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Nordstrom Inc. (JWN) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $3,347 million from $3,200 million in the same quarter the previous year. The increase is attributed to growth in both Nordstrom and Nordstrom Rack sales.
Total company net sales increased by 4.6% compared to the same period in fiscal 2023, with comparable sales increasing by 4.0%. The timing shift of the Anniversary Sale negatively impacted net sales by approximately 100 basis points.
Nordstrom reported a gross profit of $1,191 million for the quarter, compared to $1,120 million in the previous year, with gross profit as a percentage of net sales increasing to 35.6% from 35.0%.
Selling, general, and administrative expenses increased to $1,225 million from $1,163 million, primarily due to higher labor costs and accelerated technology depreciation.
Net earnings for the quarter were $46 million, down from $67 million in the previous year. Earnings per diluted share decreased to $0.27 from $0.41.
Cash provided by operating activities was $371 million, while cash used in investing and financing activities was $294 million and $308 million, respectively.
Nordstrom had a working capital of $4,032 million as of November 2, 2024. The company continues to focus on optimizing operations and expanding its Nordstrom Rack stores.
The filing also details various financial agreements, including a credit card program agreement with TD Bank USA, N.A.
Nordstrom does not anticipate any significant changes in its liquidity position in the near future and believes its cash flows from operations are sufficient to meet its cash requirements.
The company is evaluating a proposal from members of the Nordstrom family and El Puerto de Liverpool, S.A.B. de C.V. to take Nordstrom private, with no assurance that the transaction will be pursued.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nordstrom Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.