From CNBC:

Nordstrom beat holiday-quarter sales expectations but gave a muted outlook. The company plans to open new Nordstrom Rack stores and drive higher online and in-store sales. Full-year revenue is expected to range from a 2% decline to a 1% gain. Earnings per share for the year are projected at $1.65 to $2.05.

In the fiscal quarter ending Feb. 3, Nordstrom saw a 2% rise in quarterly revenue compared to the previous year. Net sales for the company’s namesake banner dropped by 3%, while Nordstrom Rack saw a 14.6% rise in net sales in the fourth quarter. The company’s online sales also decreased by 1.7% during the quarter.

Nordstrom’s stock fell about 10% in extended trading after reporting adjusted earnings per share of 96 cents versus the expected 88 cents. The company has been impacted by consumer behavior changes, inflation, and inventory challenges. Nordstrom also announced the closure of its Canadian business, impacting net sales.

Despite struggles with certain segments, Nordstrom has seen growth in its Nordstrom Rack stores. Women’s apparel, beauty, and the active category were strong performers in the fourth quarter. Total online sales decreased, accounting for 38% of total sales in the quarter.

As of Tuesday, Nordstrom shares are up about 6% from the previous year, below the S&P 500’s 25% gains. The closing price of Nordstrom’s stock was $20.90, valuing the company at approximately $3.4 billion. The company will focus on driving sales growth and improving overall performance in the coming year.



Read more at CNBC: Nordstrom (JWN) earnings Q4 2023