Nordstrom raised its full-year forecast, pointing to a more robust holiday sales season than anticipated.
The department store giant stated on Friday that it now projects revenue growth of 1.5% to 2.5% annually, including retail sales and credit card revenues. Revenue growth was originally anticipated to be flat to 1%.
After accounting for store openings and closings, comparable sales are now expected to increase 2.5% to 3.5% from the previous year, up from a previous estimate of 1% to 2%.
According to Chief Executive Erik Nordstrom, the company’s revenues in November and December surpassed projections, which led to these increases.
Compared to the same period last year, total sales for the nine-week Christmas period that concluded on December 30 increased by 4.9%. Sales at the same store increased 5.8%.
Sales under the company’s Nordstrom Rack banner increased 7.4%, or 4.3%, on a same-store basis, while sales at its namesake banner up 3.8%, or 6.5%.
The Nordstrom founding family signed a $4 billion deal to take the business private during the holiday shopping season as well.
