Why Nordstrom's Stock Is Trading Lower Today

Benzinga2021-05-26

Nordstrom Inc (NYSE:JWN) is trading lower Wednesday morning after the company reported worse-than-expected earnings results.

What Happened: Nordstrom reported a first-quarter earnings loss of $1.05 per share, which came in below the estimate for a loss of 57 cents per share. The company reported quarterly revenue of $2.92 billion, which narrowly beat the estimate of $2.9 billion.

“We are encouraged by sales trends both in our stores and our digital business, supported by an improving consumer environment and strong execution,” said Erik Nordstrom, CEO of Nordstrom.

The fashion retailer maintained its full-year outlook, while many of its retail competitors raised their forecasts.

Related Link: Nordstrom: Q1 Earnings Insights

On May 19, Telsey Advisory Group analyst Dana Telsey maintained Nordstrom with a Market Perform rating and raised the price target from $38 to $44. Following the earnings report, Dana Telsey maintained its rating and lowered the price target from $44 to $36.

Price Action: Nordstrom traded as high as $46.45 and as low as $11.72 over a 52-week period.

The stock was down 7.65% in premarket trading at $33.69.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

HiDaya
2021-05-27
HiDaya
Like and comment guys
Poisonz
2021-05-26
Poisonz
Wow
- iShallProspr:
  Ok
- GM33:
  Yea

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