SEATTLE, Nov. 24, 2020 /PRNewswire/ -- Nordstrom, Inc.
(NYSE: JWN) today reported third quarter results, which reflected
sequential improvement in sales and earnings relative to the prior
quarter. The Company generated earnings before interest and taxes
(EBIT) of more than $100 million,
supported by improved merchandise margin trends and benefits from
resetting its cost structure. Earnings per diluted share of
$0.34 included an income tax benefit
of $0.12 related to the CARES
Act.
For the third quarter ended October 31,
2020, net sales decreased 16 percent from last year and
included a positive impact of approximately 10-percentage points
due to the shift of the Nordstrom Anniversary Sale from the second
quarter to the third quarter this year. Digital sales of
$1.6 billion accounted for 54 percent
of Nordstrom's business.
"Our ability to significantly strengthen our financial
flexibility early in the pandemic was key to delivering operating
profitability of more than $100
million and cash flow of more than $150 million in the third quarter," said
Erik Nordstrom, chief executive
officer of Nordstrom, Inc.
"We also unlocked new ways to better serve customers on their
terms with greater convenience and connection, including expansion
of our online order pickup services to nearly 350 locations across
both Nordstrom and Nordstrom Racks."
"We are thankful for our team's dedication to serving customers
in new and differentiated ways," said Pete
Nordstrom, president and chief brand officer of Nordstrom,
Inc. "By working with our vendor partners, we have made quick
adjustments to ensure a great holiday offering for our customers.
We are encouraged by the positive momentum and expect continued
progress in the fourth quarter and into 2021."
The direct link to the Company's third 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 third quarter
2020 financial results 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 13712750, until the close of business on
December 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 357 stores
in 40 states, including 100 full-line stores in the United States and Canada; 249 Nordstrom Rack stores; two
clearance stores; and six 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
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Nordstrom,
Inc.
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Invrelations@Nordstrom.com
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MEDIA
CONTACT:
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Jennifer Tice
Walker
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Nordstrom,
Inc.
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NordstromPR@Nordstrom.com
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SOURCE Nordstrom, Inc.