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Nordstrom Inc. (JWN+1.09%) has submitted its Form 10-K filing for the fiscal year ended February 1, 2025.
The filing includes financial statements and detailed information about the company's operations, financial condition, and results for the fiscal year. Nordstrom reported net earnings of $294 million, or $1.74 per diluted share, compared to $134 million, or $0.82 per diluted share, in the previous year.
Total revenue for the fiscal year was $15.016 billion, an increase from $14.693 billion in the prior year. The increase in revenue was primarily driven by a 2.4% increase in net sales, which totaled $14.557 billion.
Nordstrom's gross profit for the year was $5.161 billion, or 35.5% of net sales, compared to $4.916 billion, or 34.6% of net sales, in the previous year. The increase in gross profit margin was attributed to higher sales and improved inventory productivity.
Selling, general, and administrative expenses were $5.125 billion, representing 35.2% of net sales, compared to $4.855 billion, or 34.2% of net sales, in the prior year. The increase in SG&A expenses was due to higher labor costs and charges related to supply chain asset impairment and technology depreciation.
Nordstrom's earnings before interest and income taxes (EBIT) were $495 million, or 3.4% of net sales, compared to $251 million, or 1.8% of net sales, in the previous year. The increase in EBIT was primarily due to higher sales and the absence of wind-down costs related to Nordstrom Canada, which were incurred in the prior year.
The company's cash and cash equivalents at the end of the fiscal year were $1.035 billion, up from $628 million at the end of the previous year. Nordstrom's capital expenditures for the year were $516 million, focused on technology, new stores, and supply chain improvements.
Nordstrom announced a proposed merger with Norse Holdings, Inc., expected to close in the first half of 2025, subject to shareholder approval and other conditions. Upon completion, Nordstrom will become a private company.
The filing also includes information on executive compensation, governance, and risk factors affecting the company's operations. Nordstrom's Board of Directors continues to focus on strategic initiatives to drive growth and shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nordstrom Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.