, /PRNewswire/ -- Nordstrom, Inc. (NYSE: ) today reported a first quarter net loss of , or loss per share of , and loss before interest and taxes of . For the first quarter ended May 4, 2024, net sales increased 5.
1 percent versus the same period in fiscal 2023, and total Company comparable sales increased 3.8 percent. Gross merchandise value ("GMV") increased 4.
9 percent. First quarter net sales include a 75 basis point negative impact from the wind-down of Canadian operations. During the quarter, 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 positive sales growth we saw across the company in the first quarter is very encouraging, and we're particularly excited about the progress that our Rack banner is making," said , chief executive officer of Nordstrom, Inc.
"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." In the first quarter, active, kids' apparel and women's apparel 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," said , president of Nordstrom,.