Nordstrom Lifts FY22 Outlook, Shares Up 6%

While reporting its results for the first quarter on Tuesday, Nordstrom Inc. (JWN) lifted its outlook for the full year 2022, sending its shares up 6% in extended trading session.

Looking forward, the company expects revenue growth, including retail sales and credit card revenues, of 6 to 8 percent, earnings of $3.38 to $3.68 per share and adjusted earnings of $3.20 to $3.50 per share.

Previously, the company expected revenue growth, including retail sales and credit card revenues, of 5 to 7 percent and adjusted earnings of $3.15 to $3.50 per share.

Analysts polled by Thomson Reuters currently estimate earnings of $3.12 per share and revenues of $15.54 billion. Analysts' estimates typically exclude one-time items.

The company said it lifted its outlook to reflect first quarter performance, including a gain on the sale of the company's interest in a corporate office building and an impairment charge related to a Trunk Club property.

Further, the company also announced that Board of directors has authorizes a new $500 million share repurchase program.

JWN closed Tuesday's trading at $20.68, down $0.77 or 3.59%, on the Nasdaq. The stock, however, gained $1.32 or 6.38% in the after-hours trading.

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