Nordstrom posts Q3 FY20 sales of $3 bn

30 Nov '20

1 min read

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Nordstrom, a US-based leading fashion retailer, has reported its third quarter (Q3) financial results for FY20 that ended on October 31, 2020. Net sales for the quarter declined 16 per cent to $3.00 billion (Q3 FY19: $3.56 billion). Company’s digital sales of $1.6 billion accounted for 54 per cent of its business during the reported period.

“Our ability to significantly strengthen our financial flexibility early in the pandemic was key to delivering operating profitability of more than $100 million and cash flow of more than $150 million in the third quarter,” said Erik Nordstrom, chief executive officer of Nordstrom, said in a press release.

Earnings before income taxes for Q3 fell to $58 million ($173 million). Net earnings for the quarter decreased to $53 million ($126 million).

“We also unlocked new ways to better serve customers on their terms with greater convenience and connection, including expansion of our online order pickup services to nearly 350 locations across both Nordstrom and Nordstrom Racks,” Nordstrom said.

Fibre2Fashion News Desk (JL)

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