Posted 3/5/2024, 11:48:00 PM
Nordstrom Rack Drives Growth as Full-Price Stores Decline
- Nordstrom sales declining overall but Nordstrom Rack sales growing - up 15% in recent quarter
- Company plans to open 20 more Nordstrom Rack locations in 2024 amid their strong performance
- Nordstrom profit increased 12% in Q4 2023 to $134 million, though missed EPS expectations
- Shopper traffic declining at full-price stores like Nordstrom, shifting to discounts/off-price shops
- Nordstrom Rack key bright spot for company - made up over $1.4 billion in sales last quarter, nearly half their revenue