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Nordstrom Credit Card Glitch Impacts Its Income

Nordstrom’s income last quarter took a hit due to an unexpected charge related to its store credit card even as its sales continued to increase. The one-time charge of $72 million, or 28 cents a share, was to refund customers whose delinquent credit-card accounts were mistakenly charged a too-high interest rate. The company estimates that less than 4% of Nordstrom cardholders will receive a cash refund or credit to outstanding balances, with most receiving less than $100, according to Chain Store Age.

Read the whole story at Chain Store Age »

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