Nordstrom has witnessed a substantial blow on its business due to the lockdown owing to pandemic. Similarly, the results for quarter ending May 2 and after will be negatively impacted in a momentous manner. It has already taken various mitigation measures to cut costs and raise additional liquidity just like many others. The retailers’ bricks-and-mortar stores have been closed with an uncertain reopening date.

Going with the current trend, Nordstrom has also furloughed majority of its workforce and suspended its quarterly dividend payment effective from the second quarter of 2020. Additionally, it has drawn down $800 million revolving credit facility and halted share repurchases.

Furthermore, Nordstrom has pulled back its 2020 earnings outlook. Its net sales in fiscal 2019 fell 2.2 per cent to $5.13 billion, while net income fell to $496 million in 2019 that was $564 million in fiscal 2018.