Nordstrom Inc. said revenues for the holiday period increased by mid-single digits, on the back of solid growth across its Nordstrom banner, and even stronger gains at its discount chain.
Nordstrom
The Seattle-based department store operator said sales increased 4.9 percent for the nine-week holiday period ended January 4, with comparable sales up 5.8 percent, compared with the prior nine weeks. At the Nordstrom banner, sales increased 3.7 percent and comparable sales increased 6.5 percent, while Nordstrom Rack saw sales surge 7.4 percent. Comparable sales gained 4.3 percent at the retailer’s off-price division.
“As a result of our efforts to remain competitive in the promotional environment and the strength of our offering, our holiday sales in November and December exceeded the expectations we shared during our most recent earnings call,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc.
“For the full year, we’re raising our topline outlook and reaffirming our profitability guidance.”
Based on holiday results, the company has updated its fiscal 2024 outlook, and now expects revenue growth, including retail sales and credit card revenues, of 1.5 to 2.5 percent versus the 53-week fiscal 2023.
Additionally, the company expects comparable sales growth of 2.5 to 3.5 percent, compared with its prior outlook of 1 to 2 percent growth.
The company is scheduled to report its fourth quarter and full-year 2024 financial results after the close of the financial markets on March 4.
In late December, Nordstrom Inc. announced plans to go private through an all-cash transaction valued at about $6.25 billion, as the founding family looks to make the department-store company more successful outside of the public stock market.
