Business

Nordstrom's full-price comparable sales for holiday season disappoints

(Reuters) – Nordstrom Inc (JWN.N) said on Tuesday comparable store sales at its full-price department stores rose only 0.3 percent during the crucial months of November and December, blaming lower traffic.

The department store operator said year-to-date sales at full-price stores were below its expectation and included higher discounts taken during the holiday season and steps to adjust its inventory.

In contrast, Nordstrom said comparable sales at its off-price stores rose 3.9 percent during the nine-week ended Jan.5, while online sales jumped 18 percent during the period.

Nordstrom said it expects full-year adjusted profit to be in the range of $3.55 to $3.65 per share, from the prior forecast of $3.50-$3.65.

Department store retailers such as Macy’s Inc (M.N) and Kohl’s Corp (KSS.N) earlier this month reported disappointing holiday sales.

Shares of Nordstrom, which will report results Feb. 28 after markets close, were down 3 percent in light volumes in trading after the bell.

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