Nordstrom to wind down Canadian business, expects weak annual revenue

A Nordstrom store is pictured in New York, U.S., March 1, 2021. REUTERS/Brendan McDermid/File PhotoQ4 revenue of $4.32 bln vs est. $4.34 blnsaid on Thursday it would discontinue its Canadian operations and forecast annual revenue below analysts' expectations, signaling high inflation levels were dampening consumer spending on discretionary items.

The decision to wind down the operations would result in about a $400 million decline in total net sales in fiscal 2023, the company said, adding it also expects a $35 million improvement in total earnings before interest and taxes . "We expect elevated inflation and rising interest rates would continue to weigh on consumer spending, especially in the first half of the year," Nordstrom interim Chief Finance Officer Michael Maher said in a post earnings call, echoing comments from peers

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nordstrom reports weaker quarterly sales and says it's winding down its Canadian businessNordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Smart move. No value in Canada for private sector shareholders thanks to my son.
Source: MarketWatch - 🏆 3. / 97 Read more »

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.
Source: CNBC - 🏆 12. / 72 Read more »