Investing.com | Jan 14, 2021 18:28
By Christiana Sciaudone
Investing.com -- Nordstrom (NYSE:JWN) did not have a merry Christmas.
Net sales dropped 22% for the nine-week holiday period ended January 2 compared with the same period in 2020. On the upside, sales trends increased sequentially by approximately 500 basis points relative to the third quarter. Digital sales grew 23% over last year and represented 54% of total sales compared with 34% from the same period in fiscal 2019.
Shares are down about 2%, though they have recovered after plunging more than 65% in April.
Nordstrom got hit hard after the Covid-19 pandemic forced stores to close around the country in an effort to avert the agglomeration of people to stem the virus. For the quarter ended in April, the company reported a loss per share of $3.33, the first decline in at least seven years, when revenue fell to $2.1 billion from $3.44 billion a year earlier. In the quarter ended January 2020, Nordstrom reported earnings per share of $1.42.
The department store chain expects to deliver positive earnings before interest and taxes and operating cash flow for the fourth quarter.
The company is scheduled to hold a virtual investor event on February 4, and report fourth quarter and full-year 2020 financial results on March 2.
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.