Nordstrom's Q1 net sales fell to $3.1B, down 11.6% YoY

 

Nordstrom's Q1 net sales fell to $3.1B, down 11.6% YoY.  E-commerce sales dropped by 17.4% following the closure of Trunk Club, Nordstrom's apparel box service.  Net sales at Nordstrom's full-line department stores dropped by 11.4%.  The firm estimates that the wind-down of its Canadian business reduced total net sales by 175 basis points. Nordstrom's off-price Rack chain eliminated store-based fulfillment of digital orders, harming sales by about 600 basis points. Nordstrom's performance beat expectations, and shares surged 9.4% in extended trading following the release of its financial results.