Nordstrom Sees Net Decline; Cites Improving Trends

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Third-quarter net earnings at Nordstrom Inc. dropped to $53 million from $126 million in the year-ago period.

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Third-quarter net earnings at Nordstrom Inc. dropped to $53 million from $126 million in the year-ago period, though the company cited sequential improvement in sales and earnings from this year’s second quarter.

Like other retailers, Nordstrom has been hurt by the coronavirus and lack of store traffic. Its flagships in New York, San Francisco and Los Angeles would be particularly impacted with many downtown office workers choosing to work from home, and many families fleeing to the suburbs where the population is less dense and perceived risks of getting infected by the coronavirus are reduced.

Total company sales decreased 16 percent to $3 billion last quarter, from $3.56 billion in the year-ago period. The sales results included an approximate 10 point positive impact from the Anniversary Sale event, which shifted from the second quarter in 2019 to the third quarter this year.In Nordstrom’s full-price department store business, net sales decreased 7 percent. Excluding the Anniversary Sale shift, sales decreased in the mid-20s percent range.

Merchandise margins exceeded company expectations and reflected significant improvement relative to the prior quarter, strong sellthroughs and greater regular priced selling, the company said. Like other retailers, Nordstrom sees a pent up demand for apparel, specifically occasion-related apparel be it for a wedding or a date, and that sales will surge once the economy opens up again. “When that happens, we don’t know,” said Nordstrom.

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