Adds particulars on forecast
Could 25 (Reuters) – Nordstrom Inc JWN.N on Tuesday maintained its full-year income forecast at the same time as its rivals raised theirs, signaling stiff competitors amongst division retailer chains to tug in prospects loaded with their COVID-19 associated stimulus checks.
The retailer’s shares, which have gained 17% to date this 12 months, fell 4% in prolonged buying and selling.
After scuffling with falling gross sales for a 12 months because of the pandemic, shops have seen customers return in the previous few months. Macy’s Inc M.N and Kohl’s Corp KSS.N each handily beat first-quarter gross sales estimates and raised full-year forecasts.
Nordstrom, nonetheless, reiterated it full-year income forecast of an over 25% improve.
Whole income rose to $3.01 billion within the first quarter ended Could 1 from $2.12 billion a 12 months earlier, beating analysts’ common estimate of $2.90 billion, in accordance with Refinitiv Eikon information.
(Reporting by Uday Sampath in Bengaluru; Enhancing by Shinjini Ganguli)
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