Nordstrom’s third-quarter sales fell short of analysts’ expectations. Rampant inflation is weighing on the US retailer’s revenues.
While Nordstrom’s results exceeded expectations, the group failed to meet Wall Street’s targets for third-quarter sales, published on Tuesday November 21.
The rampant inflationary climate weighed on consumer spending in the months leading up to the major holiday trading period. High interest rates, rising food prices and the onset of student debt repayments have also put a damper on the Group’s ambitions.
In the third quarter, however, the Seattle-based American retail chain posted a net profit of $67 million, or earnings per diluted share (EPS) of $0.41, compared with a net loss of $20 million a year earlier.
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Featured Photo: © Nordstrom
