Nordstrom Execs React to Slow Start to Year

Nordstrom isn’t making any excuses for its weak first-quarter showing and promises new tactics to “change the fortunes.” “We’ve gotten off to a difficult start. The big news is there is big, big part of the year left and we have some exciting things ahead,” said Pete Nordstrom, copresident of $16 billion Nordstrom Inc., addressing shareholders at the annual meeting Thursday in Seattle. “There are events that can change our fortunes,” Nordstrom said, citing the impending opening of the New York City women’s flagship; the Anniversary Sale in the summer which offers new fashion arrivals at discounts for a temporary period, and efforts to sell more gifts in the fourth quarter. It’s been a particularly tough time for Nordstrom Inc. with the family suffering the sudden passing of Blake Nordstrom in January, and a disappointing first quarter. Net earnings fell to $37 million versus $87 million in the year-ago period and sales fell 3.5 percent. Women’s apparel and beauty were the most challenged areas and the company has lowered guidance for the year, projecting sales down 2 percent to flat compared to previous guidance of up 1 to 2 percent, and earnings per share at $3.25 to $3.65 versus $3.65 to $3.90. “We’ve got

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