Nordstrom Shares Dip on Profit Miss Despite Reporting Sales Gains in Q1

Nordstrom reported mixed results in the first quarter of 2024, kicking off the year with top line growth but missing profitability expectations. According to the Seattle-based department store chain, net sales in the first quarter increased 5.1 percent to $3.22 billion, up from $3.06 billion the same period in fiscal 2023. However, Nordstrom also saw a first quarter net loss of $39 million, or loss per share of 24 cents, down from $205 million, or $1.27 per share, a year ago. Analysts surveyed by FactSet were looking for a loss of 7 cents per share. By business segment, the Nordstrom banner reported net sales up 0.6 percent to $2.04 billion, while net sales for Nordstrom Rack in Q1 increased 13.8 percent to $1.18 billion over the same time last year. Shares for the company were down over 6 percent in after-market trading on Thursday evening. Erik Nordstrom, chief executive officer of Nordstrom, Inc., said in a statement that the positive sales growth across the company in the first quarter is “very encouraging,” and that he is particularly excited about the progress at the company’s Rack banner. “While we’re pleased with our topline growth, profitability fell short of our expectations,” Erik Nordstrom said. “Looking ahead, our

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