Nordstrom Inc on Tuesday cut its forecast for full-year sales and profit after r...
- Nordstrom Inc on Tuesday cut its forecast for full-year sales and profit after reporting weaker than expected first-quarter results that were hurt by the roll out of a new loyalty program and slow sales of full-priced women’s clothing.
“We’re making the changes we believe are necessary to drive our top line as we continue our aggressive focus on expenses,” Nordstrom said.“While challenges to the full-line business are, at least in part, to be expected, the deterioration at the off-price division is more troubling,” said Neil Saunders, managing director of GlobalData Retail.
Nordstrom has invested heavily in its Nordstrom Rack stores that sell off-price merchandise in the United States and Canada. Its Nordstrom Local stores are also a point of pride, where shoppers can consult personal stylists for fashion, have their clothes altered and more. Total revenue for the first quarter, ended May 4, fell 3.3% to $3.44 billion, short of analysts’ estimates of $3.58 billion, according to IBES Refinitiv data.Earlier on Tuesday, retailer J.C. Penney Co Inc’s same-store sales fell more than expected in the first quarter and its net loss nearly doubled after the retailer exited its appliance and in-store furniture businesses, sending shares down 10%.
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