Nordstrom cuts outlook as bad news piles up for retailers
Shares of Nordstrom are slumping in premarket trading Friday after the upscale department store chain cut its annual profit outlook amid lackluster holiday sales that forced it to slash prices NEW YORK -- Shares of Nordstrom are slipping in early trading after the upscale department store chain cut its annual profit outlook amid lackluster holiday sales that forced it to slash prices. The disappointing report is the latest evidence that shoppers, including the well-heeled, have pulled back buying during the critical holiday season as they confront higher prices and borrowing costs. Meanwhile, online furniture retailer Wayfair announced on Friday a round of layoffs as it deals with slowing sales after a pandemic-infused surge. It said it was cutting 1,750 workers, representing 10% of its global workforce as of Dec. 31. That number includes 1,200 or 18% of its corporate employees. The Boston-based company said the reorganization is meant to remove management layers and become more agil...