The new titles reflect their current and ongoing responsibilities. Previously, they were both co-ceo’s.
Erik Nordstrom said: “These titles help clarify our respective roles, as we strive to maximize our impact both as individual leaders and as a team. Pete and I continue to be partners in ensuring Nordstrom’s success, and we are both focused on executing our long-term plan. We look forward to continue working with our board to deliver on our shared vision for the future of Nordstrom.”
The company also reported that its fourth-quarter net earnings dropped to $193 million compared with $248 million during the same period in fiscal 2018. Fiscal 2019 included $29 million of charges, after tax, primarily representing non-cash asset write-downs resulting from the integration of Trunk Club in addition to debt refinancing costs.
Earnings before interest and taxes was $299 million, or 6.7 percent of net sales, compared with $333 million, or 7.6 percent of net sales for the same period in fiscal 2018. Excluding integration charges of $32 million, EBIT margin slightly decreased compared to prior year.
Net sales grew 1.3 percent and improved by more than 400 basis points from year-to-date trends, with growth in Nordstrom’s full-price and off-price businesses.
Full-price sales increased 1 percent. In off-price, sales increased 1.8 percent.
Digital sales grew 9 percent and represented 35 percent of sales. Online order pickup contributed more than half of digital sales growth in full-price.
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