Nordstrom (NYSE: JWN) swung to a loss in the first quarter of 2020 hurt by the COVID-19 related charges. The fashion retailer reported a loss of $3.33 per share compared to a profit of $0.23 per share in the prior-year quarter. After-tax COVID-19 related charges totaled $173 million or $1.10 per share. Sales dropped 40% to $2.03 billion in the first quarter.
In March, the company withdrew its fiscal 2020 outlook due to the uncertainty related to COVID-19 pandemic. Nordstorm also suspended its dividend and share repurchases.
Applying a phased market-by-market approach, Nordstorm began reopening stores in early May with approximately 40% of its fleet now open.
JWN stock was trading up about 1% immediately after the earnings announcement.