Nordstrom's Finance Chief to Retire Next Spring

Nordstrom Inc.'s chief financial officer intends to retire next spring, the retailer said Monday.

Michael G. Koppel joined the Seattle-based department-store chain in 1999 as vice president and corporate controller and was promoted to CFO two years later.

Nordstrom in August reported its first quarterly revenue decline in seven years as it struggled to revamp sales at full-price stores, which account for the bulk of business.

Meanwhile, its profit has declined in the three most recent years and is expected to decline again this year.

Department stores, once the main traffic driver at shopping malls as the catchall destination for various brands, have been hard hit by shifts in consumer behavior—and spending—with online sales picking up at the expense of traditional brick-and-mortar stores.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

October 24, 2016 19:25 ET (23:25 GMT)

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