×
1 852
Fashion Jobs
TK MAXX
Loss Prevention Officer - tk Maxx Bristol
Permanent · Bristol
LONDON CONTOUR EXPERTS
Marketing Executive/Junior Manager
Permanent · LONDON
ESTÉE LAUDER
Tom Ford - Business Manager - Flannels - Fosse Park, Leicester - 37.5 Hours - Full-Time - Permanent
Permanent · Leicester
VF INTERNATIONAL
International Account Coordinator - Ftc 12 Month
Permanent · NOTTINGHAM
TIMBERLAND
Credit Controller - German Speaking - Timberland
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - Italian Speaking - The North Face
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - French Speaking - The North Face
Permanent · CALVERTON
PINKO
Supervisor
Permanent · MANCHESTER
RALPH LAUREN
Operations Manager
Permanent · Cheshire
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis - 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - House of Fraser, Maidstone - 15 Hours - Part Time, Permanent
Permanent · Maidstone
ESTÉE LAUDER
Clinique - Consultant - Boots, Princes Street, Edinburgh - 14 Hours - Part Time - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
HUGO BOSS
Wholesale - Senior Sales Executive - Hugo Womenswear
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Edinburgh - 16 Hours - Part Time, Permanent
Permanent · Edinburgh
SHISEIDO
Marketing Director - Shiseido, Clé de Peau Beauté, Drunk Elephant
Permanent · London
REISS
Buying Admin Assistant
Permanent · LONDON
Advertisements
By
Reuters API
Published
Nov 24, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nordstrom, Gap plunge with Street worried about rivals chipping away share

By
Reuters API
Published
Nov 24, 2021

Shares of Nordstrom Inc and Gap Inc slumped more than 20% on Wednesday as warnings of product shortages during the crucial holiday season raised fears that the retailers were losing out to better-prepared competitors.




A bunch of Wall Street analysts lowered their price targets, with Wells Fargo nearly halving its target on Gap and Jefferies making the most aggressive cut on Nordstrom.

On Tuesday, Nordstrom said its off-price business - Nordstrom Rack - has suffered severe shortages of women's apparel and shoes, while Gap flagged up to $650 million in lost sales and cut its annual forecast.

Nordstrom was downgraded to "hold" from "buy" at Jefferies, and Credit Suisse analysts said Nordstrom Rack is not positioned well competitively compared to rivals such as TJX Cos and Burlington Stores.

"Nordstrom will need to re-evaluate its strategy of primarily using Rack to clear end of season goods from the brands that it sells at full-price stores," the brokerage said.

Nordstrom executives on a post-earnings call said they had not responded "as quickly and as aggressively" enough to have sufficient inventory.

In contrast, other retailers, including American Eagle Outfitters, Macy's and Target, have chartered container ships, used air freight or ordered in advance to overcome supply-chain bottlenecks to stock their shelves for the holidays.

"In this market, retailers have been rewarded more than usual when they exceed expectations and continue to raise guidance. Gap did the exact opposite and this market has been brutal to retailers who have struggled," CFRA Research analyst Zachary Warring said.

Shares of Gap and Nordstrom were on pace to open at their lowest in about a year.

 

© Thomson Reuters 2021 All rights reserved.