Nordstrom shares rose after the department-store chain reported better-than-expected results, giving investors renewed optimism as the company enters the crucial holiday period.
Adjusted earnings per share were 34 cents for the third quarter ended Oct. 31, better than the 7-cent loss analysts had predicted on average, while the 16% sales decline marked an improvement from the 53% plunge reported the prior period. Income tax benefits from the CARES Act aided earnings per share by about 12 cents.
Chief Executive Officer Erik Nordstrom said in a statement Tuesday that “Our ability to significantly strengthen our financial flexibility early in the pandemic was key to delivering operating profitability of more than $100 million and cash flow of more than $150 million in the third quarter.”
Source: Seattle Times