Nordstrom, Inc. reported a third quarter net loss of $20 million for the quarter ended October 29, 2022. For the third quarter, net sales decreased 2.9 percent versus the same period in fiscal 2021 and gross merchandise value decreased 2.5 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 200 basis points on net sales compared with 2021. During the quarter, Nordstrom banner net sales decreased 3.4 percent, which included a negative impact of approximately 300 basis points from Anniversary Sale timing, and GMV decreased 2.9 percent. Net sales for Nordstrom Rack decreased 1.9 percent.
Q3 2022 HIGHLIGHTS
- Dotdash Meredith Digital revenue was $221 million and Print revenue was $251 million. Pro Forma revenue decreased 19% due to 13% Digital declines and 24% Print declines. o Operating loss of $95 million and Adjusted EBITDA of $31 million in Q3 2022 reflect restructuring charges and transaction-related items associated with the acquisition of Meredith ($25 million impacting operating loss and $18 million impacting Adjusted EBITDA)
- Angi Inc. revenue increased 8% year-over-year to $498 million and operating loss improved to $11 million (compared to a loss of $15 million in Q3 2021) and Adjusted EBITDA increased 85% to $23 million. o Angi Ads and Leads revenue increased 7% year-over-year, the second consecutive quarter of growth o Angi Services revenue was $132 million, increasing 12% year-over-year
- Emerging & Other revenue increased 7% year-over-year to $181 million reflecting: o 13% growth from Care.com o 77% growth from Vivian Health
- IAC repurchased approximately 367,000 shares at an average price of $71.56 in Q3 2022.
details at: https://ir.iac.com/static-files/3fa11177-c2a1-4637-a049-b5d7b73f7726