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Nordstrom Q1 FY20: sales down $2,026 mn; net loss $521 mn

May '20
Pic: Nordstrom
Pic: Nordstrom
Nordstrom, a leading fashion retailer, reported 40 per cent decrease in its net sales to $2,026 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $3,349 million in same period prior year. Company reported net loss for the quarter were $521 million compared to net income of $37 million in same period prior year. 
“We're entering the second quarter in a position of strength, adding to our confidence that we have sufficient liquidity to successfully execute our strategy in 2020 and over the longer term,” Erik Nordstrom, chief executive officer of Nordstrom, said in a press release.
Company reported that it continued its momentum from the second half of 2019 with positive sales growth in February and ongoing growth of its $5 billion e-commerce business. The company temporarily closed stores on March 17 due to Covid-19, which had a material impact on financial results as stores made up two-thirds of its business in 2019.
According to Nordstrom, the online demand, which reflects customer orders and therefore removes the timing impacts of shipments and returns, grew 9 per cent, consistent with the second half of 2019. Total company digital sales grew 5 per cent to $1.1 billion in Q1. While stores were temporarily closed, the company’s e-commerce business experienced significant growth in new customers of more than 50 per cent. 
“In 2019, our off-price and e-commerce businesses accounted for nearly 60 per cent of sales. As we anticipate an acceleration of these longer-term customer trends, we’re taking proactive steps to move faster in executing our strategic plans,” Pete Nordstrom, president and chief brand officer of Nordstrom, said.

Fibre2Fashion News Desk (JL)

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