The Seattle-based retailer suffered a big first-quarter loss off a sharp decline in sales due to COVID-19-related temporary store closings and warned that the industry will be intensely promotional for the next two months.
Losses before interest and taxes of $813 million compared with earnings before interest and taxes of $77 million during the same period in fiscal 2019 due to lower sales volume from temporary store closures, increased markdowns and charges related to COVID-19 of $280 million. Nordstrom temporarily closed all of its stores on March 17 due to COVID-19, but has been steadily reopening them for the last few weeks.
To increase its liquidity this year, the company drew down and amended its $800 million revolver; issued $600 million in senior secured notes, and suspended dividends and share repurchases. “We have a unique mix of assets, and the flexibility of our business model continues to serve us well,” said Pete Nordstrom. “In 2019, our off-price and e-commerce businesses accounted for nearly 60 percent of sales. As we anticipate an acceleration of these longer-term customer trends, we’re taking proactive steps to move faster in executing our strategic plans.”
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