{"id":134203,"date":"2024-03-06T15:42:39","date_gmt":"2024-03-06T14:42:39","guid":{"rendered":"https:\/\/luxus-plus.com\/nordstrom-a-fine-final-quarter-2023-overshadowed-by-weak-2024-forecasts\/"},"modified":"2024-03-06T15:42:39","modified_gmt":"2024-03-06T14:42:39","slug":"nordstrom-a-fine-final-quarter-2023-overshadowed-by-weak-2024-forecasts","status":"publish","type":"post","link":"https:\/\/luxus-plus.com\/en\/nordstrom-a-fine-final-quarter-2023-overshadowed-by-weak-2024-forecasts\/","title":{"rendered":"Nordstrom: a fine final quarter 2023 overshadowed by weak 2024 forecasts "},"content":{"rendered":"

Nordstrom reported a fourth-quarter 2023 result above market expectations, driven by strong sales over the holiday season. However, the American retailer’s announcement was marred by weak forecasts for 2024, a consequence of the economic contraction impacting the United States.<\/h4>\n

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On March 5, Nordstrom announced sales for the final quarter of 2023 of $4.42 billion, ahead of market expectations<\/strong> ($4.39 billion had been forecast).<\/p>\n

 <\/p>\n

However, forecasts<\/strong> for fiscal 2024 from the Seattles-based giant, owner of the eponymous department store brand and discounter Rack, are below expectations<\/strong>.<\/p>\n

 <\/p>\n

The Group forecasts annual growth for 2024 of between -2% and +1%<\/strong>, whereas analysts were expecting stability at +0.004%, according to the LSEG.<\/p>\n

For Morningstar analyst David Swartz, “the outlook is disappointing… Nordstrom hasn’t really recovered from the pandemic.”<\/p>\n

<\/h2>\n

The need for caution<\/h2>\n

These weak forecasts – in line with statements by its rival Macy’s – offer a sharp contrast with the good results<\/strong> recorded in the fourth quarter, thanks to the end-of-year festivities<\/strong>, which boosted sales of shoes and beauty products <\/strong>in particular.<\/p>\n

Nordstrom’s decision to err on the side of caution is based on the fact that the economic climate is not in favor of non-essential products<\/strong>. Today, the pleasure purchase is directly impacted by economic inflation, which is increasing the cost of health, housing and food.<\/strong><\/p>\n

 <\/p>\n

However, Nordstrom’s statement is difficult to understand, given that although prices rose in January, the annual inflation rate forecast for 2024 is the lowest recorded in three years.<\/strong><\/p>\n

Rack, the group’s driving force<\/h2>\n\n<\/p>\n

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