Nordstrom, Inc. (JWN) announced on Friday a substantial increase in total company net sales by 4.9% and a comparable sales rise of 5.8% for the holiday period spanning nine weeks, ending on January 4, 2025.
Under the Nordstrom brand, net sales grew by 3.7%, with comparable sales seeing a rise of 6.5%. Meanwhile, the Nordstrom Rack division reported a net sales jump of 7.4%, alongside a 4.3% increase in comparable sales.
"Our strategic efforts to remain competitive amid promotional activities, coupled with the robust nature of our offerings, have driven our holiday sales in November and December to surpass the expectations set during our last earnings call," stated Erik Nordstrom, CEO of Nordstrom, Inc. "Accordingly, we are now elevating our topline forecast and reaffirming our profitability guidance for the fiscal year."
Reflecting on these holiday performance results, the company has revised its fiscal 2024 outlook. Nordstrom now anticipates revenue growth, encompassing both retail sales and credit card income, to range between 1.5% to 2.5% when compared to the 53-week fiscal year 2023, which encounters an approximately 135 basis point negative impact due to the additional 53rd week. This is an upgrade from the prior forecast of flat to 1.0% growth.
Moreover, Nordstrom projects comparable sales to grow by 2.5% to 3.5% for the 52 weeks of fiscal 2023, an increase from the previous outlook of 1.0% to 2.0% growth.
