Nordstrom reported strong Q4 2024 earnings ahead of its transition to go private, following a $6.5 billion acquisition by the Nordstrom family and Mexican retailer El Puerto de Liverpool.
As part of the December 2024 agreement, 50.1% of the company will be owned by the Nordstrom family, and 49.9% will be owned by El Puerto de Liverpool.
The process is expected to be completed by the first half of 2025.
Nordstrom reported strong earnings for the full fiscal year 2024, which ended on 1 February 2025, with Nordstrom Rack comparable sales inching up by 4.7% while total revenue rose by 2.2%.
The company achieved total net sales of $14.5 billion in the fiscal year 2024 compared to $14.2 billion in the year prior.
Erik Nordstrom, CEO of Nordstrom, said: “Customers responded positively to the strength of our offering across both banners in the fourth quarter.
“We maintained the momentum we built throughout the year, which resulted in full-year sales and profitability coming in at the high end of our expectations.”
In particular, Q4 was highly successful as the company saw its comparable sales rise by 4.7% while net earnings totaled $165 million and total company net sales fell by 2.1%.
The strong earnings were driven by women’s apparel, activewear, men’s apparel, kids, and shoes sales.
Nordstrom added: “Our team reacted with agility and speed to the holiday environment, responding in real-time to better serve our customers and drive strong financial results.
“We consistently executed on our priorities in 2024, and we’re grateful to our teams for their hard work to deliver on our purpose of helping customers feel good and look their best.”
Additionally, the department store chain recently announced that its chief financial officer, Cathy Smith, is leaving the position to join coffeehouse chain Starbucks.
Nordstrom is actively seeking a new chief financial officer to join the company.
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