Nordstrom Stock Slumps 6% on Slow Recovery
On Tuesday afternoon, Nordstrom (NYSE: JWN) reported that sales jumped 44% year over year last quarter. Meanwhile, the iconic retailer significantly reduced its net loss compared to the prior-year period, when the COVID-19 pandemic crushed its sales and profitability.
Nevertheless, Nordstrom stock sank 6% on Wednesday, as the results didn't meet investors' elevated expectations. With demand for dressy clothing likely to make a strong recovery over the next few quarters, this setback for Nordstrom shares could be a good buying opportunity.
Source Fool.com