=Nordstrom (JWN) reported earnings on Thur 17 May 18 (a/h)

Nordstrom beats by $0.06, beats on revs; raises low end of profit forecast, in-line; reaffirms FY19 rev and comp guidance 

• Reports Q1 (Apr) earnings of $0.51 per share, $0.06 better than the Capital IQ Consensus of $0.45; revenues rose 5.8% year/year to $3.47 bln vs the $3.39 bln Capital IQ Consensus. Comps +0.6% vs. +1.2% ests.
  • Full-price comparable sales increased 0.7 percent. The top-ranking merchandise categories were Kids' Apparel and Men's Apparel.
  • Off-price comparable sales increased 0.4 percent.
  • Gross profit, as a percentage of net sales, of 34.1 percent decreased 21 basis points compared with the same period in fiscal 2017. This reflected higher occupancy expenses related to U.S. and Canada Rack openings in addition to planned pre-opening expenses associated with the Nordstrom Men's Store NYC.
• Co issues guidance for FY19, sees EPS of $3.35-3.55 from $3.30-3.55 vs. $3.44 Capital IQ Consensus, raises EBIT to $895-940 mln from $885-940 mln; reaffirms FY19 revs of $15.2-15.4 bln vs. $15.7 bln Capital IQ Consensus Estimate; comps +0.5-1.5%