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Nordstrom (JWN) reports Q1 2022 losses

Nordstrom on Tuesday reported fiscal first-quarter sales ahead of analysts’ expectations and hiked its full-year outlook, citing momentum in the business as shoppers visited the company’s department stores to refresh their closets with designer brands and shoes.

Nordstrom now sees fiscal 2022 revenue, including credit card sales, up 6% to 8%, compared with a prior range of up 5% to 7%.

It forecasts earnings per share, excluding the impact of any share repurchase activity, in a range of $3.38 to $3.68, up from a prior range of $3.15 to $3.50. On an adjusted basis, it expects to earn between $3.20 and $3.50 a share.

Its shares jumped about 9% in after-hours trading on the news.

The optimistic outlook stands in contrast to retailers like Target, Kohl’s, Abercrombie & Fitch and a slew of others that in recent days dialed back their annual forecasts as supply chain costs and other expenses eat into profits. But Nordstrom’s business also…

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