Nordstrom forecast full-year revenue and profit above estimates on Tuesday, signaling strong demand for its upscale apparel and footwear as Americans resume normal life, and driving its shares up 38% in extended trading.
Nordstrom Inc said labor costs pinched its quarterly profit and warned of product shortages at its off-price stores heading into the holiday season, sending its shares down 23% in extended trading on Tuesday.
The department store retailer has reportedly informed the landlords of its full-price namesake locations and its off-price Nordstrom Rack stores that it will only pay half of its occupancy costs for the rest of the year.
As Covid-19 continues to spread, Monday saw a number of North American retailers moving to protect consumers and employees by implementing store closures, including Nordstrom, Guess, Canada Goose, VF, PVH and Ulta.
Nordstrom's new store, located a few blocks from Central Park, marks the 118-year-old company's first flagship offering in the nation's biggest retail market and aims to reboot a format that has been fading.