Nordstrom reported profit and sales that beat expectations. However, on a two-year stack, sales fell 6% versus fiscal 2019. The Nordstrom brand was down 5% compared with 2019 and the off-price Rack brand fell 8%.
Nordstrom Inc. shares plunged 17% in Wednesday trading after the luxury department store reported quarterly sales that show a 6% drop compared with 2019.
On the earnings call, Erik Nordstrom, the retailer’s chief executive, said the Rack brand is undergoing a “merchandise repositioning” effort that is already showing results in the active, home and kids categories. iframe.twitter-tweet { width: 100% !important; } Department stores struggled before the pandemic, and saw apparel sales stall and stores close temporarily during the pandemic. But the most recent results from Macy’s Inc. M, +0.47% and Kohl’s Corp. KSS, -0.
“With the current backdrop potentially ‘as good as it gets’ for both Nordstrom’s $100K+ core household income customer… and on the pricing/promotional front – Nordstrom’s absolute and relative performance remains underwhelming with full price revenues ~900 basis points below department store peers, Rack comps ~2,500 basis points below off-price peers, and management forecasting full year operating margins ~200 basis points below 2019,” wrote JPMorgan analysts in a note.
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