Nordstrom shares drop as retailer says vacation gross sales tumbled 22%

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An individual walks into the Nordstrom retailer open for enterprise as New York Metropolis strikes into Section 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 29, 2020 in New York, New York.

Rob Kim | Getty Photos

Nordstrom on Wednesday reported a gross sales decline of twenty-two% for the nine-week interval ended Jan. 2, because the division retailer chain struggled to get consumers to come back into its shops for attire, footwear and vacation items.

Its shares fell greater than 2% in after-hours buying and selling.

Nordstrom mentioned its digital gross sales through the vacation interval grew 23% from 2019 ranges, and represented 54% of whole gross sales, in contrast with 34% a 12 months in the past. And greater than 30% of consumers’ on-line orders had been fulfilled by its shops, the corporate added.

The double-digit gross sales decline was in-line with expectations it had set for the fourth quarter, Nordstrom mentioned.

“We’re inspired by the growing momentum all through and following the vacation season,” CEO Erik Nordstrom mentioned in an announcement.

The corporate continues to anticipate a worthwhile fourth quarter, however it mentioned it nonetheless faces pressures on account of heightened transport surcharges at its rising e-commerce enterprise.

Nordstrom is about to carry a digital investor occasion on Feb. 4, and can report its fourth-quarter outcomes on March 2.

On Tuesday, the attire retailer Urban Outfitters reported disappointing holiday sales on account of declines in retailer site visitors due to the Covid pandemic. Whereas big-box retailer Target on Wednesday said same-store sales climbed more than 17% over the holidays, boosted by beneficial properties on-line. Off-mall retailers, like Goal, Best Buy and Walmart, have largely been performing higher than mall-based firms.

Nordstrom shares are down about 10% over the previous 12 months. The corporate has a market worth of practically $6 billion.

Read the full press release from Nordstrom.

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