Nordstrom Inc said labor costs pinched its quarterly profit and warned of product shortages at its off-price stores heading into the holiday season, sending its shares down 23% in extended trading on Tuesday.
The San Francisco-based lifestyle retailer announced a net loss of $152 million, or $0.40 per diluted share, for the third quarter, on Tuesday, as the company struggled with ongoing global supply chain issues.
The American fashion retailer reported Q3 net sales of $905.2 million on Tuesday, a figure that represented an increase of 10% compared to $819.7 million in the prior-year period, led by a 17% rise in the United States.
American Eagle Outfitters said on Tuesday its inventory levels jumped ahead of the holiday season as it spent more on freight to overcome supply-chain disruptions, after posting better-than-expected quarterly results.
Richemont is moving its enterprise IT infrastructure to Amazon Web Services in a deal to drive more dynamic e-tail experiences, more personalisation, better supply chain management and many other benefits.
Threads giant Coats Group seems to be bouncing back from the pandemic with the company on Tuesday saying that in the three months to the end of October, its organic revenue was 6% higher than the same period in 2019.
The American fashion retailer reported a year-over-year increase of 16.7% in its third-quarter net sales on Monday and a 14.6% rise compared to the same period two years ago, as progress online offset in-store declines.