(Nordstrom) Shares of Nordstrom Inc. rose more than 9% in premarket on Wednesday after reporting total revenues of $3.569 billion in the first quarter of 2022. The revenues were higher than $3.009 billion in the prior year.
Nordstrom reported positive net earnings of $20 million in the quarter, compared to a net loss of $166 million in the prior year. The basic and diluted earnings per share came at a positive $0.13, compared to a loss of $1.05 per share in the prior year.
The company said that Nordstrom and Nordstrom Rack banner net sales rose by 23.5% and 10.3%, respectively from the prior year. The gross merchandise value was up 24.3% in the same period.
The Nordstrom board authorized a new $500 million share buyback program.
For FY22, Nordstrom is projecting a 6% to 8% growth in revenues compared to 2021. Adjusted EPS is expected at between $3.20 and $3.50, excluding the impacts of the company’s share repurchase activity.
JWN: NYSE is up +9.77%.
