Nordstrom Reports Second Quarter 2024 Earnings
- Sales positive across both banners and digital during second quarter
-
Reports EPS of
$0.72 , adjusted EPS of$0.96 1 - Updates fiscal 2024 outlook
For the second quarter ended
"Our second quarter results were solid, and we're encouraged by the continued topline strength in both banners and the progress we're making to expand gross margin and increase profitability," said
In the second quarter, active, women's apparel, beauty and kids had the strongest growth versus 2023. During the Anniversary Sale, including one day that fell in the third quarter, the top growing categories were beauty, active and home.
"We're pleased with the Anniversary Sale and the enthusiastic response from our loyal customers. They were highly engaged throughout the event and responded favorably to our assortment, experiences and service," said
As previously announced, on
SECOND QUARTER 2024 SUMMARY
-
Total Company net sales increased 3.4 percent and comparable sales increased 1.9 percent compared with the same period in fiscal 2023. GMV increased 3.5 percent. The timing shift of the Anniversary Sale, with one day falling in the third quarter of 2024 versus eight days in 2023, had a positive impact on net sales of approximately 100 basis points compared with the second quarter of 2023. -
Nordstrom banner net sales and comparable sales each increased 0.9 percent compared with the same period in fiscal 2023. GMV increased 1.1 percent. The timing shift of the Anniversary Sale had a positive impact onNordstrom banner net sales of approximately 200 basis points compared with the second quarter of 2023. -
Nordstrom Rack banner net sales increased 8.8 percent and comparable sales increased 4.1 percent compared with the same period in fiscal 2023. - Digital sales increased 6.2 percent compared with the same period in fiscal 2023. The timing shift of the Anniversary Sale had a positive impact on Company digital sales of approximately 100 basis points compared with the second quarter of 2023. Digital sales represented 37 percent of total sales during the quarter.
- Gross profit, as a percentage of net sales, of 36.6 percent increased 155 basis points compared with the same period in fiscal 2023, primarily due to strong regular price sales and leverage on higher total sales.
- Ending inventory increased 8.3 percent compared with the same period in fiscal 2023, versus a 3.4 percent increase in sales.
- Selling, general and administrative ("SG&A") expenses, as a percentage of net sales, of 34.4 percent increased 160 basis points compared with the same period in fiscal 2023, due to a charge primarily related to supply chain asset impairment and a 2023 gain on the sale of a real estate asset, partially offset by leverage on higher sales. Excluding the
$54 million charge primarily related to supply chain asset impairment, adjusted SG&A expenses, as a percentage of net sales, were 33.0 percent. - EBIT was
$190 million in the second quarter of 2024, compared with$192 million during the same period in fiscal 2023. Adjusted EBIT of$244 million excluded the charge primarily related to supply chain asset impairment.2 - Interest expense, net, of
$26 million was flat compared with$26 million during the same period in fiscal 2023. - Income tax expense was
$42 million , or 25.7 percent of pretax earnings, compared with income tax expense of$29 million , or 17.2 percent of pretax earnings, in the same period in fiscal 2023. The increase in the second quarter of fiscal 2024 was driven primarily by the favorable resolution of certain tax matters in the second quarter of fiscal 2023. - The Company ended the second quarter with
$1.5 billion in available liquidity, including$679 million in cash.
STORES UPDATE
To date in fiscal 2024, the Company has opened eleven stores:
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City |
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Location |
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Square Footage (000s) |
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Timing of Opening |
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23 |
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Presidential Markets |
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35 |
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25 |
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Macedonia |
|
28 |
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25 |
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30 |
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28 |
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25 |
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29 |
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32 |
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24 |
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The Company has also announced plans to open the following stores:
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City |
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Location |
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Square Footage (000s) |
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Timing of Opening |
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25 |
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Cool Springs Market |
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24 |
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36 |
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26 |
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28 |
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34 |
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Deerfield Towne Center |
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30 |
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31 |
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32 |
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25 |
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Village Pointe |
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30 |
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Village Walk |
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25 |
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The Davis Collection |
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25 |
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Spring 2025 |
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25 |
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Spring 2025 |
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25 |
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Spring 2025 |
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26 |
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Spring 2025 |
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30 |
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Spring 2025 |
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30 |
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Spring 2025 |
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25 |
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Spring 2025 |
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31 |
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Fall 2025 |
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26 |
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Fall 2025 |
The Company had the following store counts as of quarter-end:
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93 |
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94 |
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6 |
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7 |
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ASOS | |
— |
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1 |
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269 |
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247 |
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Last Chance clearance stores |
2 |
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2 |
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Total |
370 |
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351 |
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Gross store square footage |
26,563,000 |
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26,348,000 |
FISCAL YEAR 2024 OUTLOOK
The Company updated its financial outlook for fiscal 2024, which also now reflects the charge primarily related to supply chain asset impairment and related tax impacts recorded in the second quarter, as well as estimated accelerated technology depreciation impacts expected in the second half of fiscal 2024:
- Revenue range, including retail sales and credit card revenues, of 1.0 percent decline to 1.0 percent growth versus the 53-week fiscal 2023, which includes an approximately 135 basis point unfavorable impact from the 53rd week
- Comparable sales range of flat to 2.0 percent growth versus 52 weeks in fiscal 2023
- EBIT margin of 3.0 to 3.4 percent of sales
- Adjusted EBIT margin of 3.6 to 4.0 percent of sales3
- Income tax rate of approximately 27 percent
- EPS of
$1.40 to$1.70 , excluding the impact of share repurchase activity, if any - Adjusted EPS of
$1.75 to$2.05 , excluding the impact of share repurchase activity, if any3
CONFERENCE CALL INFORMATION
The Company's senior management will host a conference call to provide a business update and to discuss second quarter 2024 financial results and fiscal 2024 outlook at 4:45 p.m. EDT today. To listen to the live call online and view the speakers' prepared remarks and the conference call slides, visit the Investor Relations section of the Company's corporate website at investor.nordstrom.com. An archived webcast with the speakers' prepared remarks and the conference call slides will be available in the Quarterly Results section for one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13748345, until the close of business on
ABOUT
At
Certain statements in this press release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words "will," "may," "designed to," "outlook," "believes," "should," "targets," "anticipates," "assumptions," "plans," "expects" or "expectations," "intends," "estimates," "forecasts," "guidance" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended
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1 Adjusted EBIT and adjusted EPS are non-GAAP financial measures. Refer to the "Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT Margin and Adjusted EPS" section of this release for additional information as well as reconciliations between the Company's GAAP and non-GAAP financial results. |
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2 Adjusted EBIT is a non-GAAP financial measure. Refer to the "Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT Margin and Adjusted EPS" section of this release for additional information as well as reconciliations between the Company's GAAP and non-GAAP financial results. |
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3 Adjusted EBIT margin and adjusted EPS are non-GAAP financial measures. Refer to the "Forward-Looking Non-GAAP Measures" section of this release for additional information as well as reconciliations between the Company's GAAP and non-GAAP financial expectations. |
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CONSOLIDATED STATEMENTS OF EARNINGS (unaudited; amounts in millions, except per share amounts) |
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Quarter Ended |
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Six Months Ended |
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Net sales |
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|
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Credit card revenues, net |
109 |
110 |
|
223 |
227 |
|
Total revenues |
3,894 |
3,772 |
|
7,229 |
6,953 |
|
Cost of sales and related buying and occupancy costs |
(2,401) |
(2,380) |
|
(4,604) |
(4,407) |
|
Selling, general and administrative expenses |
(1,303) |
(1,200) |
|
(2,456) |
(2,304) |
|
|
— |
— |
|
— |
(309) |
|
Earnings (loss) before interest and income taxes |
190 |
192 |
|
169 |
(67) |
|
Interest expense, net |
(26) |
(26) |
|
(53) |
(54) |
|
Earnings (loss) before income taxes |
164 |
166 |
|
116 |
(121) |
|
Income tax (expense) benefit |
(42) |
(29) |
|
(33) |
54 |
|
Net earnings (loss) |
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( |
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Earnings (loss) per share: |
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Basic |
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( |
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Diluted |
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( |
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Weighted-average shares outstanding: |
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Basic |
164.1 |
161.7 |
|
163.6 |
161.3 |
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Diluted |
168.8 |
163.2 |
|
167.3 |
161.3 |
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Percent of net sales: |
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|
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Gross profit |
36.6 % |
35.0 % |
|
34.3 % |
34.5 % |
|
Selling, general and administrative expenses |
34.4 % |
32.8 % |
|
35.0 % |
34.3 % |
|
Earnings (loss) before interest and income taxes |
5.0 % |
5.3 % |
|
2.4 % |
(1.0 %) |
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CONSOLIDATED BALANCE SHEETS (unaudited; amounts in millions) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net |
277 |
334 |
246 |
|
Merchandise inventories |
2,144 |
1,888 |
1,979 |
|
Prepaid expenses and other current assets |
348 |
286 |
400 |
|
Total current assets |
3,448 |
3,136 |
3,510 |
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|
|
|
|
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Land, property and equipment (net of accumulated depreciation of |
3,063 |
3,177 |
3,181 |
|
Operating lease right-of-use assets |
1,353 |
1,359 |
1,381 |
|
|
249 |
249 |
249 |
|
Other assets |
530 |
523 |
480 |
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Total assets |
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Liabilities and Shareholders' Equity |
|
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Current liabilities: |
|
|
|
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Accounts payable |
|
|
|
|
Accrued salaries, wages and related benefits |
289 |
244 |
375 |
|
Current portion of operating lease liabilities |
247 |
240 |
224 |
|
Other current liabilities |
1,149 |
1,102 |
1,264 |
|
Current portion of long-term debt |
— |
250 |
249 |
|
Total current liabilities |
3,218 |
3,072 |
3,546 |
|
|
|
|
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|
Long-term debt, net |
2,615 |
2,612 |
2,609 |
|
Noncurrent operating lease liabilities |
1,370 |
1,377 |
1,392 |
|
Other liabilities |
492 |
535 |
580 |
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Commitments and contingencies |
|
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Shareholders' equity: |
|
|
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Common stock, no par value: 1,000 shares authorized; 164.2, 162.4 and |
3,458 |
3,418 |
3,388 |
|
Accumulated deficit |
(2,518) |
(2,578) |
(2,717) |
|
Accumulated other comprehensive gain |
8 |
8 |
3 |
|
Total shareholders' equity |
948 |
848 |
674 |
|
Total liabilities and shareholders' equity |
|
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited; amounts in millions) |
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Six Months Ended |
|
|
|
|
|
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Operating Activities |
|
|
|
Net earnings (loss) |
|
( |
|
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: |
|
|
|
Depreciation and amortization expenses |
305 |
285 |
|
|
— |
220 |
|
Asset impairment |
51 |
— |
|
Right-of-use asset amortization |
92 |
86 |
|
Deferred income taxes, net |
(27) |
(17) |
|
Stock-based compensation expense |
41 |
28 |
|
Other, net |
(12) |
(47) |
|
Change in operating assets and liabilities: |
|
|
|
Merchandise inventories |
(157) |
(78) |
|
Other current and noncurrent assets |
9 |
(81) |
|
Accounts payable |
172 |
99 |
|
Accrued salaries, wages and related benefits |
45 |
89 |
|
Lease liabilities |
(130) |
(134) |
|
Other current and noncurrent liabilities |
56 |
82 |
|
Net cash provided by operating activities |
528 |
465 |
|
|
|
|
|
Investing Activities |
|
|
|
Capital expenditures |
(204) |
(225) |
|
Decrease in cash and cash equivalents resulting from |
— |
(33) |
|
Proceeds from the sale of assets and other, net |
10 |
29 |
|
Net cash used in investing activities |
(194) |
(229) |
|
|
|
|
|
Financing Activities |
|
|
|
Principal payments on long-term debt |
(250) |
— |
|
Change in cash book overdrafts |
30 |
18 |
|
Cash dividends paid |
(62) |
(61) |
|
Payments for repurchase of common stock |
— |
(1) |
|
Proceeds from issuances under stock compensation plans |
9 |
13 |
|
Other, net |
(10) |
(7) |
|
Net cash used in financing activities |
(283) |
(38) |
|
|
|
|
|
Net increase in cash and cash equivalents |
51 |
198 |
|
Cash and cash equivalents at beginning of period |
628 |
687 |
|
Cash and cash equivalents at end of period |
|
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ADJUSTED EBIT, ADJUSTED EBITDA, ADJUSTED EBIT MARGIN AND ADJUSTED EPS
(NON-GAAP FINANCIAL MEASURES)
(unaudited; amounts in millions, except per share amounts)
The following are key financial metrics and, when used in conjunction with GAAP measures, we believe they provide useful information for evaluating our core business performance, enable comparison of financial results across periods and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. Adjusted EBIT, adjusted EBITDA, adjusted EBIT margin and adjusted EPS exclude certain items that we do not consider representative of our core operating performance. The financial measure calculated under GAAP which is most directly comparable to adjusted EBIT and adjusted EBITDA is net earnings (loss). The financial measure calculated under GAAP which is most directly comparable to adjusted EBIT margin is net earnings as a percent of net sales. The financial measure calculated under GAAP which is most directly comparable to adjusted EPS is diluted EPS.
Adjusted EBIT, adjusted EBITDA, adjusted EBIT margin and adjusted EPS are not measures of financial performance under GAAP and should be considered in addition to, and not as a substitute for, net earnings, net earnings as a percent of net sales, operating cash flows, earnings per share, earnings per diluted share or other financial measures performed in accordance with GAAP. Our method of determining non-GAAP financial measures may differ from other companies' financial measures and therefore may not be comparable to methods used by other companies.
The following is a reconciliation of net earnings (loss) to adjusted EBIT and adjusted EBITDA and net earnings as a percent of net sales to adjusted EBIT margin:
|
|
Quarter Ended |
|
Six Months Ended |
||
|
|
|
|
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|
|
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Net earnings (loss) |
|
|
|
|
( |
|
Income tax expense (benefit) |
42 |
29 |
|
33 |
(54) |
|
Interest expense, net |
26 |
26 |
|
53 |
54 |
|
Earnings (loss) before interest and income taxes |
190 |
192 |
|
169 |
(67) |
|
Supply chain asset impairment and other |
54 |
— |
|
54 |
— |
|
|
— |
— |
|
— |
309 |
|
Adjusted EBIT |
244 |
192 |
|
223 |
242 |
|
Depreciation and amortization expenses |
150 |
141 |
|
302 |
285 |
|
Amortization of developer reimbursements |
(15) |
(17) |
|
(29) |
(35) |
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
Net earnings (loss) as a % of net sales |
3.2 % |
3.8 % |
|
1.2 % |
(1.0 %) |
|
EBIT margin % |
5.0 % |
5.3 % |
|
2.4 % |
(1.0 %) |
|
Adjusted EBIT margin % |
6.4 % |
5.3 % |
|
3.2 % |
3.6 % |
The following is a reconciliation of diluted EPS to adjusted EPS:
|
|
Quarter Ended |
|
Six Months Ended |
||
|
|
|
|
|
|
|
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Diluted EPS |
|
|
|
|
( |
|
Supply chain asset impairment and other |
0.32 |
— |
|
0.32 |
— |
|
|
— |
— |
|
— |
1.91 |
|
Income tax impact on adjustments1 |
(0.08) |
— |
|
(0.08) |
(0.58) |
|
Adjusted EPS |
|
|
|
|
|
|
|
|
1 The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate for the respective non-GAAP adjustment. |
SUMMARY OF
(unaudited; amounts in millions)
Our
|
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Quarter Ended |
|
Six Months Ended |
||
|
|
|
|
|
|
|
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Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,271 |
1,171 |
|
2,452 |
2,208 |
|
Total net sales |
|
|
|
|
|
|
|
|
|
|
|
|
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Net sales increase (decrease): |
|
|
|
|
|
|
|
0.9 % |
(10.1 %) |
|
0.8 % |
(10.7 %) |
|
|
8.8 % |
(4.1 %) |
|
11.1 % |
(7.9 %) |
|
|
3.4 % |
(8.3 %) |
|
4.2 % |
(9.8 %) |
|
|
|
|
|
|
|
|
Digital sales as % of total net sales 1 |
37 % |
36 % |
|
35 % |
36 % |
|
|
|
|
1 |
Sales conducted through a digital platform such as our websites or mobile apps. Digital sales may be self-guided by the customer, as in a traditional online order, or facilitated by a salesperson using a virtual styling or selling tool. Digital sales may be delivered to the customer or picked up in our |
FISCAL YEAR 2024 FORWARD-LOOKING NON-GAAP MEASURES
(NON-GAAP FINANCIAL MEASURES)
(unaudited)
Our adjusted EBIT as a percent of net sales ("adjusted EBIT margin") and adjusted EPS outlook for fiscal year 2024 excludes the impacts from certain items that we do not consider representative of our core operating performance. These items include charges primarily related to a supply chain asset impairment in the second quarter of 2024 and accelerated technology depreciation to be recognized in the second half of fiscal 2024.
The following is a reconciliation of expected net earnings as a percent of net sales to expected adjusted EBIT margin included within our Fiscal Year 2024 Outlook:
|
|
52 Weeks Ending |
||
|
|
Low |
|
High |
|
Expected net earnings as a % of net sales |
1.7 % |
|
2.0 % |
|
Income tax expense |
0.6 % |
|
0.7 % |
|
Interest expense, net |
0.7 % |
|
0.7 % |
|
Expected EBIT as a % of net sales |
3.0 % |
|
3.4 % |
|
|
|
|
|
|
Supply chain asset impairment and other |
0.4 % |
|
0.4 % |
|
Accelerated technology depreciation |
0.2 % |
|
0.2 % |
|
Expected adjusted EBIT margin |
3.6 % |
|
4.0 % |
The following is a reconciliation of expected diluted EPS to expected adjusted EPS included within our Fiscal Year 2024 Outlook:
|
|
52 Weeks Ending |
||
|
|
Low |
|
High |
|
Expected diluted EPS |
|
|
|
|
Supply chain asset impairment and other |
0.32 |
|
0.32 |
|
Accelerated technology depreciation |
0.15 |
|
0.15 |
|
Income tax impact on adjustments |
(0.12) |
|
(0.12) |
|
Expected adjusted EPS |
|
|
|
ADJUSTED RETURN ON INVESTED CAPITAL ("ADJUSTED ROIC")
(NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
We believe that Adjusted ROIC is a useful financial measure for investors in evaluating the efficiency and effectiveness of the capital we have invested in our business to generate returns over time. Our Adjusted ROIC calculation excludes certain items that we do not consider representative of our core operating performance.
Adjusted ROIC is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, return on assets, net earnings, total assets or other GAAP financial measures. Our method of calculating a non-GAAP financial measure may differ from other companies' methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted ROIC is return on assets. The following shows the components to reconcile the return on assets calculation to Adjusted ROIC:
|
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Four Quarters Ended |
|
|
|
|
|
|
Net earnings |
|
|
|
Income tax expense (benefit) |
100 |
(22) |
|
Interest expense |
137 |
137 |
|
Earnings before interest and income tax expense |
521 |
147 |
|
|
|
|
|
Operating lease interest1 |
88 |
85 |
|
Non-operating related adjustments2 |
60 |
380 |
|
Adjusted net operating profit |
669 |
612 |
|
Adjusted estimated income tax expense3 |
(186) |
(141) |
|
Adjusted net operating profit after tax |
|
|
|
|
|
|
|
Average total assets |
|
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Average noncurrent deferred property incentives in excess of operating |
(137) |
(177) |
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Average non-interest bearing current liabilities |
(2,949) |
(3,149) |
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Non-operating related adjustments2 |
143 |
184 |
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Adjusted average invested capital |
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Return on assets |
3.3 % |
0.4 % |
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Adjusted ROIC |
8.4 % |
8.1 % |
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1 |
Operating lease interest is a component of operating lease cost recorded in occupancy costs. We add back operating lease interest for purposes of calculating adjusted net operating profit for consistency with the treatment of interest expense on our debt. |
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2 |
Non-operating related adjustments primarily included supply chain impairment charges and the wind-down of our Canadian operations. See the Adjusted EBIT and Adjusted EBITDA section, as well as our 2023 Annual Report, for detailed information on certain non-operating related adjustments. |
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3 |
Adjusted estimated income tax expense is calculated by multiplying the adjusted net operating profit by the adjusted effective tax rate (which removes the impact of non-operating related adjustments) for the trailing twelve-month periods ended |
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4 |
For leases with property incentives that exceed the ROU assets, we reclassify the amount from assets to other current liabilities and other liabilities on the Condensed Consolidated Balance Sheets. The current and noncurrent amounts are used to reduce average total assets above, as this better reflects how we manage our business. |
ADJUSTED DEBT TO EBITDAR (NON-GAAP FINANCIAL MEASURE)
(unaudited; dollars in millions)
Adjusted debt to earnings before interest, income taxes, depreciation, amortization and rent ("EBITDAR") is one of our key financial metrics and we believe that our debt levels are best analyzed using this measure, as it provides a reflection of our creditworthiness which could impact our credit ratings and borrowing costs. This metric is calculated in accordance with our Revolver covenant and is a key component in assessing whether our revolving credit facility is secured or unsecured, as well as our ability to make dividend payments and share repurchases.
Adjusted debt to EBITDAR is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, debt to net earnings, net earnings, debt or other GAAP financial measures. Our method of calculating a non-GAAP financial measure may differ from other companies' methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted debt to EBITDAR is debt to net earnings. The following shows the components to reconcile the debt to net earnings calculation to Adjusted debt to EBITDAR:
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Debt |
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Operating lease liabilities |
1,617 |
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Adjusted debt |
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Four Quarters Ended |
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Net earnings |
|
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Income tax expense |
100 |
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Interest expense, net |
103 |
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Earnings before interest and income taxes |
487 |
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Depreciation and amortization expenses |
604 |
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Operating lease cost1 |
286 |
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Amortization of developer reimbursements2 |
63 |
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Other Revolver covenant adjustments3 |
100 |
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Adjusted EBITDAR |
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Debt to Net Earnings |
9.2 |
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Adjusted debt to EBITDAR |
2.7 |
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1 |
Operating lease cost is fixed rent expense, including fixed common area maintenance expense, net of developer reimbursement amortization. |
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2 |
Amortization of developer reimbursements is a non-cash reduction of operating lease cost and is therefore added back to operating lease cost for purposes of our Revolver covenant calculation. |
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3 |
Other adjusting items to reconcile net earnings to Adjusted EBITDAR as defined by our Revolver covenant include interest income, certain non-cash charges and other gains and losses where relevant. For the four quarters ended |
FREE CASH FLOW (NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
Free Cash Flow is one of our key liquidity measures and, when used in conjunction with GAAP measures, we believe it provides investors with a meaningful analysis of our ability to generate cash from our business.
Free Cash Flow is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, operating cash flows or other financial measures prepared in accordance with GAAP. Our method of calculating a non-GAAP financial measure may differ from other companies' methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Free Cash Flow is net cash provided by operating activities. The following is a reconciliation of net cash provided by operating activities to Free Cash Flow:
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Six Months Ended |
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Net cash provided by operating activities |
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Capital expenditures |
(204) |
(225) |
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Change in cash book overdrafts |
30 |
18 |
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Free Cash Flow |
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INVESTOR CONTACT: |
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MEDIA CONTACT: |
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