Nordstrom reports drop in net sales


May 22, 2019 | By RetailME Bureau

US-based fashion retailer Nordstrom, Inc. has reported that its net sales decreased 3.5% for the first quarter of 2019. The company’s first quarter net earnings were $37 million compared with $87 million during the same period in fiscal 2018.

Nordstrom’s top-line results were impacted by three areas – loyalty, digital marketing and merchandise – which contributed to declines across its full-price and off-price businesses, in both stores and online. In full-price, net sales decreased 5.1% compared with the same period in fiscal 2018. Off-price net sales decreased 0.6%. The total company digital sales, on the other hand, grew 7% and represented 31% of the business.

“While we expected softer trends from the fourth quarter to continue into the first quarter, we experienced a further deceleration. We had executional misses with our customers, and we’re committed to better serving them. This is well within our control to turn around,” said Erik Nordstrom, co-president, Nordstrom, Inc. “The strength of our inventory and expense execution helped mitigate a meaningful portion of our sales miss. We ended the quarter with inventories in solid shape, and our financial position remains strong. We’re actively taking steps to drive our top-line, and we’re focused on delivering on our financial goals.”

To date in fiscal 2019, Nordstrom has opened three stores, closed two stores and relocated one store. Going forward, for the 2019 financial year, Nordstrom will remain focused on three strategic objectives of gaining market share, improving profitability and returns and maintaining disciplined capital allocation to drive shareholder returns.

To read more: https://press.nordstrom.com/news-releases/news-release-details/nordstrom-reports-first-quarter-2019-earnings

 

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand 

Continue Reading

March 31, 2021 | By RetailME Bureau

Locally owned supermarket Spinneys celebrates 60 years of doing business in the 

Continue Reading

March 9, 2021 | By RetailME Bureau
Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau




Download Images RetailME Magazine