Nordstrom cuts forecast after Christmas sales disappoint

Nordstrom has lowered its sales and profit outlook for 2022 following a decline of 1.7 percent in the chain’s net sales for the last nine weeks of 2022. Nordstrom Rack, the retailer’s off-price business, saw sales fall 7.6 percent during the same period. “The holiday season was highly promotional, and sales were softer than pre-pandemic levels,” said CEO Erik Nordstrom.