JWN NYSE· Nordstrom Inc.
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JWN NYSE· Nordstrom Inc.
Earnings report Q1 2024

Revenue Decline Marks Challenging Year for Retailer

Segments of Revenue

The company's net sales for the fiscal year 2023 were $14.22 billion, a decrease from the previous year's $15.09 billion. Additionally, credit card revenues saw a slight increase, from $438 million in 2022 to $474 million in 2023.


Despite the overall decrease in net sales, the company saw a positive impact of approximately $190 million, or 130 basis points, from the 53rd week. The company also managed to increase its credit card revenues, netting an additional $36 million compared to the previous year.


The company faced a significant challenge with a 5.8% decrease in total net sales compared to 2022. This included a negative 245 basis point impact from the wind-down of Canadian operations.


The company's management of leaner inventories is worth noting. The company exited 2023 with overall ending inventory levels 3% lower than the fourth quarter of 2022, which required fewer markdowns.


The company faced a challenging year with a significant decrease in net sales, largely due to the wind-down of Canadian operations. However, it managed to increase credit card revenues and benefited from an extra week in the fiscal year. The company's strategy of managing leaner inventories also helped mitigate some of the challenges faced.

Source documents

Form 10-K  filed on Mar 19, 2024
129 pages scanned

Reference data

Company financials Q1 revenue 4.42B
Analyst estimates Q1 EPS beat by 622.67%
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