Nordstrom shares sink after retailer posts weak holiday sales
The retailer said it had to mark down merchandise more than expected to clear through excess inventory.In this articleShoppers exit Nordstrom at the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania.fell Thursday, after the department store chain said it was hurt by weak sales and a lot of markdowns during the holiday season.
The retailer said net sales dropped 3.5% for the nine-week holiday period that ended Dec. 31 compared with the year-ago period. Net sales decreased 1.7% for its namesake banner and 7.6% for its off-price banner, Nordstrom Rack. Nordstrom cut its earnings and margin expectations for the fiscal year, which ends in late January. It said revenue growth for the fiscal year will be at the low end of its previous announced range of 5% to 7%. It said adjusted earnings per share, excluding the impact of potential share buybacks, will range between $1.50 and $1.70. That compares with its previous outlook of $2.30 to $2.60.
With the slashed guidance, Nordstrom becomes the latest retailer to flash warning signs about the consumer and
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