The company has reported a stronger third quarter which has seen earnings per share of $0.34, a sequential improvement in sales and profitability.
Nordstrom’s Third Quarter earnings show that the company generated earnings before interest and taxes (EBIT) of more than $100M, a figure which has been supported by improved merchandise margin trends and resetting its cost structure.
For the third quarter, net sales decreased 16 per cent from the same period last year and included a positive impact of approximately 10 percentage points as the company decided to shift their Nordstrom Anniversary sale from the second quarter to the third quarter this year. Digital sales of $1.6bn accounted for as much as 54 per cent of Nordstrom’s business.
Erik Nordstrom, Chief Executive Officer commented: “Our ability to significantly strengthen our financial flexibility early in the pandemic was key to delivering operating profitability of more than $100M and cash flow of more than $150M in the third quarter. We also unlocked new ways to better serve customer son their terms with greater convenience and connection.”
