Shares of Nordstrom (JWN) - Get Report are rising after hours Wednesday after the Seattle retailer reported fiscal-second-quarter results ahead of analyst expectations thanks to a decline in inventory and expenses.
For the quarter ended Aug. 3, Nordstrom reported earnings of 90 cents a share on revenue of $3.87 billion. Analysts were expecting the company to report earnings of 77 cents a share on revenue of $3.92 billion.
For the second time this year, Nordstrom lowered its full-year earnings expectations, this time to $3.25 to $3.50 a share.
In May, Nordstrom cut its full-year estimate to between $3.25 and $3.65 a share from $3.65 to $3.90. Wall Street now expects the company to report EPS of $3.28.
Revenue for the year is expected to decline about 2%.
The company also said it would open its New York City flagship store on Oct. 24 as part of its strategy to expand local markets.
Nordstrom shares were rising 16% after hours. They finished the regular session up 5.5% at $26.54.
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