Nordstrom to close stores in US, Canada, withdraws 2020 outlook due to coronavirus

Earnings


CHICAGO – NOVEMBER 21: Nordstrom signage is visible at its store November 21, 2003 in Chicago. Nordstrom, Inc. reported net earnings of $45.5 million, or $0.33 per diluted share, for the third quarter of 2003, which ended November 1, 2003. For the same period last year, net earnings and earnings per diluted share were $18.4 million and $0.14, respectively. (Photo by Tim Boyle/Getty Images)

Tim Boyle | Getty Images News | Getty Images

Apparel retailer Nordstrom on Monday withdrew its fiscal 2020 forecast and said it would close stores in the United States and Canada for two weeks due to the coronavirus pandemic.

The company said it would close stores, including Nordstrom full-line, Nordstrom Rack and Trunk Club clubhouses, effective March 17, in an effort to arrest the spread of the virus.

It will provide pay and benefits to its store employees during the period, Nordstrom said.

The Seattle-based retailer also suspended share repurchases as part of a plan to further cut its expenses.

“While February sales were in-line with expectations, the company experienced a broad-based deceleration in customer demand over the past couple of weeks, particularly in markets most affected by the virus,” Nordstrom said.



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