Nordstrom topped Q1 sales expectations

Nordstrom topped Q1 sales expectations

The American luxury department store chain reported mixed results for Q1 2021

Nordstrom revealed a revenue that came in at $3.01 billion, surpassing the $2.90 billion expected. At the same time, the loss-per-share was of $1.05, higher than the 57 cents expected. The company added 20% more items for people to choose from, investing more in home, active, and kids' categories.

Compared to last year figures, Nordstrom’s full-price brand net sales rose 37%.

According to management, the elevated labour and shipping costs and supply chains issues in the apparel industry impacted and continue to affect the business.

For fiscal 2021, Nordstrom reaffirmed its 25% revenue growth outlook. Moreover, it believes the digital sector will account for more than half of its business by year-end.

Nordstrom CFO Anne Bramman stated: “While there is still considerable uncertainty with respect to Covid-19, we remain confident in our ability to deliver on our targets for 2021 and generate profitable sales growth as demand recovers.”

Year to date, Nordstrom stock price went up about 17%, pushing its market cap to $5.8 billion.

Sources: cnbc.com, thestreet.com

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