Friday, May 29, 2020

Nordstrom touts its ‘flexibility’ as quarterly results miss targets; sales plunge 40%, losses top half a billion dollars

Seattle Times
Nordstrom insists it is well-positioned moving forward despite reporting a 40% drop in first-quarter sales and a loss of more than half a billion dollars in a coronavirus walloping far worse than analysts expected.

CEO Erik Nordstrom told analysts in a conference call after results were released Thursday that the company’s inventory reductions and increased online emphasis leave it with enough liquidity and flexibility as the nation begins to reopen. The company this month reopened nearly 40% of its stores — mostly in smaller markets — and implemented curbside pickup at most full-line locations after shuttering them in mid-March due to pandemic concerns.. . . more