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Nordstrom Inc (NYSE: JWN) cut its financial forecast for the full year blaming excessive inventory and slowing demand.
The department store chain now sees annual sales, including credit card revenue, up 5% to 7%, compared with a prior range calling for a 6% to 8% increase.
In the second quarter, Nordstrom posted revenue of $4.10 billion, beating estimates of $3.97 billion, according to Refinitiv.
Net income of the company grew to $126 million, or 77 cents a share, from $80 million, or 49 cents a share, a year earlier.
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