Bigger-than-expected quarterly losses for Nordstrom

Bigger-than-expected quarterly losses for Nordstrom

The pandemic took a swing at Nordstrom

The luxury department-store chain, Nordstrom, has been put to the ground by the pandemic.

Nordstrom reported 53% net sales drop in Q2, as stores were temporarily closed roughly 50% of Q2 because of the pandemic.

The company reported a loss of $255 million, or $1.62 per share. Compared to last year’s figures of a net income of $141 million.

Revenue fell to $1.86 billion from last year’s 3.87 billion. It fell short of the $2.38 billion expected.

Nordstrom digital sales reported a growth of 20% in the quarter.

Despite being one of the most resilient department stores in the US, its future doesn’t seem too bright as its apparel sales are in free fall, and the focus shifts to the home segment.

Following the report, Nordstrom stock price traded 6% lower. Year-to-date, its share price lost 62%.

Read more about the losses in the fashion industry here, and here!

Sources: cnbc.com, foxbusiness.com


The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.