US: Nordstrom Q1 profit edges up on sales rise
- Q1 net profit up 2.9% to US$149m
- Net sales up 13.7% to $2.53bn
- Driven by strong growth in direct segment
Strong growth in the consumer direct channel and a double-digit revenue rise helped retailer Nordstrom to grow its first quarter net profit.
The US company affirmed its full-year earnings guidance following an 8.7% rise in same store sales, a 44.2% surge in direct revenues, and a 19.6% sales increase at Nordstrom Rack.
Net sales for the company’s full-line and direct businesses were up 10.8%, with same store sales rising 9.3%.
The best performing categories included handbags, women’s shoes and men’s shoes, Nordstrom said.
“Nordstrom’s first quarter performance was consistent with the company’s expectations, reflecting continued strength in same store sales across multiple channels, combined with planned significant investments in the business to improve the customer shopping experience and to enhance the platform for sustainable, profitable growth,” the company added.
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