Cut-price clothing channel, online force drives Nordstrom’s revenue by Reuters

(Reuters) – Nordstrom Inc (NYSE 🙂 posted better-than-expected revenue for the holiday quarter on Tuesday, helped by a surge in e-commerce sales and growth in its off-price business, Rack. The pandemic-induced decline in household income and high unemployment rates have led to an increase in demand for affordable clothing. This drove Nordstrom’s off-price business, which also benefited from a larger shift toward online shopping. Sales at Nordstrom Rack were down 23% from the prior year, but were better than the 32% drop in the prior quarter. Digital sales of around $ 2 billion in the reported quarter accounted for 54% of the retailer’s total business. Total revenue fell 19.7% to $ 3.65 billion in the fourth quarter ending January 30. Wall Street had forecast $ 3.60 million, according to analysts polled by Refinitiv IBES.

Disclaimer: Fusion Media wishes to remind you that the data contained on this website is not necessarily accurate or in real time. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data. Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.