Shares of higher-end department store chain Nordstrom (JWN) - Get Report jumped more than 5% in premarket trading on Friday after the company reported fiscal fourth-quarter earnings that exceeded analysts' forecasts, though revenue was a shade lower than expectations.
Nordstrom said it earned $248 million, or $1.48 a share, in its fiscal fourth quarter ended Feb. up from $151 million, or 89 cents a share, in the comparable year-earlier period. Analysts surveyed by FactSet had been expecting per-share earnings of $1.42.
Revenue for the quarter, meanwhile, rose 3% to $4.48 billion, just shy of analysts' estimates of $4.63 billion. Comparable same-store sales, a key metric among retailers, gained 0.1%.
The company attributed the positive results to its ongoing focus on gearing higher-end, locally marketed merchandise, including its continued push to provide both a physical and digital shopping presence.
"Approximately 10 million customers, or one-third of total customers, shopped across multiple channels, which leads to higher customer spend," the company said in its earnings statement, noting that digital sales rose 16% and made up 30% of sales.
Full-year net earnings were $564 million, or $3.32 a share, compared with $437 million, or $2.59 a share, in fiscal 2017. The increase was mainly due to lower income tax expense associated with corporate tax reform, the company said.