U.S. luxury goods retailer Nordstrom reported net sales of $3.46 billion during the first trimester (Q1) in fiscal 2022 (FY22), up 18.7% year-over-year and surpassing pre-pandemic sales levels.
The company’s gross merchandise value (GMV) for the three months ending April 30 increased 19.6% over the prior year period.
Net sales for the Nordstrom and Nordstrom Rack banners increased 23.5% and 10.3% respectively, while digital sales accounted for 39% of the retailer’s total sales in the first quarter.
Nordstrom posted net income of $20 million in the quarter, compared with a net loss of $166 million in the same period a year earlier.
The company’s earnings per diluted share (EPS) was $0.13 versus a loss of $1.05 for each share in the first quarter of 2021.
Its first-quarter gross profit was 32.8% of its net sales, up 190 basis points from a year earlier, while its earnings before interest and tax (EBIT) for the quarter were 73 million. of dollars.
Nordstrom CEO Erik Nordstrom said, “Our focus on serving the customer through our interconnected model with Nordstrom and Nordstrom Rack, a scaled digital platform and a strong store fleet has positioned us to capitalize on the asks customers who have shopped for long-awaited occasions and refreshed their closets.
“In the first quarter, we delivered strong revenue growth with broad-based improvement across key categories and geographies.
“Importantly, we have made progress on our strategic initiatives and continue to focus on increasing profitability on our way to achieving our financial goals.”
For the full year, Nordstrom expects revenue, including retail sales and credit card revenue, to grow 6% to 8% from FY21 and forecasts a EPS from $3.38 to $3.68.
The retailer ended the first quarter with 356 stores, including 249 Nordstrom Rack outlets, two Last Call outlets, 100 full-price stores and seven Nordstrom Local locations.