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

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Investors had been expecting Nordstrom’s affluent shoppers to largely insulate the department-store operator from the consumer pullback. But Nordstrom is feeling the pain at its off-price Rack stores, which cater to more budget-conscious buyers.

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.

 

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