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Nordstrom Reduces Profit Forecast Due to Rising Expenses

Charlie Brooks

Nov 23, 2022 14:35

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Tuesday, Nordstrom Inc cut its annual profit forecast, citing supply chain issues, higher operating expenditures, and aggressive markdowns to clear out-of-season merchandise.


During extended trading, the Seattle-based company's shares declined by almost 5 percent.


Net sales in its eponymous shops decreased by 3.4%, while its off-price business, Nordstrom (NYSE:JWN) Rack, had a 2% decline.


The company expects fiscal earnings per share, excluding the impact of share repurchases, to range from $2.13 to $2.43, a reduction from its earlier estimate of $2.45 to $2.75.


Increased raw material, labor, and supply chain costs have damaged the profit margins of global fashion retailers, which have been compounded by the situation in Ukraine.


Moreover, Nordstrom has been offering considerable discounts and promotions to clear out surplus and out-of-date inventory, notably in the private label sector.


The company had a net loss of $20 million, or 13 cents per share, for the third quarter ended October 29, compared to a profit of $64 million, or 39 cents per share, for the same period a year earlier.


According to Refinitiv data, overall sales declined 2.4% to $3.55 billion, but above the $3.47 billion forecast by experts.


Adjusted earnings per share were 20 cents, above analysts' predictions of 13 cents.


The company confirmed its annual sales and profit forecasts.

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