Nordstrom sales plunge nearly 40% on pandemic hit

(Reuters) – Upscale department store chain Nordstrom Inc on Thursday reported a nearly 40% slump in quarterly sales, as lockdowns to contain the COVID-19 pandemic forced it to shut stores.

The company recorded a net loss of $521 million, or $3.33 per share, in the first quarter ended May 2, compared with a profit of $37 million, or 23 cents per share, a year earlier.

Net sales fell to $2.03 billion from $3.35 billion.

(Reporting by Nivedita Balu in Bengaluru; Editing by Aditya Soni)