NEW YORK – Upscale department store retailer Nordstrom reported Thursday that its sales plunged nearly 40% in its fiscal first quarter when the pandemic forced a temporary shutdown of its stores.
The Seattle-based company, however, said it has improved its financial flexibility by reducing inventory by more than 25% and has reduced the rate at which it is burning through cash by 40% from March into April.
Nordstrom announced earlier this month that it was closing 16 of its 116 full-scale department stores. “We’re entering the second quarter in a position of strength, adding to our confidence that we have sufficient liquidity to successfully execute our strategy in 2020 and over the longer term, " said CEO Erik Nordstrom.