The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SEATTLE, United States — Nordstrom Inc., the largest U.S. luxury department-store chain, missed same-store sales estimates in the most recent quarter as the retail industry struggles to lure customers with promotions.
Sales at stores open at least a year rose 2.7 percent in the second quarter ended Aug. 2, missing the 3.1 percent that analysts had estimated. Its full-line department stores saw sales drop 1.2 percent, compared with projections for growth of 1.2 percent.
Shares of the Seattle-based retailer fell as much as 3.7 percent in late trading after the results were released. They had risen less than 1 percent to $68.69 at the New York close.
The company posted quarterly profit that narrowly beat analysts’ estimates and lifted the low end of its annual earnings forecast.
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Net income amounted to 95 cents a share, the company said today in a statement. Analysts had estimated 94 cents on average, according to data compiled by Bloomberg. Nordstrom now expects earnings for the year of at least $3.80 a share, up from an earlier forecast of at least $3.75. Quarterly sales rose 6.1 percent to $3.39 billion.
By Nick Turner; Editors: Stephen West, John Lear
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.