Wiley and Vanderbilt University’s Heard Libraries Sign Agreement to Publish More Open Access Research

Total Company net sales increased 5.8 percent for the first quarter ended May 5, 2018 compared with the quarter ended April 29, 2017. This reflected an increase of approximately 250 basis points primarily due to the shift of a Nordstrom Rewards loyalty event into the first quarter relative to the second quarter last year. Comparable sales for the first quarter ended May 5, 2018 increased 0.6 percent, compared with the 13-week period ended May 6, 2017. First quarter net earnings were $87 million compared with $63 million during the same period in fiscal 2017. Results in 2017 included an interest expense charge of $18 million related to a debt refinancing. Click Read More below for additional information.

Domestic Segment Q3 FY21 Results: Domestic revenue of $10.85 billion increased 21.0% versus last year. The increase was primarily driven by comparable sales growth of 22.6%, which was partially offset by the loss of revenue from permanent store closures in the past year. Domestic online revenue of $3.82 billion increased 173.7% on a comparable basis, and as a percentage of total Domestic revenue, online revenue increased to approximately 35.2% versus 15.6% last year. Domestic gross profit rate was 24.0% versus 24.3% last year. The gross profit rate decrease of approximately 30 basis points was primarily driven by higher supply chain costs as a result of the increased mix of online revenue and lower profit-sharing revenue from the company’s private-label and co-branded credit card arrangement. These pressures were partially offset by a more favorable promotional environment. International Segment Q3 FY21 Results: International revenue of $1.0 billion increased 25.4% versus last year. This increase was primarily driven by comparable salesgrowth of 27.3%, which was partially offset by the impact of approximately 140 basis points of negative foreign currency exchange rates. International GAAP gross profit rate was 19.0% versus 22.5% last year.

For the third quarter of 2017, the company reported non-cash after-tax charges of $252.5 million, leading to a quarterly net loss of $260.5 million, or $34.11 per share. The non-cash charges relate almost solely to a non-cash deferred tax asset valuation allowance. The third quarter 2017 adjusted net loss remains unchanged from the previously reported results at $5.9 million. The net loss for the first nine months of 2017 was $393.5 million, or $51.67 per share, and included the effect of $359.4 million non-cash after-tax charges inclusive of the write-down of its CareerBuilder investment, mastheads, inventory, and the deferred tax asset valuation allowance mentioned above. The company refers readers to its October 16, 2017 release on third quarter results and its Form 10-Q for the quarter ended September 24, 2017 for additional information. Click Read More below for additional information.