It's good to be a public company when you have results like Nordstrom Inc. (JWN) did in the second quarter.
The Seattle-based high-end department store chain beat analysts' estimates on earnings per share, revenue and same-store sales when it reported earnings for the quarter ended Aug. 4, after the market close on Thursday, Aug. 16.
Shares rose 9% on Friday to $57.39. Four analysts polled by TheStreet put forth price targets between $47 and $52.
Nordstrom reported EPS of 95 cents versus the expected 84 cents, revenue came in at $407 billion compared with a $3.96 billion estimate, and same-store sales were up 4% versus the expected 0.8%.
The company also raised its full-year guidance in Ebit to $925 million to $960 million from $895 million to $940 million and earnings per diluted share (excluding the impact of any future share repurchases) to $3.50 to $3.65 from $3.35 to $3.55. Nordstrom now estimates same-store sales will rise 1.5% to 2% compared with its previous 0.5% to 1.5% increase, and it tabbed net sales at $15.4 billion to $15.5 billion, versus previous guidance of $15.2 billion to $15.4 billion.
The company said it increased digital sales by 23% in the second quarter, compared with 20% in the same period last year. For the company's off-price Rack, comp sales increased 4%.
The strong results come after two recent attempts to take the company private that failed.
Founded in 1901 as a shoe store in Seattle, Nordstrom today operates 372 stores in 40 states, including 122 full-line stores in the U.S. and Canada; 239 Nordstrom Rack stores; two Jeffrey boutiques; two clearance stores; six Trunk Club clubhouses; and its Nordstrom Local service concept. Additionally, it has several online components.