Q2 2024 Nordstrom Inc Earnings Call Transcript
Key Points
- Nordstrom Inc (JWN) reported solid second-quarter results with net sales of $3.8 billion and earnings per share of $0.96.
- The digital business showed strong momentum with a 6% increase in net sales.
- The company successfully launched its marketplace, adding over 15,000 items and nearly 100 new brands.
- Nordstrom Inc (JWN) opened five new Rack stores in Q2, with plans to open 12 more before the holiday season.
- The company saw strong performance in key categories such as activewear, women's apparel, beauty, and kids.
- Nordstrom Inc (JWN) experienced an 8.3% increase in inventory, which exceeded sales growth.
- The company took an asset impairment charge due to the strategic decision to cease the build-out of a leased omnichannel center.
- SG&A expenses as a percentage of net sales increased by 160 basis points, partly due to a supply chain asset impairment charge.
- Credit card revenues as a percent of total revenue declined modestly due to higher losses.
- The external environment remains uncertain, leading the company to be cautious with its full-year outlook.
Welcome to the Nordstrom second-quarter 2024 earnings conference call. (Operator Instructions)
As a reminder, this conference is being recorded. At this time, I'll turn the call over to Jamie Duies, Head of Investor Relations for Nordstrom. Jamie?
Good afternoon and thank you for joining us today. Before we begin, I want to mention that we'll be referring to slides, which can be viewed in the Investor Relations section on nordstrom.com. Our discussion may include forward-looking statements, so please refer to the slide with our Safe Harbor language.
Participating in today's call are Erik Nordstrom, Chief Executive Officer; Pete Nordstrom, President; and Cathy Smith, Chief Financial Officer, who will provide a business update and discuss the company's second-quarter performance.
Please note that when discussing our results and outlook, we will be referring to them on an adjusted basis for EBIT, EBIT margin, and earnings per share. Reconciliations to the most directly comparable
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