Nordstrom reports bigger-than-expected loss as markdowns hit margins

Nordstrom Inc (JWN.N) posted a bigger-than-expected quarterly loss on Tuesday, hurt by price markdowns the department store chain had to initiate due to excess holiday inventory and increasing competition in the retail sector.

The retailer’s shares, which have gained 17% this year, fell 7% in extended trading, as first-quarter sales declined 13% from 2019. In contrast, rival apparel retailer Urban Outfitters Inc (URBN.O) reported a 7.3% rise in net sales…