What: Nordstrom said it expects revenue to rise over 35% in fiscal 2021, compared with more than 25% forecast previously.

Why it is important: Net sales increased 101% from the same period in fiscal 2020 and decreased 6% from the same period in fiscal 2019. Revenue rose to USD 3.66 billion in the second quarter, from USD 1.86 billion a year earlier.

For the Nordstrom brand, net sales increased 127% compared with the same period in fiscal 2020, and decreased 5% compared with the same period in fiscal 2019. Digital sales increased 30% compared with the same period in fiscal 2020 and increased 24% compared with the same period in fiscal 2019.

Gross profit, as a percentage of net sales, was flat compared with the same period in fiscal 2019, as lower markdowns resulting from healthy inventory sell-through offset deleverage on lower net sales. Ending inventory increased 13% compared with the same period in fiscal 2019, versus a 6% decrease in sales.

Second quarter net income of USD 80 million increased from net loss of USD 255 million during the same period in fiscal 2020, which included after-tax COVID-19 related charges of USD 14 million.

The Company reported net earnings of USD 80 million, with earnings before interest and taxes (“EBIT”) of USD 151 million. EBIT was USD 65 million lower than the second quarter of fiscal 2019 due to freight and labor cost pressures and lower sales volume, partially offset by continued benefits from resetting the cost structure in 2020.

Nordstrom second quarter 2021 earnings

Nordstrom to Report Second Quarter 2021 Financial Results on August 24