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Nordstrom Q2 FY20 sales down 53% to $1,778 mn

26
Aug '20
Pic: Shutterstock
Pic: Shutterstock
Nordstrom, a US-based leading fashion retailer, reported second quarter (Q2) financial results for fiscal 2020 ended on August 1, 2020. Net sales for the quarter declined 53 per cent to $1,778 million (Q2 FY19: $3,778 million) reflecting temporary store closures for approximately 50 per cent of days during the quarter due to Covid-19. 
 
“At the onset of the pandemic, we focused on protecting and enhancing liquidity, and we successfully executed on these plans,” Erik Nordstrom, chief executive officer of Nordstrom, said in a press release. 
 
Company incurred a net loss of $255 million during Q2 FY20 compared to net income of $141 million in same period last year. 
 
In July, Nordstrom increased inventory receipts to meet customer demand, particularly for its one-of-a-kind anniversary sale, which began with early access for Nordy Club customers on August 4 and all customers on August 19. 
 
“We’re confident that we can improve sales trends in the second half of the year and beyond,” Pete Nordstrom, president and chief brand officer of Nordstrom, said.

Fibre2Fashion News Desk (JL)


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