The US retail group Nordstrom Inc. suffered an unexpectedly significant decline in sales in the third quarter of the 2023/24 financial year. Unlike in the same period last year, the company was able to report a profit.
On Tuesday evening, the retailer said it had sales of $3.32 billion (€3.05 billion) in the three months to October 28. This corresponded to a decline of 6.4 percent compared to the same quarter of the previous year. The company attributed the losses, among other things, to the discontinuation of its activities in Canada.
Thanks to significant cost reductions, operating profit, which had been just $3 million in the same period last year, rose to $103 million. The bottom line was a net profit of 67 million US dollars (61 million euros). In the third quarter of last year, the retailer reported a loss of $20 million.