×
2 470
Fashion Jobs
BOOHOO GROUP
Stock Team Manager - Twilight
Permanent · CRICK
REISS
Business Applications – Support Analyst
Permanent · LONDON
VF INTERNATIONAL
dc Inventory Team Leader
Permanent · COALVILLE
VF INTERNATIONAL
dc Training Specialist
Permanent · COALVILLE
VF INTERNATIONAL
Warehouse Area Manager
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
HEAD OFFICE
Category Strategy Manager
Permanent · BRACKNELL
AUTUMNPAPER LIMITED
Alexander Mcqueen Vip & Kol Manager
Permanent · LONDON
ESTEE LAUDER
Clinique - Consultant - Boots, Bluewater - 22.5 Hours, 3 Days - Part Time, Permanent
Permanent · Dartford
ESTEE LAUDER
Clinique - Consultant - Boots, Bluewater - 15 Hours, 2 Days - Part Time, Permanent
Permanent · Dartford
JOHN LEWIS
Loss Prevention Partner
Permanent · CHELMSFORD
BOOHOO GROUP
Senior Commercial Finance Analyst
Permanent · MANCHESTER
BOOHOOMAN
Senior Marketing Manager
Permanent · MANCHESTER
BOOHOO
Paid Search Manager
Permanent · MANCHESTER
DEBENHAMS
Marketplace Business Development Manager
Permanent · LONDON
DEBENHAMS
Marketplace Account Manager
Permanent · LONDON
DEBENHAMS
Marketplace Business Development Assistant
Permanent · LONDON
REISS
Buying Admin Assistant - Graduate Opportunity
Permanent · LONDON
HOMESENSE
Loss Prevention Officer - Full Time Tkmaxx/Homsesense Basingstoke
Permanent · Basingstoke
VIVIENNE WESTWOOD
Warehouse Operative
Permanent ·
VIVIENNE WESTWOOD
Legal Counsel
Permanent · LONDON
VIVIENNE WESTWOOD
Buying Admin Assistant
Permanent · LONDON
Ads
By
Reuters
Published
Aug 26, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nordstrom reports bigger-than-expected loss, sales plunge as pandemic hits

By
Reuters
Published
Aug 26, 2020

Nordstrom Inc reported a bigger-than-expected loss on Tuesday, as the COVID-19 pandemic shut its stores for about half of the reported quarter and consumers stayed home with little need for designer clothes.


Nordstrom


Shares of the upscale department store chain were trading down roughly 5% after the bell.
Like many of its peers, Nordstrom suffered from a pandemic-induced months-long closure of its stores across the United States, bringing foot traffic to a standstill.

Shoppers staying home to curb the spread of the virus, didn’t find themselves purchasing as much upscale apparel and formal work attire.

“We’re confident that we can improve sales trends in the second half of the year and beyond,” said Pete Nordstrom, president and chief brand officer of Nordstrom.

“Our inventories are current and in-line, and we’re focused on amplifying relevant categories, brands and trends to meet customers’ changing preferences.”

The pandemic has drastically changed how and where people shop, with many choosing to spend their dollars on sweatpants or “joggers,” sports bras and basics.

Nordstrom’s bottom line also took a hit after the retailer moved its popular Anniversary Sale from the second to the third quarter. The move affected its online sales, which fell 5%.

“Digital sales were down, which is surprising,” said Sucharita Kodali, retail analyst at Forrester Research. “They (Nordstrom) said the Anniversary Sale switch hurt them, but even then dot com sales were only up 20% while others were seeing 100%+ ecommerce growth.”

With millions still unemployed, ‘essential,’ lower-price retailers like Walmart and Target are seeing record boosts in online sales across most categories, including apparel.

Looking forward to the all-important winter holiday season, Nordstrom executives said the firm would join other retailers in “bringing in gift offerings before Thanksgiving.”

Nordstrom would continue to refine its marketing strategy and invest in top performing categories like home, active and wellness, they told investors on a post-earnings conference call.

Seattle-based Nordstrom reported a net loss of $255 million, or $1.62 per share, compared with a profit of $141 million, or 90 cents per share, a year earlier.

Analysts had expected a loss of $1.48 per share, according to IBES data from Refinitiv.

Total revenue fell 52% to $1.86 billion, missing Wall Street estimates of $2.38 billion.

© Thomson Reuters 2022 All rights reserved.