(Reuters) – Nordstrom Inc (NYSE:) on Tuesday reported better-than-expected revenue for the holiday quarter, aided by a rise in e-commerce sales and growth in its off-price business, Rack.
Pandemic-induced declines in household income and high unemployment rates have led to a spike in demand for affordable clothing. This boosted the off-price business of Nordstrom, which also benefited from a greater shift to online shopping.
Sales at Nordstrom Rack decreased 23% from a year earlier, but were better than previous quarter’s 32% slump.
Digital sales of about $2 billion in the reported quarter accounted for 54% of the retailer’s total business.
Total revenue fell 19.7% to $3.65 billion in the fourth quarter ended Jan. 30. Wall Street had forecast $3.60 billion, according to analysts surveyed by Refinitiv IBES.
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