Summary by Moomoo AI
Nordstrom reported Q1 2024 net sales of $3.22 billion, up 5.1% year-over-year, with comparable sales increasing 3.8%. The Rack banner led growth with a 13.8% sales increase and 7.9% comparable sales gain. However, the company posted a net loss of $39 million or $0.24 per share, compared to a loss of $205 million in Q1 2023.Gross profit decreased $18 million to $1.02 billion as higher loyalty activity, reserves, and supply chain costs offset sales growth. The company maintained healthy inventory levels, with ending inventory down 6% versus last year. Digital sales represented 34.3% of total revenue, slightly down from 36.1% in the prior year.Looking ahead, Nordstrom expects fiscal 2024 total revenue to range between a 2% decline and 1% growth compared to 2023. The company retired its 2.30% senior notes due April 2024 using cash on hand and ended Q1 with $428 million in cash and $772 million available on its revolving credit facility. Management remains focused on driving profitable growth through Nordstrom banner expansion, operational optimization, and building momentum at the Rack.
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