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Retailers take expensive measures to clear inventory ahead of peak season

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Nordstrom Acquires Stake in Four Asos Brands

Nordstrom Acquires Stake in Four Asos Brands
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Downsizing hurts Nordstrom in Q1

Dive Brief:
The effect of Nordstrom s decision last year to close 16 full-line stores was felt during its first quarter, when net sales rose 44% from 2020, but fell 13% from 2019. Year over year, full-line store sales rose 37% and off-price Rack sales rose 59%; compared to 2019, sales at each fell 13%.
E-commerce sales were up 23% year over year and 28% compared to 2019, and accounted for 46% of the period s total sales, according to a company press release. Ending inventory was down 2% compared with the same quarter two years ago, the company said.
Nordstrom remained in the red but narrowed its net loss to $166 million from $521 million a year ago. Year over year, gross profit expanded about 2,000 basis points to 31% of net sales, but was down 260 basis points compared with 2019 due to lower sales and lower merchandise margins, partially offset by permanent reductions in buying and occupancy costs. ....

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