American retailer Nordstrom's revenue at $14.68 bn in FY23

Earnings before interest and taxes (EBIT) stood at $251 million, representing 1.8 per cent of sales. Adjusted for certain charges, EBIT was $567 million, or 4.0 per cent of sales, with an adjusted EPS of $2.12, the company said in a press release.

The fourth quarter (Q4 FY23) witnessed a 2.2 per cent increase in total company net sales, including a boost from the additional 53rd week, while GMV grew by 2 per cent. However, the Nordstrom banner saw a 3 per cent decrease in net sales and a 3.4 per cent fall in GMV for the quarter. Nordstrom Rack's net sales surged by 14.6 per cent, showcasing a sequential improvement from Q3. Digital sales dipped by 1.7 per cent, comprising 38 per cent of the total quarterly sales.

Gross profit margin improved by 125 basis points to 34.4 per cent, attributed to lower markdowns, buying and occupancy costs, and sales leverage. Inventory levels dropped by 2.7 per cent, in contrast to a 2.2 per cent increase in sales. Fourth-quarter EBIT rose to $215 million, up from $187 million in the corresponding period of the previous fiscal.

"We delivered on our FY23 guidance and are confident in our expectations for continued sales improvement and sustained profitability in 2024," said Erik Nordstrom, chief executive officer of Nordstrom, Inc. "We're laser-focused on efforts we know will drive growth and profitability across the business over the next few years, including new Rack store openings, Nordstrom digital growth and increasing comp store sales. We have a strong team dedicated to building on our heritage of service, and we look forward to helping our customers feel good and look their best in the year ahead."

Fibre2Fashion News Desk (DP)