Nordstrom cuts its forecast under the weight of excess inventory

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.”