Nordstrom Inc. yesterday cut its forecast for full-year sales and profit after reporting weaker than expected first-quarter results that were hurt by the roll out of a new loyalty program and slow sales of full-priced women’s clothing, Reuters reported. Shares of the department store operator tanked more than 9 percent in post-market trading. The Seattle-based retailer, which sells everything from apparel and footwear to home decor, saw sales at its full-price and off-price businesses fall online and in its stores, hurt by an unsuccessful roll out of its “Nordy Club” loyalty program, reduced digital marketing and products that did not resonate as well with shoppers as the company had hoped. Co-president Erik Nordstrom said on a post-earnings conference call the company stopped sending rewards “notes” to its loyalty customers by mail in an attempt to get the program online and reach customers faster. That shift caused a reduction in foot traffic at all of its stores, the executive said, as many customers rely on receiving these rewards by mail.
