Financial Data and Key Metrics - Net sales for Q1 2024 were $3.2 billion, with a loss per share of $0.24 [9] - Net sales growth exceeded 5%, with double-digit growth at Nordstrom Rack and positive topline contribution from Nordstrom banner stores [10] - Digital sales represented 34% of total sales, showing the fourth consecutive quarter of sequential improvement [54] - Gross profit as a percentage of net sales decreased by 225 basis points to 31.6% compared to the same period last year [54] - Loss before interest and taxes was $21 million in Q1, with $1.2 billion in available liquidity, including over $400 million in cash [56] Business Line Performance - Nordstrom banner net sales increased 1%, with comparable sales up 2% [53] - Nordstrom Rack net sales grew 14%, with comparable sales increasing 8% [54] - Active, Kids' Apparel, Women's Apparel, and Beauty were top-performing categories, with Women's Apparel showing mid-teens growth [25][34] - Nordstrom's loyalty program, Nordy Club, accounted for nearly 70% of total sales [13] Market Performance - The company saw year-over-year increases in customer visits and purchase trips, with a double-digit positive inventory spread [12] - New Rack stores are performing well, with nine opened since the beginning of the fiscal year and plans to open 22 in total for the year [21][29] - The digital marketplace launched in late April, aiming to expand online assortment and serve more customers [26] Strategic Direction and Industry Competition - The company is focusing on three priorities for 2024: driving Nordstrom banner growth, operational optimization, and building momentum at Nordstrom Rack [15] - Operational optimization efforts resulted in over 5% faster click-to-delivery speed and improved variable fulfillment costs [19] - The transition to the West Coast Omnichannel Center, the company's most automated and lowest-cost fulfillment center, is expected to be completed in Q2 [20] Management Commentary on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain, with higher interest rates and inflationary pressures, but the consumer continues to be resilient and selective [57] - The company reaffirmed full-year guidance, expecting revenue in the range of a 2% decline to a 1% increase, with comparable sales expected to range from a 1% decrease to a 2% increase [58][60] - Full-year EBIT margin is expected to be in the range of 3.5% to 4%, with earnings per share projected between $1.65 and $2.05 [61] Other Important Information - The company announced the formation of a special committee to evaluate potential proposals to take the company private, but no updates were provided during the call [6][7] - The passing of Bruce Nordstrom, the company's former leader, was acknowledged, with management reflecting on his impact on the company's values and culture [22][23][31][43][45] Q&A Session Summary Question: Sustainability of comp momentum across both banners [70] - Sales were positive each month during Q1, with some timing changes due to Easter. Positive trends continue quarter-to-date, though they have softened slightly [70] Question: Drivers for reaffirming full-year sales and comp guidance [71][72] - Strong topline performance and sequential improvements across both banners provide confidence in the strategy. Timing-related impacts, such as inventory reserves, are expected to moderate and partially reverse in future periods [72][73] Question: Margins at Nordstrom versus Rack [77][80] - The company does not typically disclose margin differences between Nordstrom and Rack, as both banners leverage the same supply chain and technology [80] Question: Inventory availability at Rack [85][86] - The company has not faced significant challenges in securing top brands for Rack, with a focus on disciplined sourcing and prioritizing key brands [86][87] Question: Contribution of new Rack stores [96][97] - New Rack stores are performing better than expected, contributing significantly to sales growth and customer acquisition [97][98] Question: Gross margin headwinds in Q1 [100] - Gross margin pressure of 200 basis points was split between timing-related factors (inventory reserves and loyalty sales) and operational factors (external theft and inventory cleanup) [100][101] Question: Credit card expectations for the year [104] - Credit revenue is expected to be around 3% for the year, with potential impacts from delayed CFPB late fee regulations already factored into guidance [104] Question: Promotional environment and designer category performance [110][112] - The promotional environment is normal, with no significant changes anticipated. Designer categories have normalized after a strong period, with inventory levels adjusted to match demand [110][112][113] Question: Early read on Marketplace initiative [118][122] - The Marketplace launch has been successful, with positive customer and brand feedback. While it is not expected to have a material impact in 2024, the company is optimistic about its growth potential in 2025 [122][127] Question: Long-term margin outlook [124][130] - The company is focused on driving EBIT margin growth, with a target of reaching 6% (2019 levels) before considering higher margins [130] Question: Rack customer behavior and full-price sales [134][137] - Rack customers value both brand and price, with the company focusing on offering coveted brands at great prices. Full-price sales are a key driver of margin health, with the company prioritizing regular price sell-through [134][137][138]

For the quarter ended April 2024, Nordstrom (JWN) reported revenue of $3.34 billion, up 4.8% over the same period last year. EPS came in at -$0.24, compared to $0.07 in the year-ago quarter. The reported revenue represents a surprise of +4.30% over the Zacks Consensus Estimate of $3.2 billion. With the consensus EPS estimate being -$0.08, the EPS surprise was -200.00%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Nordstrom (JWN) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -200%. A quarter ago, it was expected that this department store operator would post earnings of $0.90 per share when it actually produced earnings of $0.96, delivering a surprise of 6.67%. Over the last four quarters, the co ...

Exhibit 99.1 SEATTLE – May 30, 2024 – Nordstrom, Inc. (NYSE: JWN) today reported a first quarter net loss of $39 million, or loss per share of $0.24, and loss before interest and taxes of $21 million. 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 ...

Strong sales growth at both banners during first quarter Nordstrom Rack net sales up double-digits, with comparable sales up 8 percent Gross profit constrained due to timing and other factors Reaffirms fiscal 2024 outlook SEATTLE, May 30, 2024 /PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported a first quarter net loss of $39 million, or loss per share of $0.24, and loss before interest and taxes of $21 million. For the first quarter ended May 4, 2024, net sales increased 5.1 percent versus the same ...

Annual luncheon benefiting The Museum at FIT (MFIT) will be held Wednesday, September 4, 2024, at David H. Koch Theater at Lincoln Center To Download PR Assets [CLICK HERE] NEW YORK, May 29, 2024 /PRNewswire/ -- The Couture Council of The Museum at FIT (MFIT) today announced it will honor Simon Porte Jacquemus, founder and designer at the fashion house JACQUEMUS, with its 2024 Couture Council Award for Artistry of Fashion during its annual luncheon on Wednesday, September 4, 2024, at the David H. Koch Theat ...

Nordstrom, Inc. (JWN) is scheduled to release first-quarter fiscal 2024 numbers on May 30, after the closing bell. This fashion specialty retailer is expected to have witnessed revenue growth. The Zacks Consensus Estimate for revenues is pegged at $3.20 billion, which indicates a rise of 0.5% from the figure reported in the year-ago quarter. The consensus estimate for earnings is pegged at a loss of 8 cents per share, against earnings of 7 cents per share delivered in the year-ago quarter. The consensus mar ...

In its upcoming report, Nordstrom (JWN) is predicted by Wall Street analysts to post quarterly loss of $0.08 per share, reflecting a decline of 214.3% compared to the same period last year. Revenues are forecasted to be $3.2 billion, representing a year-over-year increase of 0.5%. The current level reflects a downward revision of 1.1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projecti ...

The market expects Nordstrom (JWN) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on May 30, 2024, might help the stock move higher if these key numbers are better ...

SOURCE Nordstrom, Inc. SEATTLE, May 22, 2024 /PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) announced today its board of directors approved a quarterly dividend of 19 cents per share payable on June 19, 2024, to shareholders of record at the close of business on June 4, 2024. ABOUT NORDSTROM At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This herit ...