Nordstrom’s 1Q sales fell 40% as pandemic shuttered stores, Retail News, ET Retail

Davida Erdahl

NEW YORK : Upscale department retailer retailer Nordstrom described Thursday that its gross sales plunged just about 40% in its fiscal first quarter when the pandemic pressured a non permanent shutdown of its outlets.

The Seattle-centered corporation, nevertheless, explained it has enhanced its financial flexibility by cutting down stock by a lot more than twenty five% and has diminished the rate at which it is burning by way of money by 40% from March into April. Nordstrom introduced before this thirty day period that it was closing 16 of its 116 total-scale department outlets.

“We are moving into the next quarter in a placement of toughness, introducing to our self-confidence that we have enough liquidity to efficiently execute our strategy in 2020 and above the extended time period, ” explained CEO Erik Nordstrom.

Nordstrom, an anchor at malls, also sees that its long run is not in traditional buying centers.

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