SEATTLE, Aug. 25, 2020 /PRNewswire/ -- Nordstrom, Inc.
(NYSE: JWN) today reported second quarter results, which reflected
cash flow and earnings exceeding the Company's expectations through
improved merchandise margins and significant overhead cost
reductions. Loss per diluted share of $1.62 included charges of $0.08 associated with the impact of COVID-19.
For the second quarter ended August 1,
2020, sales were in-line with the Company's expectations.
Net sales decreased 53 percent from last year, reflecting temporary
store closures for approximately 50 percent of days during the
quarter due to COVID-19 in addition to an approximately
10-percentage point timing impact from the Nordstrom Anniversary
Sale shifting from the second quarter to the third
quarter.
"At the onset of the pandemic, we focused on protecting and
enhancing liquidity, and we successfully executed on these plans,"
said Erik Nordstrom, chief executive
officer of Nordstrom, Inc. "Thanks to our team's efforts during the
second quarter, we further strengthened our balance sheet with
liquidity of $1.3 billion and
generated operating cash flow of more than $185 million. We are now pivoting to prioritize
market share gains and profitable growth as we advance our
strategies."
"We're confident that we can improve sales trends in the
second half of the year and beyond," said Pete Nordstrom, president and chief brand
officer of Nordstrom, Inc. "Our inventories are current and
in-line, and we're focused on amplifying relevant categories,
brands and trends to meet customers' changing preferences."
The direct link to the Company's second quarter earnings
press release is here. Complete quarterly financial results can be
found in the investor relations section of Nordstrom's website at
investor.nordstrom.com/financial-information/quarterly-results.
CONFERENCE CALL INFORMATION
The Company's senior
management will host a conference call to provide a business update
and to discuss second quarter 2020 financial results at
4:45 p.m. Eastern Daylight Time
today. To listen to the live call online and view the speakers'
prepared remarks and the conference call slides, visit the Investor
Relations section of the Company's corporate website at
http://investor.nordstrom.com. An archived webcast with the
speakers' prepared remarks and the conference call slides will be
available in the Quarterly Results section for one year. Interested
parties may also dial 201-689-8354. A telephone replay will be
available beginning approximately three hours after the conclusion
of the call by dialing 877-660-6853 or 201-612-7415 and entering
Conference ID 13708132, until the close of business on
September 1, 2020.
ABOUT NORDSTROM
Nordstrom, Inc. is a leading fashion
retailer based in the U.S. Founded in 1901 as a shoe store in
Seattle, today Nordstrom operates
355 stores in 40 states, including 100 full-line stores in
the United States and Canada; 248 Nordstrom Rack stores; two
clearance stores; and five Nordstrom Local service hubs.
Additionally, customers are served online through Nordstrom.com,
Nordstrom.ca, Nordstromrack.com, HauteLook.com and TrunkClub.com.
Nordstrom, Inc.'s common stock is publicly traded on the NYSE under
the symbol JWN.
INVESTOR
CONTACT:
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Trina Schurman
Nordstrom, Inc.
Invrelations@Nordstrom.com
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MEDIA
CONTACT:
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Jennifer Tice
Walker
Nordstrom, Inc.
NordstromPR@Nordstrom.com
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SOURCE Nordstrom, Inc.