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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.
