Shares of Nordstrom are slipping in early trading after the upscale department store chain cut its annual profit outlook amid lackluster holiday sales that forced it to slash prices. FOX13
The disappointing report is the latest evidence that shoppers, including the well-heeled, have pulled back buying during the critical holiday season as they confront higher prices and borrowing costs.
The news comes as the government reported on Wednesday that retail sales fell in December, marking the second consecutive monthly decline and the biggest monthly drop for 2022. "The holiday season was highly promotional, and sales were softer than pre-pandemic levels," said Erik Nordstrom, chief executive of Nordstrom Inc., in a statement. "While we continue to see greater resilience in our higher income cohorts, it is clear that consumers are being more selective with their spending given the broader macro environment."
Nordstrom believes that revenue growth for its fiscal year, including revenue from credit cards, will be at the low end of its previously issued outlook of 5% to 7%.
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