Nordstrom Lowers FY22 Outlook; Stock Tanks 12%

(RTTNews) - While reporting its results for the second quarter on Tuesday, Nordstrom Inc. (JWN) lowered its outlook for the full year 2022, sending its shares down 12% in extended trading session.

Looking forward, the company current expects revenue growth, including retail sales and credit card revenues, of 5 to 7 percent, earnings of $2.45 to $2.75 per share and adjusted earnings of $2.30 to $2.60 per share.

Previously, the company expected revenue growth, including retail sales and credit card revenues, of 6 to 8 percent, earnings of $3.38 to $3.68 per share and adjusted earnings of $3.20 to $3.50 per share.

Analysts polled by Thomson Reuters currently estimate earnings of $3.05 per share and revenue growth of 6.60%. Analysts' estimates typically exclude one-time items.

JWN closed Tuesday's trading at $23.20, up $0.23 or 1.00%, on the NYSE. The stock, however, tanked $3.00 or 12.93% in the after-hours trading.