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SEATTLE , Nov. 26, 2024 /PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported third quarter net earnings of $46 million , or earnings per diluted share ("EPS") of $0.27 , and earnings before interest and taxes ("EBIT") of $83 million . Excluding a charge related to accelerated technology depreciation, the Company reported adjusted EBIT of $97 million and adjusted EPS of $0.33 .[1] For the third quarter ended November 2, 2024, net sales increased 4.6 percent versus the same period in fiscal 2023, and total Company comparable sales increased 4.0 percent. Gross merchandise value ("GMV") increased 5.3 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 100 basis points on net sales compared with 2023. During the quarter, Nordstrom banner net sales increased 1.3 percent and comparable sales increased 4.0 percent. Net sales for Nordstrom Rack increased 10.6 percent and comparable sales increased 3.9 percent. "The continued sales growth across the company and strong gross margin in the third quarter indicate our team's focus and efforts are working," said Erik Nordstrom , chief executive officer of Nordstrom, Inc. "Our customers have a lot of choices, and our results give us encouragement that we're on the right path. Looking ahead, we'll continue to improve our shopping experience as we strive to maintain the positive momentum we've worked towards all year." In the third quarter, women's apparel and active had double-digit growth, and shoes, men's apparel and kids were up mid to high single-digits, versus 2023. Growth in women's apparel, shoes and men's apparel accelerated sequentially from the second quarter. "Our third quarter results demonstrate that our strategic focus on curating a compelling brand assortment is resonating with customers," said Pete Nordstrom , president of Nordstrom, Inc. "Our actions throughout this year have led to this moment, and we feel well-positioned for a successful holiday season and look forward to helping our customers celebrate the moments that matter. I'm grateful to our dedicated team for consistently delivering the high level of service our customers have come to expect from Nordstrom." As previously announced, the board of directors declared a quarterly cash dividend of $0.19 per share, payable on December 18, 2024, to shareholders of record at the close of business on December 3, 2024. THIRD QUARTER 2024 SUMMARY STORES UPDATE To date in fiscal 2024, the Company has opened 23 stores: City Location Square Footage (000s) Timing of Opening Nordstrom Rack Pinole, CA Pinole Vista Crossing 23 March 7, 2024 Snellville, GA Presidential Markets 35 March 7, 2024 Kennesaw, GA Barrett Place 25 March 21, 2024 Macedonia, OH Macedonia Gateway 28 April 11, 2024 Gilroy, CA Gilroy Crossing 25 April 25, 2024 Jacksonville Beach, FL South Beach Regional 30 May 2, 2024 Queen Creek, AZ Queen Creek Marketplace 28 May 16, 2024 Elk Grove, CA The Ridge Elk Grove 25 May 30, 2024 Wheaton, IL Danada Square East 29 May 30, 2024 Oceanside, CA Pacific Coast Plaza 32 June 6, 2024 Bay Shore, NY Gardiner Manor Mall 24 June 13, 2024 San Antonio, TX Bandera Pointe 24 September 5, 2024 Franklin, TN Cool Springs Market 24 September 5, 2024 San Mateo, CA Bridgepointe Shopping Center 36 September 12, 2024 San Diego, CA Clairemont Town Square 25 September 19, 2024 Mooresville, NC Mooresville Crossing 28 September 26, 2024 Houston, TX Meyerland Plaza 34 September 26, 2024 Mason, OH Deerfield Towne Center 30 October 3, 2024 Raleigh, NC Triangle Town Place 32 October 10, 2024 Fort Myers, FL Bell Tower 31 October 17, 2024 Noblesville, IN Hamilton Town Center 25 October 17, 2024 Omaha, NE Village Pointe 30 October 24, 2024 Tarzana, CA Village Walk 25 November 1, 2024 The Company has also announced plans to open the following stores: City Location Square Footage (000s) Timing of Opening Nordstrom Rack Davis, CA The Davis Collection 25 Spring 2025 Matthews, NC Sycamore Commons 25 Spring 2025 Geneva, IL Randall Square 25 Spring 2025 Manalapan Township, NJ Manalapan Commons 26 Spring 2025 Apple Valley, MN Fischer Marketplace 30 Spring 2025 Houston, TX Westchase Shopping Center 30 Spring 2025 Morrisville, NC Park West Village 25 Spring 2025 Coral Springs, FL Pine Ridge Square 31 Fall 2025 Surprise, AZ Prasada North 26 Fall 2025 Holbrook, NY The Shops at SunVet 27 Fall 2025 Hyannis, MA The Landing at Hyannis 25 Fall 2025 Prosper, TX The Gates of Prosper 26 Fall 2025 Melbourne, FL The Avenue Viera 24 Fall 2025 Meridian, ID The Village at Meridian 25 Fall 2025 Lakeland, FL Lakeside Village 30 Fall 2025 Sarasota, FL Sarasota Pavilion 27 Spring 2026 The Company had the following store counts as of quarter-end: November 2, 2024 October 28, 2023 Nordstrom Nordstrom 93 93 Nordstrom Local service hubs 6 6 ASOS | Nordstrom — 1 Nordstrom Rack Nordstrom Rack 280 258 Last Chance clearance stores 2 2 Total 381 360 Gross store square footage 26,874,000 26,305,000 During the third quarter, the Company closed one Nordstrom Rack store. FISCAL YEAR 2024 OUTLOOK The Company updated its financial outlook for fiscal 2024, which reflects the estimated accelerated technology depreciation impacts expected in the fourth quarter of fiscal 2024: CONFERENCE CALL INFORMATION The Company's senior management will host a conference call to provide a business update and to discuss third quarter 2024 financial results and fiscal 2024 outlook at 4:45 p.m. EST 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 13750079, until the close of business on December 3, 2024. ABOUT NORDSTROM At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we're building on as we provide convenience and true connection for our customers. Our interconnected model enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it. 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 February 3, 2024, our Form 10-Q for the fiscal quarter ended May 4, 2024 , our Form 10-Q for the fiscal quarter ended August 3, 2024 and our Form 10-Q for the fiscal quarter ended November 2, 2024 , to be filed with the SEC on or about December 5, 2024 . In addition, forward-looking statements contained in this release may be impacted by the actual outcome of events or occurrences related to the Company's announcement of the exploration of possible avenues to enhance shareholder value, including consideration by a special committee of the board of directors of a proposal brought forward by members of the Nordstrom family to take the Company private. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances. In addition, the actual timing, price, manner and amounts of future share repurchases, if any, will be subject to the discretion of our board of directors, contractual commitments, market and economic conditions and applicable Securities and Exchange Commission rules. This earnings release includes references to websites, website addresses and additional materials, including reports and blogs, found on those websites. The content of any websites and materials named, hyperlinked or otherwise referenced in this earnings release are not incorporated by reference into this earnings release or in any other report or document we file with the SEC, and any references to such websites and materials are intended to be inactive textual references only. The information on those websites is not part of this earnings release. NORDSTROM, INC. CONSOLIDATED STATEMENTS OF EARNINGS (unaudited; amounts in millions, except per share amounts) Quarter Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net sales $3,347 $3,200 $10,353 $9,926 Credit card revenues, net 117 120 339 347 Total revenues 3,464 3,320 10,692 10,273 Cost of sales and related buying and occupancy costs (2,156) (2,080) (6,760) (6,488) Selling, general and administrative expenses (1,225) (1,163) (3,680) (3,466) Canada wind-down costs — 25 — (284) Earnings before interest and income taxes 83 102 252 35 Interest expense, net (26) (24) (79) (78) Earnings (loss) before income taxes 57 78 173 (43) Income tax (expense) benefit (11) (11) (45) 43 Net earnings $46 $67 $128 $— Earnings per share: Basic $0.28 $0.41 $0.78 $— Diluted $0.27 $0.41 $0.76 $— Weighted-average shares outstanding: Basic 164.6 162.0 164.0 161.5 Diluted 169.8 163.6 168.1 161.5 Percent of net sales: Gross profit 35.6 % 35.0 % 34.7 % 34.6 % Selling, general and administrative expenses 36.6 % 36.3 % 35.5 % 34.9 % Earnings before interest and income taxes 2.5 % 3.2 % 2.4 % 0.4 % NORDSTROM, INC. CONSOLIDATED BALANCE SHEETS (unaudited; amounts in millions) November 2, 2024 February 3, 2024 October 28, 2023 Assets Current assets: Cash and cash equivalents $397 $628 $375 Accounts receivable, net 544 334 322 Merchandise inventories 2,780 1,888 2,626 Prepaid expenses and other current assets 311 286 392 Total current assets 4,032

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