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