Categories: Headlines

Nordstrom’s Q1 Losses more than Half a Billion USD

Nordstrom (Seattle) announced its first quarter net sales fell 40 percent from the previous year, Retail Dive reports. Its Rack sales fell 45 percent and its full-line sales fell by 36 percent, while its e-commerce sales rose 5 percent with a reported new online customer growth of more than 50 percent.

The retailer temporarily closed its stores March 17 due to the COVID-19 pandemic. Some locations have begun to reopen to shoppers as shelter-in-place orders are eased across the U.S.

Overall the retailer experienced a $813 million loss before interest and taxes, due to markdowns as well as a decrease in sales volume due to temporarily store closures.

VMSD Staff

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