Nordstrom Reports Mixed Q1 Results, Misses Earnings Expectations; Shares Fall 7% After Hours

Nordstrom reported its Q1 results, showing a mixed performance. Total sales increased by 5.1%, with department store sales rising by 0.6% and off-price sales surging by 13.9%. However, the company recorded a net loss of $39 million, a significant improvement from the $205 million loss in the same period last year. Despite the sales growth, Nordstrom missed Wall Street's earnings expectations, leading to a decline in its shares by 7% after hours. The CEO expressed satisfaction with the topline growth but acknowledged that profitability fell short of expectations. Revenue for the quarter was $553.2 million, a 32% year-over-year increase. Nordstrom reaffirmed its 2024 guidance, citing strong sales performance as a positive indicator for the rest of the year. The company also guided FY25 EPS in-line.