Corrects the order of the downgrade to clarify it was to BBB-plus from A-minus, and no longer the wrong way round
standard & poor’s on Friday downgraded Nordstrom Inc.’s score through one notch to BBB-plus from A-minus, citing weaker credit score metrics and the expectation that the retailer will preserve leverage above 2.zero occasions for some time. “Weaker efficiency become apparent within the 1/3 quarter of fiscal 2015, end result of the unseasonably warm weather denting gross sales of winter apparel and a prolonged promotional surroundings that endured into the fourth quarter, which contributed to endured vulnerable holiday gross sales with 1% consolidated comparable-store gross sales,” analyst Helena song stated in a statement. The outlook is secure, because of this S&P isn’t expecting to vary the ranking once more in the medium term. Nordstrom shares had been buying and selling down 9%, while the s&P 500 was once down 0.3%.
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