Pursuits
Nordstrom Plunges on Lower Forecast, Adding to Retail Woes
- Investors fear that consumers are changing the way they shop
- The outlook follows a similiarly bleak forecast from Macy’s
What Happened to U.S. Retailers?
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Nordstrom Inc. fell as much as 16 percent in New York trading after cutting its annual forecast, adding to evidence that the department-store industry is mired in a deep slump.
The company now expects earnings of $2.50 to $2.70 a share, excluding the impact of stock buybacks, according to a statement Thursday. Nordstrom had previously forecast as much as $3.35. It also reduced its sales growth predictions to between 2.5 percent and 4.5 percent, down from as much as 5.5 percent.