Nordstrom reported a 40% drop in first-quarter sales as the pandemic forced the retailer to shutter stores, but it also cut its cash burn rate by 40% and reduced its inventory by more than 25%. The retailer, which previously announced plans to permanently close 16 full-line department stores, will ramp up its focus on online sales and off-price retail.
Nordstrom sees future growth in online, off-price retail
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