US retailer Nordstrom is here with its Q2 financial results!
The retailer has, reportedly, posted 101 per cent surge in second-quarter net sales; however, when compared to 2019, it’s been a fall of 6 per cent.
The good numbers have been attributed to broad-based improvement in sales at both Nordstrom and Nordstrom Rack.
The quarter also saw the retailer’s online sales jump by 30 per cent year-over-year and 24 per cent from what it was in 2019. Notably, online sales account for 40 per cent of its total sales.
For the second quarter that ended 31 July 2021, Nordstrom’s net earnings were US $ 80 million, compared to a loss of US $ 255 million made in the second quarter of the previous year.
Notably, earnings before interest and taxes were US $ 151 million during Q2 compared to a loss of US $ 370 million in the second quarter of last year.
Owing to good Q2 performance, the retailer has now increased its expected revenue outlook for the year from 25 per cent to over 35 per cent.
Founded in 1901, Nordstrom operates 100 stores in 32 US states and 3 Canadian provinces. It is known for its apparels, shoes, fashion accessories, handbags and jewelry, amongst others.
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