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we should be prepared for perhaps promotional activity that would happen later on this year
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2022 Q2
5 Sep 22
50-50, the markdown between Q3, Q4, Q4 really contemplates what we anticipate to be a continued highly promotional environment in Q4.
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2022 Q2
5 Sep 22
we’re taking markdowns in both banners
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2022 Q2
5 Sep 22
It’s taking more markdowns to clear out older products.
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2022 Q2
5 Sep 22
we are updating our 2022 financial outlook to reflect deceleration at the end of the second quarter, reduced topline growth expectations for Nordstrom Rack, and increased markdown pressure.
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2022 Q2
5 Sep 22
Ending inventory increased 10%, versus a 12% increase in sales
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2022 Q2
5 Sep 22
Gross profit, as a percentage of net sales, increased 65 basis points, primarily due to leverage on buying and occupancy costs, partially offset by higher markdown rates on clearance product
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2022 Q2
5 Sep 22
managing our inventory levels conservatively will allow us to be more agile in responding to a rapidly changing business environment
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2022 Q2
5 Sep 22
we are taking action to right-size our inventory, improve our sales to inventory spread, and enter 2023 in a clean inventory position.
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2022 Q2
5 Sep 22
Our forecast assumes that the $200 million of incremental markdown pressure in the second half of the year will be split relatively evenly between the third and fourth quarters.
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2022 Q2
5 Sep 22
no signs of trade down.
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2022 Q2
5 Sep 22
clearance has actually been a real soft part of our inventory.
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2022 Q2
5 Sep 22
we have not seen a lot of evidence of trade down.
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2022 Q2
5 Sep 22
some of the lower-priced more item-oriented parts of those businesses have slowed down
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2022 Q2
5 Sep 22
we did see June, July, particularly in Rack with the meaningful deceleration of trend
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2022 Q2
5 Sep 22
saw a clear deceleration at the end of June. It bounced around a bit from end of June to the end of the quarter.
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2022 Q2
5 Sep 22
Our revised outlook reflects approximately $200 million of incremental markdown impacts in the second half, relative to our previous outlook.
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2022 Q2
5 Sep 22
Q1 call, we had not seen an adverse impact on customer spending from inflationary pressures. That continued until late June, when demand began to soften, predominantly at Nordstrom Rack and in our lowest income customer segments
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2022 Q2
5 Sep 22
clearance activity exerts pressure on gross profit in the near term
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2022 Q2
5 Sep 22
We are taking aggressive action to clear through excess inventory
(No comment added)
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2022 Q2
5 Sep 22