Nordstrom (NYSE: JWN) reported Q1 EPS of ($2.33) ex-items, $1.38 worse than the analyst estimate of ($0.95). Revenue for the quarter came fell 40% $2.03 billion versus the consensus estimate of $2.41 billion.

"We successfully strengthened our financial flexibility by increasing liquidity, lowering inventory by more than 25 percent from last year and significantly reducing our cash burn by more than 40 percent from March into April," said Erik Nordstrom, chief executive officer of Nordstrom, Inc. "We're entering the second quarter in a position of strength, adding to our confidence that we have sufficient liquidity to successfully execute our strategy in 2020 and over the longer term."

"It is clear we can seamlessly engage with customers through our Nordstrom and Nordstrom Rack brands, across stores and online. We have a unique mix of assets, and the flexibility of our business model continues to serve us well," said Pete Nordstrom, president and chief brand officer of Nordstrom, Inc. "In 2019, our Off-Price and e-commerce businesses accounted for nearly 60 percent of sales. As we anticipate an acceleration of these longer-term customer trends, we\'re taking proactive steps to move faster in executing our strategic plans."

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