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Nordstrom Raises Forecast in Sign Luxury Shoppers Still Spending

  • Stock jumps in late trading as executives say demand is strong
  • Department-store operator to wind down its Trunk Club business
A Nordstrom Store Ahead Of Earnings Figures
Photographer: Jeenah Moon/Bloomberg
Updated on

Nordstrom Inc. raised its forecast for earnings and revenue for the coming year, the latest sign that higher-end U.S. retailers are optimistic that affluent shoppers will keep spending even in an era of high inflation. The shares jumped in late trading. 

Net sales increased almost 19% to $3.47 billion in the fiscal quarter ended April 30, the department-store operator said Tuesday in a statement. That’s above analysts’ average estimate of $3.27 billion. Sales at both Nordstrom and its off-price Rack business were stronger than what analysts had been looking for.