An individual walks into the Nordstrom retailer open for enterprise as New York City strikes into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 29, 2020 in New York, New York.
Rob Kim | Getty Images
Nordstrom on Wednesday reported a sales decline of 22% for the nine-week interval ended Jan. 2, as the division retailer chain struggled to get customers to return into its shops for attire, footwear and holiday items.
Its shares fell greater than 2% in after-hours buying and selling.
Nordstrom stated its digital sales throughout the holiday interval grew 23% from 2019 ranges, and represented 54% of whole sales, in contrast with 34% a yr in the past. And greater than 30% of shoppers’ on-line orders have been fulfilled by its shops, the corporate added.
The double-digit sales decline was in-line with expectations it had set for the fourth quarter, Nordstrom stated.
“We’re encouraged by the increasing momentum throughout and following the holiday season,” CEO Erik Nordstrom stated in an announcement.
The firm continues to count on a worthwhile fourth quarter, but it surely stated it nonetheless faces pressures as a result of heightened transport surcharges at its rising e-commerce enterprise.
Nordstrom is about to carry a digital investor occasion on Feb. 4, and can report its fourth-quarter outcomes on March 2.
On Tuesday, the attire retailer Urban Outfitters reported disappointing holiday sales as a result of declines in retailer site visitors due to the Covid pandemic. While big-box retailer Target on Wednesday said same-store sales climbed more than 17% over the holidays, boosted by positive factors on-line. Off-mall retailers, like Target, Best Buy and Walmart, have largely been performing higher than mall-based firms.
Nordstrom shares are down about 10% over the previous 12 months. The firm has a market worth of practically $6 billion.