Nordstrom reports weaker quarterly sales and says it's winding down its Canadian business

Nordstrom Inc. on Thursday said it would end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts.

“We entered Canada in 2014 with a plan to build and sustain a long-term business there,” Chief Executive Erik Nordstrom said in a statement. “Despite our best efforts, we do not see a realistic path to profitability for the Canadian business.” For the full year, Nordstrom said it expected revenue to fall 4% to 6%, and adjusted earnings per share — excluding charges related to the wind-down of its Canadian business — of between $1.80 and $2.20. FactSet forecast adjusted earnings per share of $1.98, with sales largely unchanged from fiscal 2022.Nordstrom reported as more retailers this month signal caution over their financials and shopper demand in the year ahead — but further discounts for consumers over that time as well.

Smart move. No value in Canada for private sector shareholders thanks to my son.

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Nordstrom earnings top expectations, retailer says it's winding down Canada operationsNordstrom has struggled with slower sales, more markdowns and pressure from activist investor Ryan Cohen.
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