Summary by Moomoo AI
Nordstrom reported Q3 2024 net sales of $3.35 billion, up 4.6% year-over-year, with digital sales increasing 6.4% to represent 34% of total sales. Net earnings were $46 million, or $0.27 per diluted share, compared to $67 million, or $0.41 per diluted share in Q3 2023. The company's gross profit margin improved by 60 basis points to 35.6%.The Nordstrom Rack segment showed strong performance with a 10.6% sales increase, while the Nordstrom banner saw a 1.3% rise despite a timing shift in the Anniversary Sale. The company expanded its Rack presence by opening 12 new stores during the quarter, bringing the year-to-date total to 23 new locations. Women's apparel and active categories led growth with double-digit increases.Looking ahead, Nordstrom expects fiscal 2024 total revenue growth to be flat to 1.0% compared to fiscal 2023, accounting for an approximately 135 basis point unfavorable impact from the 53rd week. The company maintained strong liquidity with $397 million in cash and cash equivalents and $772 million available on its revolving credit facility at quarter-end.
