Earnings Summary: Nordstrom (JWN) reports narrower Q1 loss on higher sales

Fashion retailer Nordstrom, Inc. (NYSE: JWN) has announced operating results for the first quarter of 2024, reporting higher sales and a narrower net loss.

• Net sales increased 5.1% year-over-year to $3.22 billion in the first quarter of 2024 from $3.06 billion a year earlier
• Total company comparable sales increased 3.8% annually during the three months
• Nordstrom banner net sales increased 0.6% and comparable sales advanced 1.8% in the April quarter
• The company reported a net loss of $39 million or $0.24 per share for Q1, vs. a loss of $205 million or $1.27 per share last year
• Net sales of the Nordstrom Rack segment rose 13.8% and comparable sales moved up 7.9%
• Active, Kids’ apparel and Women’s apparel registered double-digit annual growth in Q1, and Beauty rose by high single-digits
• The board of directors declared a quarterly cash dividend of $0.19 per share during the quarter, payable on June 19, 2024
• For fiscal 2024, the company expects comparable sales change to be in the range of a 1% decline to 2% growth
• Full-year EBIT margin is expected to be in the range of 3.5% to 4.0% of sales
• The management is looking for FY24 earnings per share between $1.65 and $2.05, excluding the impact of share repurchase activity