SEATTLE, March 2, 2021
/PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported earnings
per diluted share for the fourth quarter ended January 30, 2021 of $0.21, which reflected an income tax benefit
related to the CARES Act. Net sales decreased 20 percent, which
improved sequentially by 600 basis points relative to the third
quarter, after adjusting for a shift of the Nordstrom Anniversary
Sale.
Overall trends improved sequentially throughout the quarter,
with continued momentum exiting the year. Fourth quarter sales
reflected broad-based improvement across the Nordstrom and
Nordstrom Rack brands both in stores and online. Digital
represented 54 percent of total sales, compared with 35 percent for
the same period last year. Enabled by Nordstrom's market strategy
to expand merchandise selection by four times on average with
faster delivery, top 10 markets continued to outperform the Company
average by 200 basis points.
The Company continued to benefit from strengthening its
financial flexibility early in the pandemic, delivering earnings
before interest and taxes of $30
million and operating cash flow of $88 million in the fourth quarter.
Heading into the holidays, the Company increased its receipt
plans but experienced delays in inventory flow, resulting in higher
inventory levels exiting the year. Most of the inventory overage
reflected current receipts and non-seasonal merchandise. The
Company is taking actions to significantly reduce inventory levels
in first quarter 2021 and be fully repositioned in the second
quarter.
"We're proud of our team's efforts to generate another quarter
of improved sales trends and positive operating cash flow in what
remains an uncertain environment. Heading into 2021, we're taking
steps to improve our inventory position," said Erik Nordstrom, chief executive officer of
Nordstrom, Inc.
"Over the quarter, we successfully scaled capabilities across
both of our powerful brands — Nordstrom and Nordstrom Rack. As we
execute our long-term growth strategy to get closer to our
customers than ever before, we're confident in our ability to
unlock the full potential of our digital-first platform to gain
market share and drive profitable growth."
The direct link to the Company's fourth 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 fourth quarter 2020
financial results and fiscal 2021 outlook at 4:45 p.m. Eastern Standard 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
13716161, until the close of business on March 9, 2021.
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 358 stores
in the U.S. and Canada, including
100 Nordstrom stores; 249 Nordstrom Rack stores; two clearance
stores; and seven 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.
Certain statements in this press release contain or may
suggest "forward-looking" information (as defined in the Private
Securities Litigation Reform Act of 1995) that involves risks and
uncertainties that could cause results to be materially different
from expectations. The words "will," "may," "designed to,"
"outlook," "believes," "should," "targets," "anticipates,"
"assumptions," "plans," "expects" or "expectations," "intends,"
"estimates," "forecasts," "guidance" and similar expressions
identify certain of these forward-looking statements. The Company
also may provide forward-looking statements in oral statements or
other written materials released to the public. All statements
contained or incorporated in this press release or in any other
public statements that address such future events or expectations
are forward-looking statements. Important factors that could cause
actual results to differ materially from these forward-looking
statements are detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended February 1, 2020, its Form 10-Qs for
the fiscal quarters ended May 2, 2020, August 1, 2020 and
October 31, 2020, and our Form 10-K for the fiscal year ended
January 30, 2021, to be filed with the SEC on or about
March 15, 2021 . These forward-looking statements are not
guarantees of future performance and speak only as of the date
made, and, except as required by law, the Company undertakes no
obligation to update or revise any forward-looking statements to
reflect subsequent events, new information or future
circumstances.
INVESTOR
CONTACT:
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Trina
Schurman
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Nordstrom,
Inc.
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Invrelations@Nordstrom.com
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MEDIA
CONTACT:
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Gigi Ganatra
Duff
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Nordstrom,
Inc.
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NordstromPR@Nordstrom.com
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SOURCE Nordstrom, Inc.