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Nordstorm digital sales climb 16% in 2018

Mar '19
Pic: Nordstorm
Pic: Nordstorm
In fiscal 2018, Nordstrom's combined physical and digital presence represented a competitive advantage in offering customers a differentiated experience. The company's digital sales increased 16 per cent and made up 30 per cent of sales. One-third of total customers, shopped across multiple channels, which lead to higher customer spending during the period.

For fiscal 2018, earnings per diluted share was $3.32, which included a $0.05 favourable income tax benefit related to prior periods and an estimated non-recurring credit-related charge of $0.28. Net sales for fiscal 2018 increased 2.3 per cent, or 3.8 per cent excluding the 53rd week. Comparable sales also improved 1.7 per cent. In Full-Price, comparable sales went up 0.9 per cent. In Off-Price, comparable sales climbed 3.5 per cent.

Fourth quarter net earnings were $248 million compared with $151 million during the same period in fiscal 2017. This increase was primarily due to lower income tax expense associated with corporate tax reform. In Full-Price, comparable sales decreased 1.6 per cent, primarily driven by softer traffic trends in full-line stores. Off-Price sales reflected continued momentum with comparable sales rise of 4.0 per cent, in-line with the company’s expectations.

Nordstrom aspires to be the best fashion retailer in a digital world, focusing on better serving customers through three strategic pillars: providing a compelling product offering, delivering outstanding services and experiences, and leveraging the strength of the Nordstrom brand.

Nordstrom remains committed to achieving its long-term financial targets, which support three strategic objectives in driving shareholder returns: continuing market share gains, improving profitability and returns, and maintaining disciplined capital allocation.

For 2019, the company expects net sales growth to be between 1 and 2 per cent. EBIT is likely to increase between 5.9 and 6.1 per cent. The company measures its performance through market share, customers, and net sales metrics. As comparable sales growth is expected to approximate net sales growth in 2019, the company will only be reporting net sales growth. The effective tax rate is expected to be approximately 26 per cent. Estimated annual average outstanding shares are expected to be approximately 162 million, which excludes the impact of any future share repurchases. (RR)

Fibre2Fashion News Desk – India

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