May 30 (Reuters) - Nordstrom ( JWN ) beat Wall Street
expectations for first-quarter revenue on Thursday, as the
department store chain's efforts to stock up shelves with
fresher clothing and footwear offerings helped drive demand.
The retailer in order to address its merchandising issues
has made attempts to bring in more in-demand clothing at its
namesake brand by offering tailored classics along with
minimalist pieces like oversized blazers, tailored pants,
cropped jackets and dresses.
Sales at the company's eponymous label recorded a 0.6% rise.
Discount banner Rack's sales rose 13.8% as Nordstrom ( JWN ) pushes
ahead with plans of opening more of its stores in a bid to
attract lower-income consumers.
During the quarter, Nordstrom ( JWN ) also put up numerous
shop-in-shop and online offerings of Liberty London and SKIMS by
partnering with them to feature their products.
Nordstrom ( JWN ) has also been opening shelf spaces for brands like
Birkenstock and Prada Beauty to drive customer traffic by
enhancing the products its stores offer as these continue to be
consumer favorites.
The company's better-than-feared sales result is in contrast
with peers Macy's and Kohl's, which are finding it
difficult to attract customers and are fixing merchandising
issues at their stores as well.
However, Nordstrom ( JWN ) reaffirmed its 2024 comparable sales
forecast of a 1% drop to a 2% rise and annual profit per share
of $1.65 to $2.05.
The department store operator's first-quarter total revenue
rose 4.8% to $3.34 billion, compared to LSEG expectations of a
0.6% rise to $3.20 billion.
The company's quarterly net loss narrowed to $39 million, or
24 cents per share, from $205 million, or $1.27 per share, a
year ago.