Nordstrom shares tumbled Thursday as the department store chain delivered a disappointing sales outlook for the year, and said it plans to shift more of its business toward off-price.
Nordstrom said it expects revenue to rise more than 25% in fiscal 2021 from the prior year, with roughly half of its sales coming from its digital business. Last year, the department store chain rang up about a third of its sales online.
The anticipated 2021 growth comes in a bit lower than the 26.6% revenue increase expected by analysts, according to a Refinitiv survey.
