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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