- 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%.
Retail weak, autos weak, Real Estate, in many areas, very weak. Exports slammed by tariffs. How does the GDP keep plugging away?
Ever walk into this store? What the hell do you buy if your a guy? Overpriced and limited nice inventory.
Titanic shop 💀
Goodwill is better
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