Retail exec Pete Nordstrom discusses how the company is getting back to normal selling
By APMonday, February 22, 2010
On the Call: Nordstrom exec Pete Nordstrom
NEW YORK — Upscale retailer Nordstrom Inc.’s business is improving with the company, helped by inventory cuts that let it clear merchandise without drastic price reductions.
On the company’s conference call, Pete Nordstrom, executive vice president and president of merchandising, talked about the pace of promotions.
QUESTION: Are you getting back to normal-price selling?
RESPONSE: We are getting back to a more normal rhythm and cadence around the percentage of the regular-priced business and off-priced business (we discount). It was skewed there for about 12 months or so. We are going through difficult times, but as we got in the fourth quarter, our regular-price business … is back to historical levels. So there would be no reason for us to call out more clearance. Frankly we don’t have more clearance. We have kept our inventories clean.
