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Details on Industry Insight.
- Women's apparel has been the toughest category but the company is seeing some strength in contemporary and juniors.
- Premium denim is still doing well and swim did a little better this summer than last summer.
- The men's business has become challenging in the last month or so, especially in clothing and furnishings.
- Nordstrom customers are spending less but not trading down, the company said.
- Total sales fell 4.3 percent while same-store sales fell 6 percent for full priced and Rack stores combined. Net income fell 21 percent. The toughest pieces of the business are California and women's apparel.
- The company expects third quarter same-store sales to be down 4 to 6 percent.
- Increased markdowns are hurting margins.
- The company lowered its profit outlook for the year. Earnings per share are now expected to be in the range of $2.55 to $2.65, down from $2.65 to $2.80.