Retailer Raises Full-Year Outlook Amidst Impressive Gains Across Nordstrom and Nordstrom Rack Banners
Seattle, WA, January 6, 2025 – Nordstrom Inc. (NYSE: JWN), the leading fashion retailer, announced exceptional holiday sales results, surpassing both its own and industry projections. In the nine-week period ending January 4th, the company reported a 5.8% increase in comparable sales and a 4.9% rise in total sales compared to the previous year.
Erik Nordstrom, Chief Executive Officer of Nordstrom Inc., stated, “As a result of our efforts to remain competitive in the promotional environment and the strength of our offering, our holiday sales in November and December exceeded the expectations we shared during our most recent earnings call. For the full year, we’re raising our top-line outlook and reaffirming our profitability guidance.”
Impressive Gains Across Nordstrom Banners
The Nordstrom brand delivered a 3.7% increase in net sales and a 6.5% rise in comparable sales, while the Nordstrom Rack off-price banner experienced a 7.4% surge in net sales and a 4.3% climb in comparable sales.
These impressive results have prompted the company to revise its full-year outlook. Nordstrom now expects revenue growth, including retail sales and credit card revenues, of 1.5% to 2.5% for the 53-week fiscal 2023, compared to its previous guidance of flat to 1% growth. Additionally, the company forecasts comparable sales growth of 2.5% to 3.5% versus 52 weeks in fiscal 2023, up from its prior outlook of 1% to 2% growth.
Successful Execution of Strategic Priorities
Nordstrom’s impressive holiday performance underscores the company’s success in executing on its strategic priorities. These include an aggressive expansion of the Rack off-price chain, a curation of the Rack assortment to offer better brands, and a focus on driving digital growth and comparable sales gains at the Nordstrom department store business.
The company’s strong holiday results come on the heels of a solid third quarter, where Nordstrom reported a 4.6% increase in net sales to $3.35 billion and a 4% rise in company-wide comparable sales.
Nordstrom Family and El Puerto de Liverpool to Acquire the Company
In a separate announcement, Nordstrom revealed that it has signed a definitive agreement under which the Nordstrom family and Mexican retailer El Puerto de Liverpool will acquire all outstanding shares of Nordstrom not already owned by the Nordstrom family and Liverpool. The all-cash transaction, valued at approximately $6.25 billion, is expected to close in the first half of 2025, subject to regulatory and other conditions.
Nordstrom Inc. is led by brothers Erik and Pete, who serve as CEO and President and Chief Brand Officer, respectively, as well as their cousin Jamie, who holds the position of Chief Merchandising Officer.
