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Shares of Nordstrom continue to climb Friday after the company posted quarterly earnings that beat estimates.
The upscale department store chain's shares jumped more than 8 percent Friday. The company's shares rose in after-hours trading Thursday, building on a 7-percent gain from earlier that day.
The fashion retailer on Thursday reported fiscal-second-quarter earnings of 67 cents per share on revenue of $3.65 billion. Analysts had been expecting earnings of 56 cents per share on revenue of $3.68 billion, according to Thomson Reuters. The company earned 93 cents a share on $3.7 billion, the previous year.
Co-president Blake Nordstrom said in the report the company has been actively addressing inventory, expense and capital for the past several quarters and, in the second quarter, made progress "by bringing down inventory in-line with sales. "
"Those efforts," he said, "along with the strength of our anniversary sale and a great response from customers to that event, drove better than expected results for the second quarter."
Nordstrom's stock has risen more than 3 percent this year.
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