Nordstrom Reports Fourth Quarter 2021 Earnings

Nordstrom, Inc. (NYSE: JWN) today reported fourth quarter results in line with the Company’s fiscal year 2021 outlook, demonstrating progress against its long-term growth strategy. The Company reported net earnings of $200 million, or $1.23 per diluted share (“EPS”), and earnings before interest and taxes (“EBIT”) of $299 million, or 6.8 percent of sales, for the fourth quarter. For the fiscal year ended January 29, 2022, net earnings were $178 million and diluted EPS was $1.10, with EBIT of $492 million, or 3.4 percent of sales. Net earnings for the fiscal year included an $88 million debt refinancing charge ($65 million after tax, or diluted EPS of $0.40) in the first quarter.

For the fourth quarter ended January 29, 2022, net sales increased 23 percent versus the same period in fiscal 2020 and decreased 1 percent versus the same period in fiscal 2019. Gross merchandise value (“GMV”) increased 24 percent versus the same period in fiscal 2020 and was flat versus the same period in fiscal 2019. Nordstrom banner net sales were flat and GMV increased 2 percent compared with the fourth quarter of 2019. Net sales for Nordstrom Rack decreased 5 percent versus the fourth quarter of fiscal 2019, a sequential improvement of 320 basis points over the third quarter.

Sales in the home, active, designer, beauty and kids categories had the strongest growth compared with the fourth quarter of 2019. Geographically, Nordstrom banner sales in the Southern markets, including Southern California, outperformed the Northern markets by approximately 7 percentage points. Suburban stores continued to be stronger than urban stores in the fourth quarter.

“We advanced our strategic initiatives this quarter, with sequential sales improvement, strong digital growth and a significant increase in profitability,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “Our team continues to work with urgency to accelerate our progress and invest in our capabilities to better serve customers and profitably grow sales. Our primary focus is on three areas: improving Nordstrom Rack performance, increasing profitability and optimizing our supply chain and inventory flow. Our progress has given us line of sight to achieve in the coming year the financial targets we presented at our 2021 Investor Event.”

The Company made significant progress on its merchandising strategies throughout 2021, with choice count at an all-time high, increasing 50 percent over last year, and more than 300 new brands launched during the year. Additionally, alternative vendor partnership models accounted for 10 percent of Nordstrom banner GMV in the fourth quarter, up from 7 percent in 2019.
details at: https://investor.nordstrom.com/news-releases/news-release-details/nordstrom-reports-fourth-quarter-2021-earnings

Related Posts

NYCC 2017: As Graphic Novels Grow In Trade, Comics Shops Struggle

Sales of graphic novels continue to grow—with kids and YA graphic novels the fastest growing segment—but the entire marketplace for comics is being "disrupted" and transformed by an influx of new readers and consumers looking for new kinds of comics content as well as new retail options. This was the main takeaway from Milton Griepp, who presented his annual white paper on the comics during the first day of New York Comic Con, held October 5-8 at Javits Center. Griepp, CEO of ICv2, a pop culture trade news site, presented his annual overview of comics and graphic sales and trends at the NYCC Insider Sessions. His presentation was also echoed by NPD BookScan executive director of business development Kristen McLean's presentation "A Tale of Two Cities." In her talk, McLean described the comics/graphic novel marketplace as being divided between a flat and struggling comics shop market and a “strong bookstore” channel. Click Read More below for more of the story.

Over 93% First-Class Mail Delivered On-Time for 8 Consecutive Weeks

For eight consecutive weeks, more than 93 percent of First-Class Mail was delivered on-time. For the past 13 weeks, more than 94 percent of Marketing Mail was delivered on-time. Through the first eight weeks of the third quarter, the average time for delivery of mail and packages across the postal network remained just 2.4 days. Third quarter service performance scores covering April 1 through May 27 included: *First-Class Mail: 93.4 percent of First-Class Mail delivered on time against the USPS service standard, an increase of 5.6 percentage points from the fiscal second quarter. *Marketing Mail: 95 percent of Marketing Mail delivered on time against the USPS service standard, an increase of 2.8 percentage points from the fiscal second quarter. *Periodicals: 86.4 percent of Periodicals delivered on time against the USPS service standard, an improvement of 5 percentage points from the fiscal second quarter.

Macy’s, Inc. Reports Third Quarter 2023 Results

*Net sales of $5 billion, down 7% versus the third quarter of 2022. Brick-and-mortar sales decreased 7% versus the third quarter of 2022. Digital sales decreased 7% versus the third quarter of 2022. *Comparable sales down 7.0% on an owned basis and down 6.3% on an owned-plus-licensed basis. - Macy’s comparable sales were down 7.6% on an owned basis and down 6.7% on an owned-plus-licensed basis. - Bloomingdale’s comparable sales on an owned basis were down 3.2% and on an owned-plus-licensed basis were down 4.4%. - Bluemercury comparable sales were up 2.5% on an owned basis. * Gross margin rate for the quarter was 40.3%, up from 38.7% in the third quarter of 2022.
Back To Top
×Close search
Search