Nordstrom, Inc. (JWN) has reported a 36.96 percent jump in profit for the quarter ended Apr. 29, 2017. The company has earned $63 million, or $0.37 a share in the quarter, compared with $46 million, or $0.26 a share for the same period last year.
Revenue during the quarter grew 3.23 percent to $3,354 million from $3,249 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 35.75 percent. Total expenses were 95.50 percent of quarterly revenues, down from 96.74 percent for the same period last year. This has led to an improvement of 124 basis points in operating margin to 4.50 percent.
Operating income for the quarter was $151 million, compared with $106 million in the previous year period.
For financial year 2017, Nordstrom, Inc. projects revenue to grow in the range of 3 percent to 4 percent. The company forecasts diluted earnings per share to be in the range of $2.75 to $3.
Operating cash flow drops significantly
Nordstrom, Inc. has generated cash of $89 million from operating activities during the quarter, down 49.43 percent or $ 87 million, when compared with the last year period. The company has spent $144 million cash to meet investing activities during the quarter as against cash outgo of $174 million in the last year period.
The company has spent $299 million cash to carry out financing activities during the quarter as against cash outgo of $127 million in the last year period.
Cash and cash equivalents stood at $653 million as on Apr. 29, 2017, up 38.94 percent or $183 million from $470 million on Apr. 30, 2016.
Debt comes down marginally
Nordstrom, Inc. has recorded a decline in total debt over the last one year. It stood at $2,742 million as on Apr. 29, 2017, down 1.58 percent or $44 million from $2,786 million on Apr. 30, 2016. Interest coverage ratio deteriorated to 3.15 for the quarter from 3.42 for the same period last year.
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