Nordstrom sticks to full-year revenue forecast as competition heats up

  • 5/25/2021
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Nordstrom Inc (JWN.N) on Tuesday maintained its full-year revenue forecast even as its rivals raised theirs, signaling stiff competition among department store chains to pull in customers loaded with their COVID-19 related stimulus checks. The retailer"s shares, which have gained 17% so far this year, fell 4% in extended trading. After struggling with falling sales for a year due to the pandemic, department stores have seen shoppers return in the last few months. Macy"s Inc (M.N) and Kohl"s Corp (KSS.N) both handily beat first-quarter sales estimates and raised full-year forecasts. read more Nordstrom, however, reiterated it full-year revenue forecast of an over 25% increase. Total revenue rose to $3.01 billion in the first quarter ended May 1 from $2.12 billion a year earlier, beating analysts" average estimate of $2.90 billion, according to Refinitiv Eikon data.

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