Nordstrom Inc ( (JWN) ) has released its Q4 earnings. Here is a breakdown of the information Nordstrom Inc presented to its investors.
Nordstrom Inc. is a leading fashion retailer in the United States, offering a wide range of clothing, shoes, and accessories through its Nordstrom and Nordstrom Rack stores, as well as online platforms. The company is known for its customer service and diverse product offerings.
In its fourth-quarter earnings report for fiscal 2024, Nordstrom Inc. reported net earnings of $165 million, with earnings per share of $0.97. The company highlighted strong performance in comparable sales, which increased by 4.7% compared to the previous year, and an expanded EBIT margin.
Key financial metrics showed that Nordstrom’s total net sales decreased by 2.1%, but increased by 2.5% when excluding the 53rd week of fiscal 2023. The Nordstrom Rack banner saw a net sales increase of 1.2%, and digital sales represented 38% of total sales for the quarter. The company also maintained a strong liquidity position with $1.8 billion available, including $1.0 billion in cash.
Strategically, Nordstrom announced a definitive agreement with the Nordstrom family and El Puerto de Liverpool to acquire all outstanding common shares not already owned by them, which will result in Nordstrom becoming a privately held company. Additionally, the company opened 23 new stores during fiscal 2024 and plans to open more in the coming year.
Looking ahead, Nordstrom’s management remains optimistic about maintaining its momentum and delivering strong financial results, despite not providing a fiscal 2025 financial outlook due to the pending privatization transaction.