Nordstrom Reports First Quarter 2024 Earnings

For the first quarter ended May 4, 2024, net sales increased 5.1 percent versus the same period in fiscal 2023, and total Company comparable sales increased 3.8 percent. Gross merchandise value (“GMV”) increased 4.9 percent. First quarter net sales include a 75 basis point negative impact from the wind-down of Canadian operations. During the quarter, Nordstrom banner net sales increased 0.6 percent and comparable sales increased 1.8 percent. Net sales for Nordstrom Rack increased 13.8 percent and comparable sales increased 7.9 percent.

“The positive sales growth we saw across the company in the first quarter is very encouraging, and we’re particularly excited about the progress that our Rack banner is making,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “While we’re pleased with our topline growth, profitability fell short of our expectations. Looking ahead, our strong sales performance gives us momentum heading into the rest of the year and the confidence to reaffirm our 2024 guidance.”

In the first quarter, active, kids’ apparel and women’s apparel had strong double-digit growth versus 2023, and beauty increased by high single-digits.

“We’re set up well going forward in regards to the health of our inventory, both in managing levels and providing compelling content with good sell-through,” said Pete Nordstrom, president of Nordstrom, Inc. “As we reflect on the legacy that our dad left behind, we’ve been reminded of his firmly held and consistent values—especially his commitment to serving our customers. Those values have been integral to Nordstrom’s growth, and they remain at the core of the decisions we make as a company. We want to thank our teams for bringing our values to life as we stay focused on our priorities for 2024.”
details at: https://investor.nordstrom.com/news-releases/news-release-details/nordstrom-reports-first-quarter-2024-earnings

Related Posts

Gannett Announces Fourth Quarter 2022 Results

Fourth Quarter 2022 Financial Highlights: • Total revenues of $730.7 million decreased 11.6% compared to the fourth quarter of 2021 ◦ Same store revenues(2) decreased 10.3% compared to the fourth quarter of 2021 • Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store(2) basis mainly as a result of declines in digital media year-over-year • Net income attributable to Gannett of $32.8 million, an income margin of 4.5%

Pending Meredith Acquisitions By Gray And IAC’s Dotdash Receive Regulatory Approvals

Meredith Corporation announced that its pending acquisitions by Gray Television Inc. and IAC's Dotdash Media Inc. received key regulatory approvals. First, the Federal Communications Commission has approved Gray's acquisition of Meredith Corp., and Meredith will now seek the transaction's approval at a November 30, 2021, special shareholder meeting. Immediately prior to the Gray acquisition, Meredith will spin its digital, magazine, MNI, PEOPLE TV, and corporate operations out to shareholders as a new company, Meredith Holdings Corp., that Dotdash has agreed to acquire. Additionally, Meredith announced the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 for Meredith Holdings' acquisition by Dotdash expired on November 12, 2021.

Macy’s, Inc. Reports Fourth Quarter and Full-Year 2023 Results

*Net sales of $8.1 billion, down 1.7% versus the fourth quarter of 2022. Digital sales decreased 4% versus the fourth quarter of 2022. Brick-and-mortar sales were roughly flat versus the fourth quarter of 2022.*Comparable sales, on a 13-week basis, were down 5.4% on an owned basis and down 4.2% on an owned-plus-licensed basis. *Highlights of the company's nameplates include: Macy’s comparable sales, on a 13-week basis, were down 6.0% on an owned basis and down 4.7%, on an owned-plus-licensed basis. *Bloomingdale’s comparable sales, on a 13-week basis, were down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis. *Bluemercury comparable sales, on a 13-week basis, were up 2.3% on an owned basis. *Gross margin for the quarter was 37.5%, up from 34.1% in the fourth quarter of 2022.
Back To Top
×Close search
Search