The disappointing report is the latest evidence that shoppers, including the well-heeled, have pulled back buying during the critical holiday season as they confront higher prices and borrowing costs.
Meanwhile, online furniture retailer Wayfair announced on Friday a round of layoffs as it deals with slowing sales after a pandemic-infused surge. It said it was cutting 1,750 workers, representing 10% of its global workforce as of
The news comes as the government reported on Wednesday that retail sales fell in December, marking the second consecutive monthly decline and the biggest monthly drop for 2022.
“The holiday season was highly promotional, and sales were softer than pre-pandemic levels,” said
Nordstrom said that it's entering the year in a stronger position with lean inventory levels. It expects year-end inventory levels to be down by a double-digit percentage compared with last year, and roughly at 2019 levels.
Nordstrom believes that revenue growth for its fiscal year, including revenue from credit cards, will be at the low end of its previously issued outlook of 5% to 7%.
For the year, the company now expects earnings per diluted share, excluding the impact of share repurchase activity, if any, of
Nordstrom is slated to report final fourth-quarter results after the close of the financial markets on
Shares of Nordstrom fell 1.7% to
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