Nordstrom Provides Business Update Related to Coronavirus
“The health and safety of our customers and employees remain our top priority as we continue to make decisions during this rapidly evolving situation. We’re taking decisive actions across the business to help protect employees, customers and others in the communities we serve,” said
To do its part to limit the spread of the virus, the Company will temporarily close its stores, including
“During this unprecedented period of uncertainty, we have in place the appropriate business continuity plans, operational framework and team,” said
The Company issued its fiscal 2020 guidance on
- 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.
- With more than 100 years managing through multiple business cycles,
Nordstromremains flexible and agile in making appropriate adjustments to its operational and capital allocation plans. The Company continues to maintain a strong focus on inventory discipline and expense management and remains committed to executing its savings plan of $200to $250 millionin fiscal 2020.
- In light of the current economic uncertainty,
Nordstromis making further reductions to its expense and capital expenditure plans and is currently suspending share repurchases.
Certain statements in this press release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “targets,” “anticipates,” “assumptions,” “plans,” “expects” or “expectations,” “intends,” “estimates,” “forecasts,” “guidance” and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended