Nordstrom, Inc. reported a first quarter net loss of 39 million dollars or loss per share of 24 cents and loss before interest and taxes of 21 million dollars.

Net sales for the quarter increased 5.1 percent, while comparable sales increased 3.8 percent. Gross merchandise value (GMV) for the quarter increased 4.9 percent.

Commenting on the first quarter trading update, Erik Nordstrom, chief executive officer of Nordstrom, Inc. said: "While we're pleased with our topline growth, profitability fell short of our expectations. Looking ahead, our strong sales performance gives us momentum heading into the rest of the year and the confidence to reaffirm our 2024 guidance."

Review of Nordstrom's Q1 trading

Nordstrom banner net sales increased 0.6 percent and comparable sales increased 1.8 percent. Net sales for Nordstrom Rack increased 13.8 percent and comparable sales increased 7.9 percent.

The company said in a release that active, kids' apparel and women's apparel categories had strong double-digit growth versus 2023, and beauty increased by high single-digits.

"We're set up well going forward in regards to the health of our inventory, both in managing levels and providing compelling content with good sell-through," added Pete Nordstrom, president of Nordstrom, Inc.

Nordstrom opened nine stores during the quarter under review.

Nordstrom reaffirms FY24 outlook

Reaffirming its financial outlook for fiscal 2024, Nordstrom added that revenue range, including retail sales and credit card revenues, is expected to be negative 2 percent to positive 1 percent. Comparable sales range is forecasted to be negative 1 percent to positive 2 percent, EBIT margin of 3.5 to 4 percent of sales and earnings per share in the range of 1.65 dollars to 2.05 dollars.

On May 22, 2024, the company’s board of directors declared a quarterly cash dividend of 19 cents per share, payable on June 19, 2024, to shareholders of record at the close of business on June 4, 2024.