Nordstrom beats by $0.01, beats on revs; lowers FY23 EPS below consensus, revs mostly below consensus
- Reports Q2 (Jul) earnings of $0.81 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.80; revenues rose 12.0% year/year to $4.09 bln vs the $3.97 bln S&P Capital IQ Consensus.
- Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a positive impact of approximately 200 basis points on net sales compared with 2021.
- Gross profit, as a percentage of net sales, of 35.2 percent increased 65 basis points compared with the same period in fiscal 2021 primarily due to leverage on buying and occupancy costs, partially offset by higher markdown rates.
- Ending inventory increased 9.9 percent compared with the same period in fiscal 2021, versus a 12.0 percent increase in sales.
- Co issues guidance for FY23, sees EPS of $2.30-2.60, excluding non-recurring items, vs. $3.12 S&P Capital IQ Consensus and prior guidance of $3.20-3.50; sees FY23 revs growth of 5-7%, which translates to ~$15.53-15.82 bln vs. $15.82 bln S&P Capital IQ Consensus and prior guidance of 6-8% growth.
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