Stimulus Check – Nordstrom sticks to full-year revenue forecast as competition heats up
(Reuters) -Nordstrom Inc on Tuesday maintained its full-year revenue forecast even as its rivals raised theirs, signaling stiff competition among department store chains to pull in customers loaded with their COVID-19 related stimulus checks.
The retailer’s shares, which have gained 17% so far this year, fell 4% in extended trading.
After struggling with falling sales for a year due to the pandemic, department stores have seen shoppers return in the last few months. Macy’s Inc and Kohl’s Corp both handily beat first-quarter sales estimates and raised full-year forecasts.
Nordstrom, however, reiterated it full-year revenue forecast of an over 25% increase.
Total revenue rose to $3.01 billion in the first quarter ended May 1 from $2.12 billion a year earlier, beating analysts’ average estimate of $2.90 billion, according to Refinitiv Eikon data.
Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli