86 100
Fashion Jobs
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
GAP INC.
Asset Protection Service Representative - Harlem Usa
Permanent · NEW YORK
GAP INC.
Asset Protection Coordinator - Mount Vernon Plaza
Permanent · ALEXANDRIA
BANANA REPUBLIC
Associate Art Director, Photo Studio
Permanent · SAN FRANCISCO
ECCO
Third Keyholder
Permanent · SAN FRANCISCO
By
Reuters
Published
Jun 1, 2023
Reading time
2 minutes
Download
Download the article
Print
Text size

Nordstrom delivers surprise profit as inventory woes ease

By
Reuters
Published
Jun 1, 2023

Nordstrom Inc posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours.


Nordstrom


The upmarket department store chain's decision to stock up on popular national brands at its off-price banner Rack was also paying off, driving a recovery after months of outdated inventories and product shortages.

Affluent Americans are still spending on clothing as return-to-office trends and other social gatherings boost demand for dresses and formal wear, while pandemic-era habits of lounging in comfortable activewear and leisure clothing are also pushing up sales.

"The high-end customer (is) pretty resilient, but they're also cautious," CEO Erik Nordstrom said on a post-earnings call, adding that higher spending per trip was helping offset weak traffic.

While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company has also been opening new Rack stores in a bid to attract more budget-conscious shoppers.

"Rack has been struggling for the last few years. It's still not where it used to be, but it's getting back on the right track," Morningstar analyst David Swartz said.

The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures.

Nordstrom joins apparel chain Abercrombie & Fitch Co in bucking a broader gloom in retail, after companies ranging from Target Corp to Home Depot Inc all issued cautious forecasts for the year.

Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data.

Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

© Thomson Reuters 2024 All rights reserved.