×
93 038
Fashion Jobs
FABLETICS
Director, Technical Design - Yitty
Permanent · EL SEGUNDO
PUMA
Manager, Basketball Marketing
Permanent · Somerville
BANANA REPUBLIC
General Manager - Destiny Mall
Permanent · Syracuse
BANANA REPUBLIC
General Manager - Seattle Premium
Permanent · Tulalip Bay
NORDSTROM
Retail Stock & Fulfillment - Northshore
Permanent · Peabody
NORDSTROM
Asset Protection Agent - Boca Raton Towne Center
Permanent · Boca Raton
NORDSTROM
Asset Protection - Agent - Metro Pointe at South Coast Rack
Permanent · Costa Mesa
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Tacoma
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Jeffersonville
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Butler
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Herndon
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Ames
TAPESTRY
Manager, Supply Operations
Permanent · New York
TAPESTRY
Manager, Ecommerce Content & Strategy
Permanent · New York
GAP
General Manager - mt. Pleasant t/c
Permanent · Mount Pleasant
NEW BALANCE
Senior Financial Analyst
Permanent · Boston
JCREW
District Manager
Permanent · Sugar Land
SACK OFF 5TH
Asset Protection Investigator
Permanent · CHARLOTTE
SACK OFF 5TH
Asset Protection Guard
Permanent · ATLANTA
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Soho
Permanent · NEW YORK
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Short Hills
Permanent · Millburn
ATHLETA
Assistant General Manager - Park Meadows
Permanent · Lone Tree
By
Reuters
Published
Nov 23, 2022
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Nordstrom cuts profit forecast on higher costs

By
Reuters
Published
Nov 23, 2022

Nordstrom Inc trimmed its annual profit forecast on Tuesday, as the retailer wrestles with supply chain pressures, higher operating costs and aggressive discounting to clear out-of-fashion inventory.


Nordstrom


Shares of the Seattle-based firm fell about 5% in extended trading.

Net sales in its eponymous stores declined 3.4%, while its off-price division, Nordstrom Rack, posted a 2% fall.

Profit margins of global fashion retailers have been hit by rising raw material, labor costs and supply chain disruptions aggravated by the war in Ukraine.

Nordstrom has also been offering steep discounts and promotions to clear excessive and outdated inventory, especially in the private label category.

The company reported a net loss of $20 million, or 13 cents per share, for the third quarter ended Oct. 29, compared to a profit of $64 million, or 39 cents per share, a year earlier.

Total revenue fell 2.4% to $3.55 billion, but beat analysts' expectations of $3.47 billion, according to Refinitiv data.

Adjusted earnings was 20 cents per share, also topping estimates of 13 cents. The company reaffirmed its annual revenue and adjusted profit forecasts. The company expects fiscal earnings per share, excluding the impact of repurchase activity, to be between $2.13 and $2.43, compared to prior forecast of $2.45 to $2.75.

© Thomson Reuters 2022 All rights reserved.