US department store chain Nordstrom has reported net sales of $4.29bn in the fourth quarter (Q4) of fiscal year 2023 (FY23), an increase of 2.2% from $4.20bn in the same period of FY22.
The retailer’s total revenues for Q4 2023 were $4.42bn, increasing from $4.31bn in the same quarter of the previous year.
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It posted net earnings of $134m in the fourth quarter of 2023, against $119m in the same period of 2022.
Nordstrom reported diluted earnings per share (EPS) of $0.82, an improvement from $0.74 in Q4 FY22, while basic EPS stood at $083 against $0.75 in Q4 2022.
Its earnings before interest and income taxes (EBIT) for Q4 FY23 rose to $215m, compared with $187m during the same period in FY22.
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For the 53-week fiscal year 2023, Nordstrom’s total net sales declined to $14.21bn from $15.09bn in FY22.
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By GlobalDataIts total revenue for FY23 saw a decrease to $14.69bn compared with $15.53bn the previous year.
Full-year net earnings in 2023 stood at $134m, down from $245m in 2022.
The retailer’s diluted EPS decreased to $0.82 in FY23, down from $1.51 in FY22, while basic EPS declined to $0.82 from $1.53.
EBIT for FY23 dropped to $251m in FY23 from $465m in the previous year.
Excluding charges associated with the winding-down of Canadian operations which were reported in the first and third quarters, and a supply chain asset impairment charge reported in Q4, adjusted EBIT was $567m, or 4% of sales, and adjusted EPS was $2.12 for FY23.
Nordstrom chief executive officer Erik Nordstrom stated: “We delivered on our 2023 guidance and are confident in our expectations for continued sales improvement and sustained profitability in 2024.
“We’re laser-focused on efforts we know will drive growth and profitability across the business over the next few years, including new Rack store openings, Nordstrom digital growth and increasing comp store sales.
“We have a strong team dedicated to building on our heritage of service, and we look forward to helping our customers feel good and look their best in the year ahead.”
In fiscal year 2024, Nordstrom anticipates a revenue range that includes retail sales and credit card revenues and projects a 2% decline to 1% growth against the 53-week FY23.
The retailer expects a comparable sales range between 1% decline and 2% growth against the previous year.
In Q3 2023, Nordstrom posted a decline of 6.8% to $3.20bn in net sales.
