Nordstrom's stock rallied after hours on Thursday after the upscale department-store chain reported second-quarter results that topped Wall Street's estimates.
Shares of Nordstrom Inc. rallied after hours on Thursday after the upscale department-store chain reported second-quarter results that topped Wall Street’s estimates, helped by better results at its namesake stores and its off-price Nordstrom Rack locations.
Revenue fell to $3.77 billion from $4.09 billion in the prior-year quarter, with the company’s decision to wind down its business in Canada earlier this year still weighing on results. “Our annual Anniversary Sale was a successful event, especially among our most loyal customers,” Pete Nordstrom, the chain’s chief brand officer, said in a statement. “We were pleased by strong sell-through of new merchandise from the best brands, both in stores and online. In the second quarter, we were also encouraged by sequential improvement in sales trends at both Nordstrom and Rack.”
The company said that sales in active and beauty items grew in the “low single digits.” It said children’s apparel and men’s clothing “performed better than average” during the quarter.
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