Summary by Moomoo AI
Nordstrom delivered solid Q3 results with net sales reaching over $3.3 billion and EPS of $0.33. Both Nordstrom and Nordstrom Rack achieved 4% comparable sales growth, while digital sales increased by over 6%. The company expanded its gross profit margin by 60 basis points to 35.6%.The company made progress on its three key priorities: driving Nordstrom banner growth, operational optimization, and building momentum at Nordstrom Rack. Improvements in merchandise curation, supply chain efficiency, and expansion of Rack stores contributed to the positive results. However, Nordstrom noted a noticeable decline in sales trends towards the end of October.Given the uncertain external environment and shorter holiday season, Nordstrom updated its fiscal 2024 outlook. The company now expects full-year revenue growth of 0-1% and comparable sales growth of 1-2%. The EBIT margin forecast remains at 3.6-4.0%, with adjusted EPS projected at $1.75-$2.05.