Friday, March 2, 2018

Nordstrom shares drop on lower-than-expected earnings

Seattle Times

As renewed interest swirls around the Nordstrom family’s effort to take the retailer private, the Seattle-based company reported record sales but lower-than-expected earnings for its fiscal fourth quarter.

Comparable sales at Nordstrom’s full-line U.S. stores and its off-price Nordstrom Rack stores were down 1.7 percent and 0.9 percent, respectively, during the quarter, continuing the mostly downward trend seen at many retailers buffeted by changing shopping habits and demographic trends.

Meanwhile, comparable sales at its online properties have grown, often by double-digit percentages — they were up 12.4 percent at Nordstrom.com and 23.7 percent at Nordstromrack.com/HauteLook — albeit from a smaller base.. . . more