Nordstrom cuts its forecast under the weight of excess inventory
August 24, 2022
Nordstrom cuts its full-year financial forecast as the retailer looks to move excess inventory at a time of slowing demand. “Customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack,” Nordstrom CEO Erik Nordstrom said. “We are adjusting our plans and taking action to navigate this dynamic in the short term, including aligning inventory and expenses to recent trends.”
Recent News
Peloton CEO Steps Down and Layoffs Begin
Peloton, the popular fitness technology company, has announced significant changes in its leadership and organizational structure.
California Restaurants Must Start Eliminating Special Surcharges
Starting July 1, California is changing the game for restaurant bills.
T-Mobile Now Owns Ryan Reynolds-Backed Mint Mobile
The deal is worth upwards of $1.35 billion.
Chipotle Is Giving Away Over $1 Million in Burritos to Healthcare Workers
In acknowledgment of the tireless contributions of healthcare workers, Chipotle Mexican Grill has announced a notable gesture of appreciation: the distribution of 100,000 free burrito e-cards.