Nordstrom Sees 53 Percent Drop in Sales

Nordstrom (Seattle) reported is second quarter sales fell 53 percent due to store closures during the coronavirus pandemic, according to CNBC. All stores, including Nordstrom Rack locations, were closed for 50 percent of the days in this most recent quarter.

Profitability was also reportedly affected after the retailer was forced to discount merchandise to remain competitive. Revenues were $1.86 billion against the $2.38 billion forecasted. Net sales fell to $1.78 billion compared to $3.78 billion last year.

Full-price stores saw a drop of 58 percent over Q2 2019 and off-price business was down 43 percent.