Direct marketer and retailer Nordstrom, Inc., Seattle, has laid off 2,500 people and made other cost-cutting moves to make up for what could be an 85% drop in profit for its fiscal quarter ending Oct. 31, according to Reuters. Further details were not immediately available at deadline. The company attributed the projected shortfall to sluggish sales since the terrorist acts in New York and Washington,
Direct marketer and retailer Nordstrom, Inc., Seattle, has laid off 2,500 people and made other cost-cutting moves to make up for what could be an 85% drop in profit for its fiscal quarter ending Oct. 31, according to Reuters.
Further details were not immediately available at deadline.
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The company attributed the projected shortfall to sluggish sales since the terrorist acts in New York and Washington, DC on Sept. 11.
Specifically, the company said it expects to earn three cents to six cents a share in the quarter, down sharply from its previous forecast for earnings of 17 cents to 20 cents a share.
Analysts on average had expected a third-quarter profit of 10 cents a share, but estimates ranged from 3 cents to 19 cents.
