THE WHAT? Nordstrom has reported its results for the third quarter of fiscal 2023. Total company net sales fell 6.8 percent while the eponymous US department store saw net sales decrease 9.4 percent and gross merchandise value fell 9.8 percent compared to the prior year quarter.

THE DETAILS Gross profit, however, increased 180 basis points, hitting 35 percent, which the company attributed to lower markdowns, increased inventory productivity and lower buying and occupancy costs.

THE WHY? Erik Nordstrom, chief executive officer of Nordstrom, reveals, “In the third quarter we continued to make progress against our priorities, and we’re especially pleased with the resulting improvements in gross margin and earnings. Given continued uncertainty and softening consumer spend, we’re remaining agile and focused on serving our customers.”