Why Nordstrom Stock Fell Hard This Week
Nordstrom (NYSE: JWN) shareholders lost ground to the market this week. The stock dropped 24% through Thursday trading compared to a 0.7% decline in the wider market, according to data provided by S&P Global Market Intelligence.
The department store retailer was pushed back into negative territory for the year after outpacing the S&P 500 through most of 2022. The decline was sparked by an earnings report that caught Wall Street by surprise.
The company announced fiscal second-quarter results on Tuesday, which showed that sales rose 12% in the period that ended in late July. That result matched management's forecast, yet demand trends took a turn lower at the end of the quarter.
Source Fool.com
