Nordstrom Expects Weak Annual Revenue, to Wind Down Canadian Business

Nordstrom Inc forecast full-year revenue below Wall Street estimates on Thursday, signaling high inflation levels were dampening consumer spending on discretionary items while the retailer decided to discontinue its Canadian business operations to drive profitability.

Stubbornly high inflation has resulted in higher rental, food and consumer prices, pushing consumers especially at the lower income rung to shop at discount stores and off-price…