82 950
Fashion Jobs
URBN
Anthropologie Omni Service Specialist Part-Time
Permanent · NOVI
BUCKLE BRANDS
Freight Coordinator
Permanent · MUNCIE
TAILORED SHARED SERVICES
Creative Project Manager
Permanent · DUBLIN
TAILORED SHARED SERVICES
sr Digital Category Manager
Permanent · DUBLIN
TAILORED SHARED SERVICES
Associate Digital Category Manager
Permanent · DUBLIN
SALLY BEAUTY CORPORATE
IT Senior Manager
Permanent · DENTON
HAND & STONE
Assistant Spa Manager - Apex
Permanent · APEX
HAND & STONE
Assistant Spa Manager - Voorhees
Permanent · VOORHEES TOWNSHIP
HAND & STONE
Assistant Spa Manager - Brentwood
Permanent · BRENTWOOD
HAND & STONE
Assistant Spa Manager - Princeton
Permanent · PRINCETON
HAND & STONE
Assistant Spa Manager - South Park
Permanent · CHARLOTTE
HAND & STONE
Assistant Spa Manager - Camp Hill
Permanent · CAMP HILL
HAND & STONE
Assistant Spa Manager - Chantilly
Permanent · FAIRFAX
HAND & STONE
Assistant Spa Manager - Gaithersburg
Permanent · GAITHERSBURG
HAND & STONE
Assistant Spa Manager - Medford
Permanent · MEDFORD
HAND & STONE
Sales Manager - Winston-Salem
Permanent · WINSTON-SALEM
HAND & STONE
Assistant Spa Manager - Severna Park
Permanent · SEVERNA PARK
HAND & STONE
Assistant Spa Manager - Langhorne
Permanent · LANGHORNE
HAND & STONE
Assistant Spa Manager - Timonium
Permanent · TIMONIUM
HAND & STONE
Assistant Spa Manager - Newtown Square
Permanent · EDGMONT
HAND & STONE
Assistant Spa Manager - Falls Church
Permanent · FALLS CHURCH
HAND & STONE
Assistant Spa Manager - Reston
Permanent · RESTON
By
Reuters
Published
May 29, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Nordstrom sales plunge nearly 40% on pandemic-led store closures

By
Reuters
Published
May 29, 2020

Upscale department store chain Nordstrom Inc on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the Covid-19 pandemic shut stores.


Seattle-based Nordstrom said online sales rose 5% to $1.1 billion in its first quarter ended May 2 - Nordstrom


Measures to contain the coronavirus outbreak have weighed heavily on retailers, with J.C. Penney, J.Crew, Neiman Marcus and Stage Stores all having recently filed for bankruptcy.

Seattle-based Nordstrom said online sales rose 5% to $1.1 billion in its first quarter ended May 2. The retailer has strived to reduce inventory, cut costs and sharpen its marketing strategy.

“We successfully strengthened our financial flexibility by increasing liquidity, lowering inventory by more than 25 percent from last year and significantly reducing our cash burn by more than 40 percent from March into April,” Chief Executive Erik Nordstrom said in a statement.

“We’re entering the second quarter in a position of strength.”

Nordstrom said roughly 40% of its stores have reopened, though they are in smaller markets. It plans to reopen its entire fleet of shops by the end of June, including in major markets California and New York.

Total net sales in the first quarter dropped to $2.03 billion from $3.35 billion a year earlier.

It reported a net loss of $521 million, or $3.33 per share, compared with a profit of $37 million, or 23 cents per share, a year earlier.

The company said store closures and restructuring led to a $173 million charge. Earlier this month, Nordstrom announced it would close 16 of its 116 full-line U.S. stores.

Earlier on Thursday, America’s top dollar store chains, Dollar General Corp and Dollar Tree Inc, beat profit estimates and said they would benefit from demand for affordable groceries and household essentials in coming months as rising unemployment threatens to spur a deep recession.

© Thomson Reuters 2024 All rights reserved.