Earnings Summary: Highlights of Nordstrom’s (JWN) Q3 2023 report

Fashion retailer Nordstrom, Inc. (NYSE: JWN) has reported operating results for the third quarter of 2023. The management provided full-year guidance.

• In the third quarter, the company’s net sales decreased to $3.20 billion from $3.43 billion in the prior year quarter
• for the Nordstrom banner, net sales dropped 9.4%, and Nordstrom Rack banner sales declined 1.8%
• Q3 net income was $67 million or $0.41 per share, compared to a loss of $20 million or $0.13 per share last year
• Gross profit, as a percentage of net sales, increased 180 basis points year-over-year to 35% in the third quarter
• For fiscal 2023, the company expects revenue to decline in the range of 4% to 6%, versus fiscal 2022
• Full-year EBIT margin, including the negative impact of charges related to the wind-down of Canadian operations, is expected to be 1.8-2.1% of sales
• The company is looking for FY23 earnings in the range of $0.74 per share to $0.94 per share, excluding the impact of share repurchase activity