Nordstrom Inc said on Thursday it would discontinue its Canadian operations and forecast annual revenue below analysts' expectations, signaling high inflation levels were dampening consumer spending on discretionary items.
A Nordstrom store is pictured in New York, U.S., March 1, 2021. REUTERS/Brendan McDermid/File PhotoQ4 revenue of $4.32 bln vs est. $4.34 blnsaid on Thursday it would discontinue its Canadian operations and forecast annual revenue below analysts' expectations, signaling high inflation levels were dampening consumer spending on discretionary items.
The decision to wind down the operations would result in about a $400 million decline in total net sales in fiscal 2023, the company said, adding it also expects a $35 million improvement in total earnings before interest and taxes . "We expect elevated inflation and rising interest rates would continue to weigh on consumer spending, especially in the first half of the year," Nordstrom interim Chief Finance Officer Michael Maher said in a post earnings call, echoing comments from peers
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