Nordstrom on Thursday surpassed Wall Street’s quarterly sales and earnings expectations, as it showed signs of progress in turning around its lagging business. Yet despite a sizable beat, the retailer stuck with its previous full-year outlook – signaling caution about the coming months. The company expects revenue to fall 4% to 6% and adjusted earnings per share to range between…
Putin says Prigozhin ‘made serious mistakes' in first remarks since plane crash that likely killed the Wagner bossNet sales for the Nordstrom banner dropped about 10% and net sales for Nordstrom Rack fell by about 4% compared with the year-ago period.cut its forecast after seeing a noticeable drop in customer traffic and sales.
Digital sales tumbled by nearly 13% compared with the year-ago period. It blamed the drop in part on the wind-down of Trunk Club, a personal styling service it acquired, ending store fulfillment for Nordstrom Rack's digital orders and the shifted anniversary sale timing. Despite the struggles, Nordstrom saw growth in some categories during the three-month period. Sales of active and beauty merchandise grew by low single-digits. Kids' and men's apparel also performed better than average, the company said in a news release.
The anniversary sale also helped draw the company's most loyal shoppers to Nordstrom's website and stores, Chief Brand Officer Pete Nordstrom said in a news release. Inventory, an area of weakness for Nordstrom in the previous year, was in better shape. As of the end of the quarter, inventory was down 17.5% compared with the same period in 2022.
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