Nordstrom banner net sales decreased 11.4% in Q1 FY23. Credit: Mike8411251995/commons.wikipedia.org.

US-based department store chain Nordstrom has reported total net sales of $3.06bn in the first quarter (Q1) of fiscal year (FY) 2023, down 11.6% compared to the same period in FY22.

During the quarter ending 29 April 2023, sales for the Nordstrom and Nordstrom Rack banners declined 11.4% and 11.9%, respectively, compared to the same quarter in the prior year.

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The retailer’s digital sales decreased 17.4% from last year, representing 36% of total sales during the quarter.

The company’s gross merchandise value (GMV) for the quarter decreased by 11.9% while GMV decreased by 11.8% and 11.9% for Nordstrom banners.

Gross profit for the company as a percentage of net sales was 33.8%, up 110 basis points (bps) compared with the corresponding period in FY22.

The retailer reported a $1.27 per share loss in Q1 FY23 against earnings per share of $0.13 a year ago.

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Nordstrom CEO Erik Nordstrom said: “We are pleased with the progress we’re making against the key priorities we laid out for 2023 as we continue to enhance our overall customer experience, improve Nordstrom Rack performance, increase inventory productivity and optimise our supply chain operations.

“We’re encouraged by our momentum, especially given the uncertain macroeconomic environment. We remain focused on executing with agility and delivering long-term value to our shareholders.”

For FY23, Nordstrom expects its revenue, including retail sales and credit card revenues, to decline from 4.0% to 6.0% against FY22.

The retailer also expects FY23 EPS to be in the range of $0.60 to $1.00.