Nordstrom Inc said labor costs pinched its quarterly profit and warned of product shortages at its off-price stores heading into the holiday season, sending its shares down 23% in extended trading on Tuesday.
Macy's Inc raised its full-year sales and profit outlook on Thursday, signaling the department store chain had sidestepped supply chain snarls and was well stocked for the all-important holiday season.
Kohl’s Corp raised its full-year net sales forecast on Thursday as the department store chain, like rival Macy’s Inc, benefited from Americans stepping out to shop more following the easing of pandemic restrictions.
Many consumers are entering the holiday season with more disposable income, but retailers are up against a supply chain crisis that has left them scrambling to stock enough partywear, among other things.
New analysis of online search and social media activity has come up with the world’s most popular department stores. The top 10 is dominated by American and British names with New York and London the key destinations.
As retailers continue to deal with a national labor shortage, the off-price luxury destination has announced that it has increased the minimum wage for all its hourly associates in North America to $15 per hour.