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Bond Market News

Nordstrom Reports Soft Results

November 24, 2021

US department store chain  Nordstrom reported softer Q3 earnings. It reported a net income increase to $64mn, a 21% YoY rise. EPS stood at $0.39/share while analysts expected $0.56/share. Revenues, including credit card sales, climbed 18% YoY to $3.64bn. However, analysts note that sales are still down slightly from the $3.67bn it Nordstrom reported in 3Q2019. As a result of fulfillment and labor cost pressures, Nordstrom’s SG&A expenses picked up. Its Digital sales which represents ~40% of the business, fell 12% YoY.  Going forward Nordstrom expects annual revenue, including credit card sales, to grow more than 35%.

Nordstrom’s bonds were slightly lower with its 4.375% 2030s down 1.4 points to 101.94, yielding 4.09%.

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