Nordstrom, Inc. reported net earnings of 80 million dollars or 49 cents per diluted share, with EBIT of 151 million dollars for the second quarter. Nordstrom, Inc. now anticipates that full-year net sales will increase by more than 35 percent over the previous outlook of an increase of more then 25 percent. EBIT margin is expected to be between 3 and 3.5 percent.
Net sales for the quarter increased 101 percent from the same period in fiscal 2020 and decreased 6 percent from the same period in fiscal 2019, representing a sequential improvement of approximately 700 basis points relative to the first quarter of fiscal 2021. Both digital and in-store traffic was strong.
For the Nordstrom brand, net sales increased 127 percent compared with the same period in fiscal 2020, and decreased 5 percent compared with the same period in fiscal 2019. The quarter’s total sales included 40% digital sales.
Gross profit, as a percentage of net sales, of 35 percent increased approximately 1,370 basis points compared with the same period in fiscal 2020, while it remained flat compared with the same period in fiscal 2019. The net income for the second quarter was 80 million dollars, an increase from the net loss of 255 millions dollars in fiscal 2020. This included 14 million dollar after-tax Covid-19 charges.
