(Reuters) – Nordstrom Inc forecast full-year profit and revenue above Wall Street estimates on Tuesday, betting on strong demand for its clothing and footwear as Americans attend more social events and return to offices after the easing of COVID-19 curbs.
The company also beat quarterly sales estimates helped by its efforts to keep its shelves amply stocked during the holiday season.
The department store chain said it expects fiscal 2022 revenue to rise between 5% and 7%, while analysts on average forecast a 3.66% growth, according to Refinitiv IBES data.
It also estimated full-year earnings per share, excluding the impact of any potential share repurchase activity, to be between $3.15 to $3.50. Analysts on average were expecting $2.01 per share.
Total revenue rose to $4.49 billion in the fourth quarter, from $3.65 billion a year earlier. Analysts on average were expecting $4.35 billion, according to Refinitiv IBES.
Nordstrom’s net income rose to $200 million, or $1.23 per share, in the quarter ended Jan. 29, from $33 million, or 21 cents per share, a year earlier.
(Reporting by Mehr Bedi and Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel)
