CEO Erik Nordstrom cited 'signs of strain' across all customer cohorts and most pronounced at the lower-income level.
“We see that happening over the course of the first half of the year,” predicted Nordstrom.
“The second piece is in clearing out the less productive inventory we’ve had…We’ve seen a softening of demand for clearance. So there’s always clearance. There’s always less productive parts of inventory. Clearing that out has [required] more markdowns and has been slower than normal.” He also called out the supply chain, where the company will “continue to build better customer experiences by providing faster, more consistent deliveries and continue to leverage expenses there.”
On Running, Fear of God and Skims “are in our top five fastest-growing brands. They’re different brands” generating real interest from customers, and with limited distribution, Nordstrom said. “So there is strain. I think customers are being more selective — a little more careful in their purchasing,” Nordstrom observed. “And again, there is correlation with income levels, but it’s not the case where across the board customers are breaking down.
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