Nordstrom (JWN) reports Q2 2022 results

Nordstrom on Tuesday slashed its financial forecast for the full year as the department store chain faces a glut of inventory that it must discount to move off shelves.

The retailer’s lowered forecast came even as it reported fiscal second-quarter earnings and sales ahead of analysts’ estimates. Its shares fell in extended trading.

“Customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack,” CEO Erik Nordstrom said in a press release.

“We are adjusting our plans and taking action to navigate this dynamic in the short term, including aligning inventory and expenses to recent trends,” he added.

Here’s how Nordstrom did in its fiscal second quarter compared with what analysts were anticipating, based on Refinitiv estimates:

• Earnings per share: 81 cents adjusted vs. 80 cents expected
• Revenue: $4.1 billion vs. $3.97 billion expected

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