Nordstrom Inc raised its fiscal 2021 revenue forecast on Tuesday, as Americans buy more apparel and footwear at its stores following the easing of coronavirus restrictions.
The resumption of social gatherings, school and college has encouraged people to splurge on everything from tops to dresses, emptying inventories of clothing chains and helping department store chains rebound from last year’s slump.
Nordstrom said it expects revenue to rise over 35 percent in fiscal 2021, compared with more than 25 percent forecast previously. Analysts on average expect revenue to jump 29 percent, according to Refinitiv IBES data.
Revenue rose to $3.66 billion in the second quarter, from $1.86 billion a year earlier, beating market expectations.
By Praveen Paramasivam; Editor: Aditya Soni.
The American department store, which emerged from bankruptcy in 2020, is intent on convincing shoppers it is the premiere retail destination as people reenter the world.