Nordstrom reported that net sales at its eponymous retail stores fell 3.4% in its third quarter, and overall sales for the company slowed down in the past couple of months, “particularly in geographies with unseasonably warm weather”, according to Reuters.
Additionally, Nordstrom trimmed its net profit forecast for the fiscal year ending January 2023, and saw shares fall about 9% in extended training.
Furthermore, Chief Executive Erik Nordstrom said Nordstrom was clearing excess stockpiles to exit the year with healthy inventory levels, as the company girds against a downturn that had “impacted all customer segments, with outsized impact in the lowest income groups.”
During Q3, Nordstrom Rack fell 2%, total revenue fell 2.4% to $3.55 billion, but those numbers did surpass original analysts’ expectations of $3.47 billion, according to Refinitiv data.
