IBES data from Refinitiv indicates, Nordstrom is confident of improving sales in the second half of the year and beyond. The retailer reported a bigger-than-expected loss and a 53 per cent fall in sales in its second quarter ended August 1 as stores were shut for about half of the reported quarter due to the COVID-19 pandemic. The company is currently focusing on amplifying relevant categories, brands and trends to meet customers' changing preferences.
Like many of its peers, Nordstrom suffered tremendously from a pandemic-induced months-long closure of its stores across the United States, bringing foot traffic to a standstill. The company’s bottom line took a hit after the retailer moved its popular Anniversary Sale from the second to the third quarter. The move impacted its online sales which declined by 5 per cent.
The Seattle-based company posted net sales of $1.78 billion for the second quarter compared with $3.78 billion, a year earlier. It reported a net loss of $255 million, or $1.62 per share, compared with a profit of $141 million, or 90 cents per share, a year earlier. Its total revenue fell by 52 per cent to $1.86 billion, missing Wall Street estimates of $2.38 billion.
