1 June 2020
The Weekly
United States

Nordstrom said online sales rose 5% to $1.1bn in its first quarter ended May 2. Nordstrom has strived to reduce inventory, cut costs and sharpen its marketing strategy. “We successfully strengthened our financial flexibility by increasing liquidity, lowering inventory by more than 25% from last year and significantly reducing our cash burn by more than 40% from March into April,” Erik Nordstrom, CEO, said.  Roughly 40% of its stores have reopened, though they are in smaller markets. It plans to reopen its entire fleet of shops by the end of June, including in major markets California and New York. Total net sales in the first quarter dropped to $2.03bn from $3.35bn a year earlier. It reported a net loss of $521mn compared with a profit of $37mn a year earlier. The company said store closures and restructuring led to a $173mn charge. Earlier this month, Nordstrom announced it would close 16 of its 116 full-line U.S. stores.

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