Market Updates
Nordstrom Second Quarter Sales Rise 12%, Plans to Cut Inventories and Costs
Scott Peters
24 Aug, 2022
New York City
Nordstrom, Inc plunged 18.7% to $18.86 after the retailer issued a cautious outlook.
Second quarter sales increased 12% to $4.1 billion from $3.7 billion a year ago.
Net income rose to $126 million or 77 cents from $89 million or 49 cents a share.
During the quarter, Nordstrom branded store net sales increased 14.7%, Nordstrom Rack increased 6.3% and digital sales increased 6.3% from a year ago.
Digital sales account 38% of total sales in the quarter.
The timing shift of the Anniversary Sale had a positive impact on Nordstrom store and Nordstrom Rack net sales of approximately 400 basis points.
"In the second quarter, men
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