- Nordstrom (NYSE:JWN) tracks higher after Q4 sales came in ahead of expectations.
- Comparable sales were down 0.9% for the quarter.
- Strong inventory execution led to a 112 bp improvment in gross margin rate to 36.0% of sales.
- The women's apparel and beauty categories were the best performers across U.S. full-line stores.
- Comparable sales were up 4.3% for the Nordstrom Rack business. Total Rack sales jumped 10.7%.
- Nordstrom guides for sales growth of 3% to 4% in 2017 and EPS of $2.75 to $3.00.
- On the conference call, execs said there was no ongoing impact from dropping the Ivanka Trump line of clothes after sales dropped off dramatically over the last few months.
- Previously: Nordstrom beats by $0.12, misses on revenue (Feb. 23)
- JWN +1.96% premarket to $44.80.