Nordstrom falls after cutting its full-year earnings forecast - BNN Bloomberg

Investors had been expecting Nordstrom Inc.’s affluent shoppers to largely insulate the department-store operator from the consumer pullback that’s forced other retailers to downgrade their outlooks this earning season. But Nordstrom is feeling the pain at its off-price Rack stores, which cater to more budget-conscious buyers.

Nordstrom shares fell 13 per cent at 5 p.m. in New York trading. The stock has gained 2.6 per cent in 2022 through Tuesday’s close. The Nordstrom Rack business continues to cause headaches for the company. At the end of last year, Nordstrom said that poor inventory planning at the off-price chain had dragged on revenue growth. In the company’s second quarter, which ended July 30, robust demand from more resilient high-end shoppers wasn’t enough to counter weakness at Rack. The company now plans to clear out inventory.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Zoom slumps as video-conferencing company cuts sales forecast - BNN BloombergZoom projected sales and profit for the current quarter that fell short of Wall Street’s estimates, suggesting tightening corporate budgets and increased competition are weighing on the enterprise software maker.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »

The Daily Chase: Scotiabank kicks off bank earnings season; Experts push for green hydrogen - BNN BloombergBank of Nova Scotia opened earnings season today with an adjusted profit that was essentially in line with estimates ($2.10 vs $2.11) as the drags that analysts anticipated heading into the quarter materialized. BNN segment on Tim Horton's Pizza was pitiful garbage. Is this what the channel is coming to?
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »