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Nordstrom’s 1Q sales fell 40% as pandemic shuttered stores

Credit: Seattle Times- Published on May 28, 2020
NEW YORK (AP) — Upscale department store retailer Nordstrom reported Thursday that its sales plunged nearly 40% in its fiscal first quarter when the pandemic forced a temporary shutdown of its stores. The Seattle-based company, however, said it has improved its financial flexibility by reducing inventory by more than 25% and...
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Video credit: Wochit Entertainment
Published on May 28, 2020 -  00:33
Nordstrom Sales Plunge Nearly 40%
(Reuters) - Upscale department store chain Nordstrom Inc (JWN.N) on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the COVID-19 pandemic forced it to shut stores. Retailers are reeling from the impact of the coronavirus crisis, with Nordstrom rivals J.C. Nordstrom said digital sales rose 5% to $1.1 billion in the first quarter ended May 2.

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