Nordstrom’s sales fall 53% as department store chain suffers store closures amid pandemic
Nordstrom said Tuesday its net sales fell 53% during the second quarter, as its stores took a hit from being temporarily closed during the coronavirus pandemic, and its online business suffered due to a shift in timing of its annual Anniversary Sale.
The company said its stores, including its off-price Nordstrom Rack locations, were closed for about 50% of the days in the latest quarter, dragging down results. Its profitability also was hurt as it elevated discounts to stay competitive, and overall it sold less clothing to customers staying put and working from home.
Nordstrom shares fell about 6% in after-hours trading.
Here’s how the retailer did during its fiscal second quarter, compared with what analysts were expecting, based on Refinitiv data:
- Loss per share: $1.62 vs. a loss of $1.48 expected
- Revenue: $1.86 billion vs. $2.38 billion expected
For the period ended Aug. 1, Nordstrom swung to a loss of $255 million, or …continued .
[Source: CNBC News]