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

Apparel retailer Nordstrom, Inc. (NYSE: JWN) reported first-quarter 2024 operating results, reporting higher sales and a lower 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
• The company’s total comparable sales increased 3.8% annually over the three months
• Nordstrom banner net sales increased 0.6% in April, and comparable sales increased 1.8%.
• The company reported a net loss of $39 million, or $0.24 per share, for the first quarter, compared with a loss of $205 million, or $1.27 per share, last year
• Nordstrom Rack segment net sales increased 13.8% and comparable sales increased 7.9%.
• Activewear, kids’ and women’s apparel posted double-digit annual growth in the first quarter, and beauty apparel posted high single-digit growth
• The board of directors declared a quarterly cash dividend of $0.19 per share during the quarter, payable on June 19, 2024.
• For fiscal year 2024, the company expects comparable sales change to be in the range of 1% decline to 2% growth
• Full-year EBIT margin is expected to be in the range of 3.5% to 4.0% of sales
• Management expects FY24 earnings per share in the range of $1.65 to $2.05, excluding the impact of share repurchase activity