By Yasin Ebrahim
Investing.com - Nordstrom (NYSE:JWN) reported fourth-quarter results that beat analysts' expectations on Tuesday and painted a upbeat picture about the year ahead.
Nordstrom shares gained 36% in after-hours trading following the report.
The firm reported earnings per share of $1.23 on revenue of $4.49 billion. Analysts polled by Investing.com anticipated EPS of $1 on revenue of $4.36 billion.
The beat on the bottom lines was driven by a jump in margins following the retailer's decision to reduce promotional activity.
Gross profit, as a percentage of net sales, was 38%, an increase of 500 basis points compared with the same period in fiscal 2020. due to "improved merchandise margins from reduced markdowns, and increased leverage on buying and occupancy costs," the company said.
Looking ahead to fiscal 2022, the company forecast revenue growth, including retail sales and credit card revenues, of 5% to 7% versus fiscal 2021.
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