The transcript discusses a new $500 million buyback program and highlights a significant increase in first-quarter net sales. It examines consumer spending trends, particularly in department stores like Nordstrom and Macy's, compared to single-brand stores. Nordstrom's strategy to manage supply chain challenges and cater to both high-end and off-price consumers is explored. The transcript also compares inventory levels and performance between Nordstrom and Urban Outfitters, noting a divergence in their after-hours stock performance.

What was the percentage increase in first quarter net sales compared to the estimate?

What does the term 'pull forward' refer to in the context of inventory changes?

What strategies is the company implementing to improve profitability?

How did the ending inventory change compared to the same quarter in fiscal 2021?

What are some factors that may have contributed to the different performance between Nordstrom and Urban Outfitters?