Nordstrom Sales and Profit Warning Adds to Department Store Woes

Nordstrom joins other department stores like Macy's and Kohl's warning about sales. Nordstrom says its profit was down in the 1st quarter on lower sales and more markdown. It will also reduce its online offerings. Retail experts predict in the Washington Post that of the nation's 1100 malls, as many as a third or even half may end up closing. Macy's executives already say they have too many stores. Apple is investing a billion dollars in the Chinese version of Uber. The Los Angeles Times says the ride sharing service, called Didi, could be a new revenue source for Apple, which is hurting from slower iPhone sales. Didi says it works with more than 14 million drivers in 400 Chinese cities. Donald Trump says Amazon has a huge 'antitrust problem'. In an interview with Fox News, Trump also said that Amazon's CEO Jeff Bezos, who owns the Washington Post, is using the newspaper to influence politicians in Washington to help Amazon on tax policy. Amazon did not immediately respond. Retail sales for April are due today.