Nordstrom (JWN) 2021 Q1 Financial Results

Nordstrom Inc. (NYSE:JWN) started operating as a small shoe store in Seattle in 1901. The company, founded by John W. Nordstrom and Carl F. Wallin, grew over time and gradually evolved into a leading shoe store chain in the U.S. Nordstrom started adding new items, such as clothing, to its product portfolio in the late twentieth century. Today, it is a leading fashion retailer offering a variety of high-quality shoes, apparel, and accessories.

The Washington-based company recently announced mixed financial results for the first quarter. The luxury department store chain reported a loss of $1.05 per share for the three months ended May 1, narrower than a loss of $3.33 per share in the comparable quarter of 2020.

Revenue came in at $3.01 billion, compared to $2.12 billion in the year-ago quarter. Analysts, on average, were expecting Nordstrom to report a loss of 62 cents per share on revenue of $2.9 billion. Digital sales in the quarter rose 23 percent on a year-over-year basis and accounted for 46 percent of the total revenue.

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Speaking on the results, CEO Pete Nordstrom said in a statement, “We are continuing to serve our long-time and new customers on their terms, with highly relevant and current product, more choices and better service, allowing us to deliver on our commitment to get ‘closer to you’. With the efforts of our incredible employees and close partnership with our vendors, we have aligned inventories with current sales trends and are energized by the momentum we’re seeing in the business and the plans we have for a strong Anniversary Sale.”

Nordstrom also reaffirmed its revenue outlook for fiscal 2021. It is calling for revenue growth of at least 25 percent for the full year.