Shares of luxury department store chain Nordstrom, Inc. (JWN) are rising more than 13% Wednesday morning on better-than-expected third-quarter earnings.
The company reported earnings of $0.34 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.06 loss per share.
For the third quarter ended October 31, 2020, net sales decreased 16 percent from last year. Digital sales in the quarter were $1.6 billion, that accounted for 54% of the company’s business.
“By working with our vendor partners, we have made quick adjustments to ensure a great holiday offering for our customers. We are encouraged by the positive momentum and expect continued progress in the fourth quarter and into 2021,” said Pete Nordstrom, president and chief brand officer of Nordstrom.
JWN is currently trading at $28.11. It has traded in the range of $11.72- $43.37 in the past 52 weeks.
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