Nordstrom, Inc. (NYSE:JWN)s (Nordstrom, Inc. (NYSE:JWN)) fiscal first-quarter sales exceeded analysts' expectations, with the company upping its full-year outlook as shoppers visited the fashion specialty retailer's stores to replenish their closets with designer brands and shoes.
In the first quarter, revenue increased 18.7% to US$3.57bn, exceeding analysts' expectations of US$3.28bn.
As the retailer launched a US$500mln buyback, it forecast fiscal 2022 revenue to increase 6-8% compared with a prior forecast of 5-7%.
Gross profit, as a percentage of net sales, of 32.8% increased 190 basis points compared with the same period in fiscal 2021.
An adjusted profit per share of US$3.38 to US$3.68 is expected in the full year, up from US$3.15 to US$3.50 earlier.
After-hours trading saw its shares jump about 9% on Tuesday.