Sales were much worse than expected at Nordstrom in the first quarter, and the retailer lowered its guidance for the year Tuesday afternoon.
Net sales fell 3.5%. Full-price sales dropped 5.1% and off-price sales fell 0.6%.
The company blamed execution problems in its revamped loyalty program, digital marketing, and merchandise assortment.
Nordstrom also reported disappointing results in Q4, but said the declines accelerated in Q1.
Profits also dropped sharply in Q1. Net earnings fell 57% to $37 million.
The company now expects full-year sales to be down 2% to flat. Previously, the company had expected sales to grow 1% to 2%.
Nordstrom also lowered its earnings per share guidance for the year to a range of $3.25 to $3.65 vs. the previous outlook of $3.65 to $3.90.
Nordstrom stock price is down 9% in after-hours trading this afternoon to $34.37.
