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Why Nordstrom Stock Skyrocketed Today

TheMotleyFool

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Shares of Nordstrom (NYSE: JWN) soared 37.8% on Wednesday after the department store company reported encouraging results for its all-important holiday shopping season.

Nordstrom's net sales climbed 23% year over year to $4.5 billion in its fiscal fourth quarter, which ended on Jan. 29. The retailer's revenue has almost completely recovered from its pandemic-related downturn.

Sales are also beginning to rebound at Nordstrom Rack. Due to industrywide supply-chain bottlenecks, the company's off-price department store business has struggled to obtain enough inventory. Nordstrom Rack's sales also surged 23% from the year-ago period.

Source Fool.com

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