Amazon is not the solely on-line procuring king primarily based in Seattle. It appears to be like like you possibly can add fellow Seattle native Nordstrom to the listing of outlets which have discovered tips on how to promote issues over the web. Lots of issues.
Nordstrom reported outcomes for the second quarter after the closing bell Thursday that topped Wall Street’s forecasts, led by a 23% soar in digital sales. Nordstrom added that digital income now accounts for greater than a 3rd of its total sales.
Nordstrom additionally raised its earnings outlook for the the rest of the 12 months. Shares of Nordstrom ( soared greater than 10% in after hours buying and selling on the information. )
Nordstrom is the newest retailer to report stable outcomes this week, becoming a member of Walmart ( and Coach-owner )Tapestry (. )
Walmart additionally reported wholesome digital development earlier Thursday and that was a big purpose why its total outcomes had been so good. Walmart’s strong report helped gas a nearly 400-point pop in the Dow as effectively.
Nordstrom’s outcomes come a day after rival Macy’s ( disillusioned buyers with )sales growth that was a little sluggish. In truth, shares of Nordstrom plunged 5.5% Wednesday after Macy’s outcomes.
The stock solely staged a gentle rebound Thursday, rising lower than 1% — probably attributable to the awful results from JCPenney (. )
But Nordstrom is clearly benefiting from the shift to on-line and cell procuring. And the firm mentioned sales for its brick and mortar shops are additionally booming.
Overall income rose greater than 7% at Nordstrom, with same-store sales from its full-priced shops rising four.1% due to robust demand for teenagers’ clothes and magnificence merchandise.
Same-store sales additionally had been up four% at the firm’s Nordstrom Rack low cost areas. The firm mentioned that it topped its expectations.
The wholesome outcomes additionally appear to validate Nordstrom’s resolution to not go personal.
The firm held on-and-off talks with the Nordstrom household, which owns a big chunk of the high-end retailer’s shares, a few buyout late final 12 months and earlier this 12 months. But discussions ended in March with no deal.
CNNMoney (New York) First printed August 16, 2018: 5:25 PM ET