Home / Knowledge / News / Fashion / Fashion retailer Nordstrom cuts Q3 profit guidance
Fashion retailer Nordstrom cuts Q3 profit guidance
10
Oct '08
Nordstrom Inc reported preliminary sales of $718 million for the five-week period ended October 4, 2008, a decrease of 5.8 percent compared to sales of $762 million for the five-week period ended October 6, 2007. Same-store sales decreased 9.6 percent.

Preliminary quarter-to-date sales of $1.28 billion decreased 5.1 percent compared to sales of $1.34 billion during the same period in 2007. Quarter-to-date same-store sales decreased 8.9 percent.

Preliminary year-to-date sales of $5.44 billion decreased 4.3 percent compared to sales of $5.69 billion for the same period in 2007. Year-to-date same-store sales decreased 6.8 percent.

UPDATED THIRD QUARTER OUTLOOK:
"The consumer environment has been impacted by events in the financial markets over the past month," commented Blake Nordstrom, president, Nordstrom.

"In September we experienced a weakening sales trend that was greater than our earlier expectations. We are monitoring business trends carefully and making the appropriate adjustments.

As a result, we believe our inventories, expenses and capital expenditures are well-positioned for current economic conditions. We remain focused on serving our customers and offering a balanced merchandise offering."

The company's below-plan sales performance combined with softer consumer credit trends have lowered expected earnings for the quarter.

Third quarter same-store sales are now expected to decrease nine to eleven percent, below the forecast of a four to six percent decrease announced at the end of the second quarter.

As a result, the company now expects to deliver third quarter earnings per share of $0.32 to $0.37, which is below its prior outlook of $0.49 to $0.54.

In keeping with its normal practice, the company will update fourth quarter and full year guidance on November 13 upon releasing third quarter earnings.

Nordstrom Inc


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search