Nordstrom, Inc. (NYSE:JWN) Q4 2023 Results Conference Call March 5, 2024 4:45 PM ET

Company Participants

James Duies - Head of Investor Relations

Erik Nordstrom - Chief Executive Officer

Cathy Smith - Chief Financial Officer

Conference Call Participants

Blake Anderson - Jefferies

Ed Yruma - Piper Sandler

Brooke Roach - Goldman Sachs

Dana Telsey - Telsey Advisory Group

Neil Goh - TD Cowen

Warren Chang - Evercore ISI

Lorraine Hutchinson - Bank of America

Operator

Greetings, and welcome to the Nordstrom Fourth 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'll turn the call over to Jamie Duies, Head of Investor Relations for Nordstrom. 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; and Cathy Smith, Chief Financial Officer, who will provide a business update and discuss the Company's fourth quarter performance.

Please note that when discussing our results and outlook, we will be referring to them on an adjusted basis for EBIT margin and earnings per share. Reconciliations to the most directly comparable GAAP measures can be found at the end of this presentation and our Q4 2023 earnings press release, both of which are available on our website.

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 fourth quarter performance and discuss our 2023 priorities and cover what we're focused on for 2024.

We delivered a strong fourth quarter with net sales of $4.3 billion and earnings per share of $0.96. For the full year, our results were within or better than the guidance we laid out, and we accomplished what we set out to do: enhance the customer experience and drive better financial performance.

Ahead of the holiday shopping season, our teams worked hard to deliver the right assortment as well as providing engaging experiences for our customers. As a result of these efforts, we achieved sequential improvement in net sales, profitability, number of customers and purchase trips in the fourth quarter.