Why Nordstrom Stock Was Plunging on Friday
A pronounced decline in quarterly sales sent (NYSE: JWN) investors heading for the exits on the last trading day of the week. The storied retailer's stock price was down by almost 8% in late-session trading on Friday, contrasting sharply with the 0.8% gain of the S 500 index.
Just after market hours on Thursday, Nordstrom published those quarterly figures. These showed that the company's revenue fell by nearly 8% year over year to $3.77 billion. Net income veered in the opposite direction, rising by 9% to $137 million. That profitability filtered down into a per-share figure of $0.84 according to both GAAP and non-GAAP (adjusted) standards.
Collectively, analysts tracking the retail stock were modeling revenue of $3.65 billion and per-share earnings of $0.44.
Source Fool.com
