Why Nordstrom Stock Crashed Today
Shares of Nordstrom (NYSE: JWN) plunged 17.6% on Wednesday, following the release of the retailer's second-quarter financial report.
Nordstrom's net sales doubled from the second quarter of 2020, when coronavirus-related store closures weighed heavily on its results. Revenue from Nordstrom's namesake brand surged 127%, while sales for its Nordstrom Rack brand increased 61%.
Moreover, cost controls helped Nordstrom's gross margin improve by 13.7 percentage points to 35%. The retailer's net earnings, in turn, came in at $80 million, or $0.49 per share, compared to a loss of $255 million, or $1.62 per share, in the year-ago period.
Source Fool.com
