Upscale department store chain Nordstrom Inc on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the COVID-19 pandemic shut stores.
) on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the COVID-19 pandemic shut stores.
Several retailers are reeling from the impact of the coronavirus crisis, with Nordstrom rivals J.C. Penney , J.Crew and Neiman Marcus all having recently filed for bankruptcy due to mounting losses from the pandemic. “We successfully strengthened our financial flexibility by increasing liquidity, lowering inventory by more than 25 percent from last year and significantly reducing our cash burn by more than 40 percent from March into April,” said Chief Executive Officer Erik Nordstrom. “We’re entering the second quarter in a position of strength.”However, total net sales dropped to $2.03 billion from $3.35 billion.
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