The upsacale department store’s results were affected by the timing of its anniversary sale.
Nordstrom has reported its sales and profits fell in its fiscal second quarter, joining its department store peers coping with shoppers’ cautious spending.
Nordstrom’s sales were affected by the timing of the company’s anniversary sale, with one week falling into the third quarter this year compared to one day in 2022. Moreover, last year’s results included a full quarter of sales from its Canadian operations, which the company wound down in June of this year.
Nordstrom said it expects a revenue decline between 4% to 6% for the year compared with a year ago. It also expects earnings per share of between 1.80 dollars to 2.20 dollars for the year, excluding charges related to the wind-down of its Canadian operations. Analysts expect 1.98 dollars per share, according to FactSet.