8 April 2020
The Weekly

“The longer our stores remain closed to the public, the greater impact it will have on our results of operations and financial condition, and if our physical locations remain closed to customers for an extended period of time our financial situation could become distressed,” Nordstrom said Wednesday; the pandemic, so far, has had a “substantial impact” on its business. It said it expects its results for the quarter ended May 2, and beyond, to be “adversely impacted in a significant manner.” Nordstrom has already taken a number of measures to cut costs and raise additional liquidity, as have many other retailers. It has furloughed the majority of its workforce, suspended its quarterly dividend payment effective in the second quarter of 2020, drawn down $800mn on its revolving credit facility and halted share repurchases. Nordstrom has already withdrawn its 2020 earnings outlook. Its net sales in fiscal 2019 fell 2.2% to $15.13bn, while net income fell to $496mn, from $564mn in fiscal 2018.

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