- Nordstrom (NYSE:JWN) -19.8% AH after missing Q3 earnings estimates by a wide margin and cutting its annual forecast.
- JWN says Q3 results were below its expectations, reflecting softer sales trends that generally were consistent across channels and merchandise categories.
- JWN lowers its guidance for FY 2016 EPS to $3.40-$3.50 from its prior outlook for $3.70-$3.80 and below the $3.77 analyst consensus estimate, and lowers its revenue view to a 7.5%-8% gain and $14.1B-$14.16B vs. $14.34B consensus.
- For Q4, JWN sees EPS of $3.30-$3.40 with sales rising 7.5%-8%, down from its previous guidance for EPS of $3.85-$3.95 on a 8.5%-9.5% sales increase.
- Q3 revenue, which includes revenue from its credit cards, gained 6% Y/Y to $3.33B, while sales at established stores rose 0.9%; inventory rose 8% Y/Y.
- JWN follows Macy’s in reporting disappointing results, underscoring a broader slowdown for department stores as consumers spend less of their money on apparel and accessories; after hours, M -1.6%, TGT -1.9%, JCP -1.4%, TJX -4%, BURL -5.3%, KSS -1.3%.