Nordstrom, Inc. (NYSE:JWN) Q3 2023 Earnings Conference Call November 11, 2023 4:45 PM ET

Company Participants

James Duies - Head of Investor Relations

Erik Nordstrom - Chief Executive Officer

Pete Nordstrom - President and Chief Brand Officer

Cathy Smith - Chief Financial Officer

Conference Call Participants

Dana Telsey - Telsey Advisory Group

Blake Anderson - Jefferies

Michael Binetti - Evercore

Oliver Chen - TD Cowen

Matthew Boss - JPMorgan

Brooke Roach - Goldman Sachs

Operator

Greetings and welcome to the Nordstrom Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will begin with prepared remarks, followed by a question-and-answer session. [Operator Instructions] As a reminder this conference is being recorded.

At this time, I'd like to turn the call over to Jamie Duies, Head of Investor Relations for Nordstrom. Thank you. You may begin.

James Duies

Good afternoon and thank you for joining us. Before we begin, I want to mention that we'll be referring to slides, which can be viewed in the Investor Relations section on nordstrom.com. Our discussion may include forward-looking statements, so please refer to the slide with our Safe Harbor language.

Participating in today's call are Erik Nordstrom, Chief Executive Officer; Pete Nordstrom, President and Cathy Smith, Chief Financial Officer, who will provide a business update and discuss the company's third quarter performance.

And now I'll turn the call over to Erik.

Erik Nordstrom

Thank you, Jamie, and good afternoon, everyone. Thank you for joining us today.

I'll start with our Q3 performance.

For the third quarter, we delivered revenue of $3.3 billion, earnings per share of $0.41 and adjusted earnings per share of $0.25. Our teams executed against our priorities, adapted quickly to shifting sales trends and delivered year-over-year profit growth despite lower sales in a challenging macroeconomic environment.

We managed our inventory well as evidenced by the positive sales-to-inventory spread, while leaning into pockets of demand. As we enter the holiday season, our teams have worked hard to deliver the right assortment and engaging experiences for our customers.

In the third quarter, we continued to make progress on our three priorities improving Nordstrom Rack performance, increasing inventory productivity, and optimizing our supply chain. We will continue to focus on these areas in the quarters ahead in order to drive growth, profitability, and an improved customer experience. Based on our year-to-date results, we remain confident in our outlook and expect to deliver full-year results within our updated guidance range.