Wednesday, May 22, 2019

‘We had executional misses’ — Nordstrom reports decline in profits and sales

The Seattle Times
Barely a day after confirming the opening date for its massive new flagship store in New York City, Nordstrom reported a sharp drop in first-quarter profits and faltering sales, thanks to continued softness in physical retail and a bungled update to its loyalty program.

Net earnings for the first quarter of fiscal 2019 were $37 million, a 57% decline from the same period last year. The Seattle-based retailer’s downbeat results echoed similarly poor first-quarter numbers for J.C. Penney and Kohl’s, which also reported Tuesday.. . . more