Downsizing Hurts Nordstrom In Q1

The effect of Nordstrom’s decision last year to close 16 full-line stores was felt during its first quarter, when net sales rose 44% from 2020, but fell 13% from 2019. Year over year, full-line store sales rose 37% and off-price Rack sales rose 59%; compared to 2019, sales at each fell 13%. E-commerce sales were up 23% year over year and 28% compared to 2019, and accounted for 46% of the period’s total sales, according to a company press release. Ending inventory was down 2% compared with the same quarter two years ago, the company said. Read more at Retail Dive.