Nordstrom quarterly revenue misses, cuts net sales forecast for 2019

(Reuters) - Nordstrom Inc's first-quarter sales missed Wall Street expectations on Tuesday, as the department store operator blamed softer trends from the fourth quarter that continued into the reported quarter, sending its shares down 9 percent. Total revenue fell 3.3 percent to $3.44 billion, falling short of analysts' estimates of $3.58 billion, according to IBES Refinitiv data.

Reuters May 22, 2019 04:05:23 IST
Nordstrom quarterly revenue misses, cuts net sales forecast for 2019

Nordstrom quarterly revenue misses cuts net sales forecast for 2019

(Reuters) - Nordstrom Inc's first-quarter sales missed Wall Street expectations on Tuesday, as the department store operator blamed softer trends from the fourth quarter that continued into the reported quarter, sending its shares down 9 percent.

Total revenue fell 3.3 percent to $3.44 billion, falling short of analysts' estimates of $3.58 billion, according to IBES Refinitiv data.

The company also cut its 2019 net sales forecast and expects a 2% decline to flat growth, compared with its previous projection of 1% to 2% rise.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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