Nordstrom Slumps on Forecast Cut, Stoking Department-Store Gloom
- Kohl’s, J.C. Penney also tumbled after disappointing results
- New wave of proposed tariffs loom over the apparel industry
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The optimism for department stores after Macy’s Inc.’s rosier report last week was short-lived, with Nordstrom Inc., J.C. Penney Co. and Kohl’s Corp. posting sales declines Tuesday that rattled the industry.
Same-store sales, a key gauge of retail success, missed projections at both J.C. Penney and Kohl’s, signaling the chains still have their work cut out for them as shoppers’ preferences evolve. Nordstrom, which has stopped reporting comparable sales, recorded a drop in revenue. Both Nordstrom and Kohl’s slashed their full-year outlooks.