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Nordstrom holiday sales fall 22%

Nordstrom Inc. shares fell more than 3% in the extended session Wednesday after the retailer reported holiday sales that were in line with company expectations and said it continued to expect a fourth-quarter profit. Net sales declined about 22% for the nine-week holiday period ended Jan. 2, with December sales for the Nordstrom and Nordstrom Rack brands higher than November sales “with momentum continuing into January,” the company said. Online sales in the period rose 23% “and continued to represent a majority of the business,” Nordstrom said. The company “continues to expect to deliver positive earnings before interest and taxes (EBIT) and operating cash flow for the fourth quarter.” Nordstrom will report fourth-quarter and full-year 2020 earnings on March 2. Shares of Nordstrom ended the regular trading day up 0.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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