Nordstrom sales come up short, echoing broader retail industry pressures
Publishing timestamp: 2023-11-21 17:39:36
Summary
Nordstrom's sales declined by nearly 7% year over year and missed Wall Street's revenue expectations. However, the company highlighted progress in improving Nordstrom Rack's performance and managing its inventory. Nordstrom reiterated its full-year sales outlook, expecting a decline of 4% to 6%. The company's net income rose compared to the previous year, but total revenue declined. Nordstrom's efforts to drive growth have been challenged by weaker demand and a shift in consumer priorities. Other retailers have also reported softer sales and signaled caution for the holiday season. Nordstrom's digital sales decreased, but the company emphasized improving trends in certain categories. Despite the challenges, Nordstrom opened new Rack stores and is working towards its goals of higher sales and improved profitability. The company remains cautious about consumer spending during the holiday season. Nordstrom's stock has underperformed the S&P 500 this year.
Sentiment: MIXED
Tickers: LOW, ANF, AEO, BBY, JWN,
Keywords: breaking news: business, nordstrom inc, business, lowe's companies inc, american eagle outfitters inc, abercrombie & fitch co, best buy co inc, retail industry, business news,
Source: https://www.cnbc.com/2023/11/21/nordstrom-jwn-earnings-q3-2023.html