American luxurious division retailer Nordstrom Inc has reported whole revenues of $15.02 billion for the fiscal 2024 (FY24) ended February 1, 2025, reflecting a rise from $14.69 billion within the earlier 12 months. Internet gross sales grew to $14.56 billion and web earnings surged to $294 million.
The corporate’s promoting, normal, and administrative (SG&A) bills elevated to $5.13 billion. Nevertheless, Canada wind-down prices, which impacted the prior fiscal at $284 million, had been absent in 2025, contributing to improved profitability. Because of this, earnings earlier than curiosity and revenue taxes (EBIT) greater than doubled to $495 million, Nordstrom stated in a press launch.
Nordstrom Inc has reported revenues of $15.02 billion in FY24, with web gross sales at $14.56 billion and earnings surging to $294 million.
EBIT greater than doubled to $495 million, pushed by value financial savings from the Canada wind-down.
Digital gross sales made up 36 per cent of whole gross sales.
In This fall, web gross sales fell 2.1 per cent, whereas comparable gross sales rose 4.7 per cent.
CFO Cathy Smith introduced her departure from the agency.
Digital gross sales represented 36 per cent of gross sales for the total fiscal. The corporate’s gross merchandise worth (GMV) elevated 3.1 per cent YoY. Earnings per share (EPS) elevated accordingly, with primary EPS at $1.79 and diluted EPS at $1.74.
Excluding fees associated primarily to a provide chain asset impairment within the second quarter, accelerated expertise depreciation within the third and fourth quarters, and privatisation charges within the fourth quarter, adjusted EBIT was $593 million, or 4.1 per cent of gross sales, and adjusted EPS was $2.17.
“Our crew reacted with agility and pace to the vacation setting, responding in real-time to higher serve our prospects and drive robust monetary outcomes,” said Pete Nordstrom, president of Nordstrom, Inc. “We consistently executed on our priorities in 2024, and we are grateful to our teams for their hard work to deliver on our purpose of helping customers feel good and look their best.”
Fourth quarter (Q4) performance
In Q4 FY24, Nordstrom’s net sales decreased 2.1 per cent and comparable sales increased 4.7 per cent year-over-year (YoY). Q4 net earnings were $165 million, or $0.97 per diluted share (EPS), and earnings before interest and taxes (EBIT) of $242 million. The company reported adjusted EBIT of $273 million and adjusted EPS of $1.10. Women’s apparel, active and men’s apparel had the strongest growth in Q4 versus the same quarter last fiscal.
The net earnings were $294 million, and EPS was $1.74, with EBIT of $495 million, or 3.4 per cent of sales in FY24. The company’s GMV decreased 0.2 per cent.
Brand-wise, Nordstrom banner net sales decreased 3.7 per cent and GMV decreased 1.0 per cent compared with the fourth quarter of 2023. Net sales for Nordstrom Rack increased 1.2 per cent.
Digital sales in Q4 decreased 1.8 per cent or increased 2.6 per cent excluding the 53rd week, compared with the same period in FY23. Digital sales represented 38 per cent of total sales during the quarter. The quarter’s GMV decreased 0.2 per cent YoY.
Gross profit, as a percentage of net sales, of 37.3 per cent increased 290 basis points (bps) in Q4 compared with the same period in FY23 primarily due to merchandise margin expansion related to timing of markdown recognition under the cost method of accounting, improved shrink and lower loyalty promotions.
“Clients responded positively to the energy of our providing throughout each banners within the fourth quarter,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “We maintained the momentum we constructed all year long, which resulted in full-year gross sales and profitability coming in on the excessive finish of our expectations.”
The corporate additionally introduced that Cathy Smith will likely be stepping down from her position as chief monetary officer (CFO). The corporate has initiated a complete seek for a brand new CFO with the help of a number one search agency.
“We are grateful for Cathy’s leadership over the past two years, which has been instrumental in strengthening our financial resilience and flexibility while maintaining our focus on providing customers with the best possible experiences. We wish her well in this next chapter. We are fortunate to have a strong financial leadership team to take on additional responsibilities and help ensure a smooth transition during our search,” added Erik Nordstrom.
