Sales at Nordstrom’s full-price stores during the holidays missed targets, the company said this afternoon.
Full-price comps rose 0.3% with soft traffic in stores. Comps had been trending up 1.9% year-to-date.
Business was better in the company’s off-price business, with comps increasing 3.9%, which met expectations.
Digital sales company-wide grew 18% during the holidays.
Because full-price sales did not meet plan, the company will have more markdowns than planned to clear inventory.
As a result, earnings per diluted share is expected to be on the low end of Nordstrom’s prior outlook range of $3.27 to $3.37.
Nordstrom is not the only department store to miss holiday targets. Macy’s said last week that it also missed its forecast and cut its sales and earnings guidance for the year.
