Nordstrom Reports Fourth Quarter 2020 Earnings
Overall trends improved sequentially throughout the quarter, with continued momentum exiting the year. Fourth quarter sales reflected broad-based improvement across the
The Company continued to benefit from strengthening its financial flexibility early in the pandemic, delivering earnings before interest and taxes of
Heading into the holidays, the Company increased its receipt plans but experienced delays in inventory flow, resulting in higher inventory levels exiting the year. Most of the inventory overage reflected current receipts and non-seasonal merchandise. The Company is taking actions to significantly reduce inventory levels in first quarter 2021 and be fully repositioned in the second quarter.
"We're proud of our team's efforts to generate another quarter of improved sales trends and positive operating cash flow in what remains an uncertain environment. Heading into 2021, we're taking steps to improve our inventory position," said
"Over the quarter, we successfully scaled capabilities across both of our powerful brands —
The direct link to the Company's fourth quarter earnings press release is here. Complete quarterly financial results can be found in the investor relations section of
CONFERENCE CALL INFORMATION
The Company's senior management will host a conference call to provide a business update and to discuss fourth quarter 2020 financial results and fiscal 2021 outlook at
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Certain statements in this press release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words "will," "may," "designed to," "outlook," "believes," "should," "targets," "anticipates," "assumptions," "plans," "expects" or "expectations," "intends," "estimates," "forecasts," "guidance" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended
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