluding the gain and other items, the company earned $0.57/share, beating the $0.52/share analysts were expecting; revenue came in right in-line. Same-store sales increased 2.2% in the quarter. For the fiscal year, the company expects to earn $2.87-$2.91/share, including a $0.09/share gain because of Nordstrom's sale of Faconnable. Analysts, who usually do not include items like the sale of Faconnable, had been expecting $2.78/share according to Thomson. Shares of Nordstrom, which were down 6.1% in the day session Monday, rebounded on the report, and traded 11.2% higher to $34.00 in after hours trading.

Sources: Press release, MarketWatch
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