Nordstorm shuts stores, withdraws fiscal 2020 outlook

To do its part to limit the spread of the virus, Nordstrom Inc. will temporarily close its stores, including Nordstrom full-line, Nordstrom Rack, Trunk Club clubhouses and Jeffrey in the U.S. and Canada for two weeks, effective March 17. Nordstrom said in a statement that it continues to serve customers through its online business, which made up one-third of sales in 2019.

“During this unprecedented period of uncertainty, we have in place the appropriate business continuity plans, operational framework and team. This, in concert with ending 2019 with a solid financial position and healthy balance sheet, gives us the ability to weather this challenging moment in time,” said Erik Nordstrom, CEO of the company.

The company added that its fiscal 2020 guidance issued on March 3, 2020 did not include the impact of COVID-19 and due to heightened uncertainty relating to the impacts of the situation on its business operations, Nordstrom is withdrawing its 2020 guidance. The company further said that while February sales were in-line with expectations, it experienced a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus.

Picture:Nordstrom press room