Nordstrom Raises Full-Year Outlook Amid Strong Q1 Results

Nordstrom (NYSE: JWN) reported positive first-quarter results on Tuesday, detailing continuous demand as consumers buy designer brands and shoes. The company now forecasts that 2022 revenue and credit card sales will rise anywhere from 6% to 8%, higher than its previous estimated range of 5% to 7%.

“Customers remain at the center of everything we do and we continue to provide them with expanded and relevant choices and the differentiated service they expect from us, delivering on our commitment to get ‘closer to you’,” said Pete Nordstrom, president and chief brand officer of Nordstrom, Inc. “We’re pleased with the momentum we’re seeing in the business and excited about our plans for the upcoming Anniversary Sale. Looking ahead, we are committed to driving additional merchandise margin improvement and increasing supply chain productivity, to deliver incremental profitability while continuing to elevate the customer experience.”

The big-name retailer reported an earnings loss of USD0.06 a share, compared to the expected loss of USD0.05 a share. Revenue amounted to USD3.57 Billion, higher than analysts anticipated USD3.28 Billion. Furthermore, the company reported a net income of USD20 Million for the quarter, compared to the previous year’s net loss of USD166 Million.

“Our focus on serving the customer through our interconnected model with Nordstrom and Nordstrom Rack, a scaled digital platform and a strong store fleet positioned us to capitalize on demand from customers who shopped for long-awaited occasions and refreshed their closets,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “In the first quarter, we drove strong topline growth with broad-based improvement across core categories and geographies. Importantly, we made progress on our strategic initiatives and continue to focus on increasing profitability on the path to achieving our financial targets.”