Anniversary Sale Lifts Nordstrom In Q3
In a quarter when year-over-year comparisons were disrupted by both a delay of its Anniversary Sale and the pandemic, Nordstrom on Tuesday said that third quarter net sales fell 16% year over year to $3 billion. Digital sales rose 37% to $1.6 billion, representing 54% of total sales. At the full-price business, net sales fell 7%; excluding the impact of the Anniversary Sale the decline was in “the mid-twenties percent range,” according to a company press release. Off-price Rack net sales fell 32% year over year. The company doesn’t report comps. Nordstrom stayed in the black, but net income slid to $53 million, from $126 million a year ago. Inventory fell 27%. Gross profit contracted 150 basis points to 32.8%, mostly due to the sale shift, but also to lower volume. Merchandise margins “exceeded company expectations and reflected significant improvement relative to the prior quarter.” Read more at Retail Dive.