US fashion retailer Nordstrom's Q1 FY21 sales grow 44% to $2.9 bn

02 Jun '21
2 min read
Pic: Shutterstock
Pic: Shutterstock

Nordstrom, a US-based leading fashion retailer, has posted 44 per cent sales growth to $2.9 billion in its first quarter (Q1) of fiscal 2021 that ended on May 1, 2021, compared to the sales of $2.0 billion in the corresponding quarter of previous fiscal. The company’s net loss for the quarter reduced to $166 million (Q1 FY20: $521 million).
 
“We are encouraged by sales trends both in our stores and our digital business, supported by an improving consumer environment and strong execution,” Erik Nordstrom, chief executive officer of Nordstrom, said in a press release. 
 
The company’s Q1 FY21 digital sales grew 23 per cent compared to same period of prior fiscal which represented 46 per cent of total sales. Sales of Nordstrom brand increased 37 per cent to $1.8 billion ($1.3 billion), while Nordstrom Rack sales jumped 59 per cent to $1.0 billion ($669 million).
 
“We are continuing to serve our long-time and new customers on their terms, with highly relevant and current product, more choices and better service, allowing us to deliver on our commitment to get ‘closer to you’,” Pete Nordstrom, president and chief brand officer of Nordstrom, said. 
 
“With the efforts of our incredible employees and close partnership with our vendors, we have aligned inventories with current sales trends and are energised by the momentum we’re seeing in the business and the plans we have for a strong Anniversary Sale,” Pete concluded.

Fibre2Fashion News Desk (JL)

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