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Investing.com – Nordstrom reported second-quarter results that missed analysts’ expectations as pandemic-led store closures weighed on sales.
Nordstrom (NYSE:JWN) lost 0.06% to trade at $15.52 in after-hours trade following the report.
The firm reported a loss per share of $1.54 on revenue of $1.86B. Analysts polled by Investing.com forecast EPS of $-1.5 on revenue of $2.37B.
Net sales decreased 53% from last year, reflecting “temporary store closures for approximately 50% of days during the quarter due to COVID-19 in addition to an approximately 10-percentage point timing impact from the Nordstrom anniversary sale shifting from the second quarter to the third quarter,” the company said.
Looking ahead, the company touted improved performance in the second half of the year.
“We’re confident that we can improve sales trends in the second half of the year and beyond,” said Pete Nordstrom, president and chief brand officer of Nordstrom “Our inventories are current and in-line, and we’re focused on amplifying relevant categories, brands and trends to meet customers’ changing preferences.”
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