Thu, Sep 5, 8:34 PM (131 days ago)
In the second quarter of fiscal 2024, Nordstrom, Inc. reported net sales of $3,785, reflecting a 3.4% increase compared to the same period last year. The company's net earnings reached $122, or $0.72 per diluted share, with an EBIT margin of 5.0%. Adjusted EBIT was $244, translating to 6.4% of net sales, despite a supply chain asset impairment charge. The Nordstrom Rack segment saw an 8.8% increase in net sales, while comparable sales rose by 1.9%. Digital sales accounted for 37% of total sales. Cash flow from operations increased to $528, with a cash balance of $679 at quarter-end. The company remains focused on optimizing operations and enhancing customer experiences, particularly through digital integration. Risks include potential impacts from a proposed "going private" transaction and uncertainties in market conditions. Nordstrom anticipates a total revenue range for fiscal 2024 of a 1.0% decline to 1.0% growth, considering the unfavorable impact of the previous fiscal year's 53rd week.