Why Nordstrom Stock Is Down Over 18% This Week
Shares of upscale retailer Nordstrom (NYSE: JWN) have had a rough week, falling 18.8% through Thursday's close following a sell-off triggered by Tuesday's second-quarter earnings report.
But at first glance, Nordstrom's earnings report was a good one, with sales and profit both coming in ahead of expectations. What drove the sell-off, and was it justified?
Nordstrom's second-quarter revenue and earnings both came in above the company's own guidance and above Wall Street's consensus estimates. Sales of $3.56 billion were double its year-ago results, and the bottom line showed a profit of $0.49 per share. That was a double beat: Wall Street analysts polled by Thomson Reuters had expected a profit of just $0.28 per share on sales of $3.31 billion.
Source Fool.com
