Nordstrom cuts FY22 EBIT margin view to 2.8%-3.1% from 4.1%-4.4%

Reflecting lower than expected gross margin as the company took additional markdowns to finish the year in a healthy inventory position; SG&A expenses continue to reflect progress on the company’s supply chain optimization initiatives and ongoing expense discipline. Sees FY22: Adjusted EBIT margin of 3.1%-3.3%, compared with its prior outlook of 4.3%-4.7%. Income tax rate in line with its previously issued outlook of approximately 27%. Leverage ratio slightly above 3.0 times by year-end, compared with its prior outlook of below 2.9 times.