Nordstrom Slips As Q1 Sales Still Below 2019 Levels   By Investing.com

.By Dhirendra Tripathi

Investing – Nordstrom (NYSE:JWN) shares slipped Wednesday as first quarter sales stayed below 2019 levels even as the retailer kept its forecast for 2021 unchanged.

The fact that total net sales decreased 13% from the same period in fiscal 2019, a pre-pandemic time, pulled sentiment lower. They came at $2.92 billion, 44% higher from the same period in fiscal 2020.

This is in contrast to many other retailers reporting numbers that beat the 2019 period before coronavirus. Many chains have left 2019 behind, helped by stimulus-driven consumer spending and the desire of people to return to normal times after a year of struggling with the pandemic.

Price markdowns, necessary to reduce excess holiday season inventory, hurt the bottom line even though it narrowed from same period last year.

Net loss was $166 million, down by more than a third from $521 million in the quarter ended May 2 last year.

The company lost $1.05 per share for the first quarter. This was less than one-third of last time but higher than the Street estimate.

The Nordstrom management has stuck to its guidance of a 25% growth in annual revenue and EBIT growth of around 3%.