Nordstrom Reports Fourth Quarter 2022 Earnings, Announces Wind-Down of Canadian Business

Nordstrom, Inc. (NYSE: JWN) today reported fourth quarter net earnings of $119 million, or $0.74 per diluted share (“EPS”), and earnings before interest and taxes (“EBIT”) of $187 million, or 4.5 percent of sales, for the quarter ended January 28, 2023.

For the fiscal year ended January 28, 2023, net earnings were $245 million and diluted EPS was $1.51, with EBIT of $465 million, or 3.1 percent of sales. Excluding a gain on the sale of the Company’s interest in a corporate office building, Trunk Club wind-down costs and a supply chain technology and related asset impairment charge, all of which were reported in the first three quarters, adjusted EBIT was $502 million, or 3.3 percent of sales, and adjusted EPS was $1.69 for fiscal 2022.1

For the fourth quarter ended January 28, 2023, net sales decreased 4.1 percent versus the same period in fiscal 2021 and gross merchandise value (“GMV”) decreased 4.2 percent. Nordstrom banner net sales decreased 2.4 percent and GMV decreased 2.5 percent compared with the fourth quarter of 2021. Net sales for Nordstrom Rack decreased 8.1 percent.

“We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty. We also made the difficult decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core U.S. business,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “As we enter fiscal 2023, we are focused on enhancing the customer experience, improving Nordstrom Rack performance, increasing inventory productivity and continuing to advance our supply chain optimization initiatives. We remain confident in the strength of our brands and our ability to drive profitable growth and deliver long-term value to our shareholders.”
details at: https://investor.nordstrom.com/news-releases/news-release-details/nordstrom-reports-fourth-quarter-2022-earnings-announces-wind

Related Posts

Macy’s, Inc. Provides Preliminary First Quarter 2020 Financial Results

*Diluted loss per share of $(2.10) and Adjusted Diluted loss per share of $(2.03) *Reopened stores performing better than anticipated *E-commerce trend improved in May; curbside pickup performing well *Anticipate exiting Q2 in a clean inventory position - “The COVID-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” said Jeff Gennette, chairman and chief executive officer. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong. By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated. Importantly, we are receiving positive feedback on the curbside pickup experience and our efforts to create a safe and welcoming shopping environment."

ANA Urges New York To Put Brakes On Opt-In Privacy Bill (mediapost.com)

New York lawmakers should wait until next year before taking up a broad privacy bill that would require companies to obtain consumers' opt-in consent before processing their data for ad targeting, the Association of National Advertisers urged Wednesday. "The bill was introduced in the New York Senate just two weeks ago,” Dan Jaffe, ANA executive vice president for government relations, and Christopher Oswald, ANA senior vice president for government relations, wrote Wednesday to state lawmakers. “As a result, it has not received the benefit of careful and rigorous consideration by lawmakers, which is necessary to develop a workable privacy law that will significantly impact New York businesses and consumers alike.” The proposed New York Privacy Act (SB 6701), introduced by state Senator Kevin Thomas, would also give consumers the right to access, correct and delete data about themselves.

Office Depot Announces First Quarter 2018 Results

Total reported sales for the first quarter of 2018 were $2.8 billion compared to $2.7 billion in the first quarter of 2017, an increase of 6%. As a result of the CompuCom acquisition and focus on growing services revenue, the Company has enhanced its disclosure to report the breakdown between product sales and service revenues. Office Depot's service revenues now make up approximately 14% of the Company's total sales. In the first quarter of 2018, Office Depot reported operating income of $77 million and net income from continuing operations was $33 million, or $0.06 per share, compared to operating income of $124 million, net income from continuing operations of $74 million and $0.14 per share in the first quarter of 2017. Click Read More below for additional information.
Back To Top
×Close search
Search