Nordstrom Reports Second Quarter 2021 Results, Raises Outlook for Fiscal Year
SEATTLE, Aug. 24, 2021 / PRNewswire / – Nordstrom, Inc. (NYSE: JWN) today announced its second quarter results, which reflect the continued and widespread improvement in sales trends at Nordstrom and Nordstrom Rack across all categories and geographic areas. The Company reported a net profit of $ 80 million Where $ 0.49 per diluted share, with earnings before interest and taxes (“EBIT”) of $ 151 million.
For the second quarter ended July 31, 2021, net sales increased by 101% compared to the same period of fiscal 2020 and decreased by 6% compared to the same period of fiscal 2019, representing a sequential improvement of approximately 700 points of basis compared to the first quarter of fiscal 2021. The sale, of which approximately one week falls in the third quarter of 2021, had a negative impact of approximately 200 basis points on net sales compared to fiscal 2019. In taking this change in timing into account, sales trends improved by approximately 900 basis points from the first quarter. .
“Our second quarter results demonstrate the strength of our two brands, the power of our ‘closer to you’ strategy and the success of our iconic anniversary sale,” said Erik Nordstrom, CEO of Nordstrom, Inc. “We have capitalized on improving customer demand with focused execution, healthy inventory sales and ongoing expense management to deliver strong quarterly results. We remain focused on executing our strategy to win in our most important markets, expanding the reach of Nordstrom Support and increase our digital speed, and are well positioned to continue advancing towards our long-term strategic and financial goals as we look into the second half of the year. “
Total sales for the Anniversary event were up 1% from 2019, including the last week of the event which fell in the third quarter. Traffic and sales trends have been strong both in digital and in stores as customers have responded positively to expanded selection, better stock rates for top selling items and improved capabilities, including convenient pickup options at Nordstrom and Nordstrom Rack stores.
“An attractive merchandise assortment, combined with new and differentiated services and experiences, helped strengthen customer engagement and improve bottom lines at our anniversary sale. We would like to extend our heartfelt thanks to our exceptional employees and brand partners for their contribution to the event, ”said Pete Nordstrom, President and Brand Director of Nordstrom, Inc.
The direct link to the press release on the Company’s second quarter results is here. Full quarterly financial results are available in the Investor Relations section of Nordstrom’s website at Investor.nordstrom.com/financial-information/quarterly-results.
Senior management of the Company will host a conference call to provide a business update and discuss second quarter 2021 financial results and fiscal 2021 outlook to 4:45 p.m. Eastern Daylight Time today. To listen to the call live online and see the prepared remarks by the speakers and conference call slides, visit the Investor Relations section of the company’s website at Investor.nordstrom.com. An archived webcast with prepared speaker remarks and conference call slides will be available in the Quarterly Results section for one year. Interested parties can also call 201-689-8354. A telephone replay will be available from approximately three hours after the end of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13721946, until the call is closed. offices on August 31, 2021.
At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel great and look their best. Since its beginnings as a shoe store in 1901, the best way to serve customers has been at the center of every decision we make. This legacy of service is the foundation we build on to deliver convenience and true connection to our customers. Our digital platform allows us to serve customers when, where and how they want to shop – whether in-store at over 350 Nordstrom, Nordstrom Local and Nordstrom Support locations or digitally via our Nordstrom and Shelf applications and websites. Through it all, we remain committed to leave the world better than we found it.
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 involve risks and uncertainties that could cause results to differ materially from expectations. The words “will”, “may”, “designed for”, “prospect”, “belief”, “should”, “targets”, “anticipate”, “assumptions”, “plans”, “expect” or “Expectations”, “” intentions “,” estimates “,” forecasts “,” directions “and similar expressions identify some of these forward-looking statements. The Company may also provide forward-looking statements in oral statements or other written documents made public. All statements contained or incorporated in this press release or any other public statement 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 January 30, 2021 and its Form 10-Q for the closed fiscal quarter. May 1, 2021 These forward-looking statements are not guarantees of future performance and speak only as of the date on which they are made, and, except as required by law, the Company assumes no obligation to update or revise forward-looking statements to reflect subsequent events, new information or future circumstances.
SOURCE Nordstrom, Inc.