Nordstrom Inc. (NYSE: JWN) topped earnings estimates for the second quarter of 2019 but revenues fell short of expectations. Shares soared over 12% in aftermarket hours on Wednesday.
Total sales decreased 5.1% to $3.7 billion from the same period last year, missing estimates of $3.9 billion. Sales results were impacted by softness in the Anniversary Sale and Off-Price business.
Net income was $141 million, or $0.90 per share, compared to $162 million, or $0.95 per share, last year. Analysts had forecast EPS of $0.75.
Consolidated digital sales grew 4% and represented 30% of the business. Full-Price net sales dropped 6.5% to $2.53 billion while Off-Price net sales fell 1.9% to $1.24 billion.
Gross profit decreased 50 basis points to 34.5% from last year, mainly due to deleverage on occupancy expenses. Inventory was down 6.5% over last year.
During the second quarter, Nordstrom opened one store. As of August 3, 2019, the company had a total of 381 stores.
Through its local market strategy, Nordstrom aims to gain market share by increasing customer engagement through services and leveraging inventory in its most important markets. The company will expand its local market strategy to New York City, its largest market for online sales, with the opening of its flagship store in October and two Nordstrom Local neighborhood hubs in September. The combination of Nordstrom’s physical and digital assets is expected to add a significant sales lift in this market.
For the full year of 2019, the company expects sales to decrease around 2%. EPS is expected to come in the range of $3.25-3.50.
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