The US retail group Nordstrom Inc. presented its results for the 2021/22 financial year on Tuesday evening. The figures for the fourth quarter and the year as a whole were in line with expectations.
In the past financial year, which ended on January 29, group sales amounted to 14.8 billion US dollars (13.3 million euros), which corresponded to an increase of 38.0 percent compared to the previous year. Strong sales growth saw the retailer return to profitability, posting a profit of $178 million (€160 million). A year earlier, the company had reported a net loss of US$ 690 million, not least due to high special charges as a result of the Covid 19 pandemic.
In the final quarter, sales were $4.49 billion, up 23.1 percent year-on-year. Net income increased from $33 million to $200 million. “We continued to advance our strategic initiatives this quarter, delivering incremental revenue improvement, strong online growth and a significant increase in profitability,” said CEO Erik Nordstrom in a statement.
For the current fiscal year, the group is forecasting an increase in sales in the range of five to seven percent. Earnings per share are expected to reach $3.15 to $3.50, excluding the impact of potential buybacks. Last year, diluted earnings per share were $1.10.