On the heels of an ugly week for several other retailers, Nordstrom (JWN) capped the day by crashing over 10% after hours to its lowest since August 2011 after missing on revenues and cutting earnings guidance for the fiscal year.
Headlines ugly:
- Sees 2019 Net Sales Flat to Down 2%, Saw up 1-2%
- Sees FY adjusted EPS $3.25 to $3.65, saw $3.65 to $3.90, estimate $3.73 (range $3.51 to $3.85) (Bloomberg data)
- 1Q total comparable sales -3.5%, estimate -0.1% (Consensus Metrix, average of 16 estimates)
- Sees 2019 Low to mid-single-digit growth for net Credit card revenues, saw Mid to high single-digit growth
“While we expected softer trends from the fourth quarter to continue into the first quarter, we experienced a further deceleration. We had executional misses with our customers, and we’re committed to better serving them. This is well within our control to turn around,” said co-president Erik Nordstrom.
The result was not pretty...
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The lowest since Aug 2011...
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The retailpocalypse is far from over... and we were told the consumer was flush?
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