NEW YORK (TheStreet) -- Shares of Nordstrom Inc. (JWN) are up 9.90% to $67.58 in after-hours trading today after reporting earnings per diluted share of 72 cents for the first quarter ended May 3, exceeding the company's prior outlook of 60 cents to 70 cents.
The fashion specialty retailer also announced it will seek a financial partner for its Nordstrom credit card receivables, which totals approximately $2 billion.
First quarter net earnings were $140 million compared with $145 million for the same period last year. This decrease reflected planned technology investments to improve service and experience across channels and infrastructure costs related to the upcoming entry into Canada.
Total company net sales of $2.8 billion increased 6.8% compared with the same period in fiscal 2013, and total company comparable sales increased 3.9%.
The company's annual earnings per diluted share expectations remain unchanged.
TheStreet Ratings team rates NORDSTROM INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NORDSTROM INC (JWN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."