Why Nordstrom Stock Was Falling Earlier Today
Shares of Nordstrom (NYSE: JWN) were down 19.4% as of 11:02 a.m. ET on Wednesday after the fashion retailer reported earnings results for the second quarter.
The company reported its sixth consecutive quarter of double-digit sales growth but issued disappointing guidance for the near term. The post-earnings drop puts the stock's year-to-date loss at 17% at the time of writing.
On the surface, Nordstrom's results were decent. Sales increased 12% year over year, while earnings per share improved 57%. CEO Erik Nordstrom said that customer demand decelerated "significantly" toward the end of the quarter, which impacted sales at Nordstrom Rack.
Source Fool.com
