What: Senior officials told shareholders the company continued to innovate through the pandemic and is more agile.

Why is it important: At the start of 2020, digital accounted for 30% of sales, but the pandemic pushed digital to 54% by the fourth quarter last year.

Nordstrom strengthened its financial situation through “aggressive” expense savings and reduced base salaries of the executive team, said CEO Erik Nordstrom. The Seattle-based retailer ended its fourth quarter with USD 1.5 billion in liquidity, and fully paid back on its USD 800 million credit facility.

Through 2020, a big part of the program involved implementing integrations between the Nordstrom department stores, Rack off-price stores and Nordstrom Local doors, and offering more selection (from 300,000 items to potentially 1.5 million over the next three to five years), faster delivery and access to services.

Nordstrom has forecast annual revenue to reach USD 17 billion in the next three to five years, which compares to USD 10.38 billion in sales last year, and USD 15.13 billion in 2019.

Despite the Ordeal of the Pandemic, Nordstrom Cites Progress