Nordstrom (JWN) released its holiday quarter earnings report. The Seattle-based department store’s fourth quarter results showed mixed earnings. It reported lower sales and profits but exceeded the estimates of Wall Street analysts. The company also said that it is expecting lower sales in the coming year, partly due to the closure of its Canadian operations. Nordstrom is closing all its stores in Canada, by late June as they have remained unprofitable since the company began operations, in 2014.
The earnings and expected earnings based on estimates by Refinitiv are as follows:
Nordstrom reported 74 cents as its earnings per share while the estimate was 66 cents.
The company reported a revenue of $4.32 billion while the expected revenue was $4.34 billion.
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Nordstrom expects its revenue to decrease by 4 percent in the new fiscal year. It has also estimated the earnings per share in a range from 20 to 80 cents for the year. Its year ahead forecast has been set after factoring in challenges such as higher inflation, rising interest rates and closing down of its Canadian operations.
Nordstrom has already closed its e-commerce operations in Canada. As of January 28, Nordstrom had six stores and 7 Nordstrom Rack stores in Canada. All operations will be closed by late June.
The challenges that the company faced this year included a slowdown in sales, bigger and more markdowns due to high inventory. It is also facing scrutiny from activist investor Ryan Cohen.
In February, Cohen, who is the founder of Chewy and the chairman of GameStop bought a big stake in Nordstrom. This resulted in an increase in the stock price. He is reportedly pushing for changes, one of which includes getting CEO Mark Tritton, the former CEO of Bed, Bath & Beyond, to leave the board of Nordstrom.
CEO Erik Nordstrom said that the company had taken “decisive actions” to right-size their inventory as the company entered the new year. They also made the “difficult decision to wind down operations” in their business in Canada.
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The CEO also said that the company would focus on customer experience as well as improving the performance of Nordstrom Rack, as they entered fiscal 2023, Erik Nordstrom also said that the company would increase “inventory productivity” and would also continue to advance their “supply chain optimization initiatives.”
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