Nordstrom, Inc. (NYSE:JWN) Q3 2024 Earnings Call Transcript November 26, 2024 4:45 PM ET

Company Participants

Jamie Duies - Head of IR
Erik Nordstrom - CEO
Pete Nordstrom - President
Cathy Smith - CFO

Conference Call Participants

Brooke Roach - Goldman Sachs
Simeon Siegel - BMO Capital Markets
Oliver Chen - TD Cowen
Dana Telsey - Telsey Advisory Group
Alex Straton - Morgan Stanley
Tracy Kogan - Citigroup
Blake Anderson - Jefferies
Chuck Gron - Gordon Haskett

Operator

Greetings and welcome to the Nordstrom Third Quarter 2024 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] And 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. Thank you. You may begin.

Jamie 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.

Please note that when discussing our results and outlook, we will be referring to them on an adjusted basis for EBIT, EBIT margin, and earnings per share. Reconciliations to the most directly comparable GAAP measures can be found in our Q3 2024 earnings press release, which is available on our website. As we begin, I want to acknowledge the company’s prior announcements regarding the Board of Directors’ exploration of potential avenues to enhance shareholder value, the formation of a special committee to evaluate any proposal that might be presented by members of the Nordstrom family to take the company private, and the receipt of such a proposal on September 3rd. We will not be commenting on this topic or speaking to this matter during our call today.

I'll now turn the call over to Erik.

Erik Nordstrom

Thank you, Jamie, and good afternoon, everyone. Thanks for joining us today. I’ll start with our third quarter performance, then discuss the progress that we have made against our three priorities, and finish with some comments on the current retail environment.