Nordstrom missed Wall Street targets for third-quarter revenue on Tuesday as sticky inflation pressured consumer spending in the months leading up to the all-important holiday shopping season. Shares of the upmarket department store chain fell nearly 1 percent in volatile after-market trading.
Nordstrom executives said in a post-earnings call that the active, beauty and accessories segments were leading sales growth. The company’s eponymous label recorded a 9.4 percent drop in sales while discount banner Rack declined only 1.8 percent, its smallest fall in five quarters, as efforts to bring in trendier brands started to pay off.
That, coupled with lower markdowns, helped the company post a 180-basis point increase in quarterly gross profit. Total revenue fell 6.4 percent to $3.32 billion, missing analysts’ estimates of $3.40 billion, according to LSEG data. Excluding items, Nordstrom earned 25 cents per share, topping estimates of 13 cents.
Nordstrom
More from NEWS
Luxury brands show resilience in 2025 (Report)
Powered by its real-time shopper insights, it’s all about what translated into searches, sales, and style trends across the marketplace. …
BAPE steps up retail expansion in Asia
Following the recent recognition of BAPE®’s American Dream store by the Retail Design Institute International Design Awards, the Japanese streetwear …
Synergy Installers: Precision and Craftsmanship in Luxury Spaces
Who We Are For more than twenty years, Synergy Installers has been a trusted partner for leading manufacturers and luxury brands. …
