Nordstrom shares (JWN) fell over 10% in early trading on Friday after the retailer reported a drop in sales amid a broader decline in discretionary spending and executives warned about record levels of retail theft.
KEY TAKEAWAYS
- Nordstrom shares tumbled in early trading on Friday after the retailer reported a drop in sales.
- Sales were down 8.3% compared to the same period a year ago and below pre-pandemic levels.
- Nordstrom attributed the decline in part to the timing of its anniversary sale, and closing stores in Canada.
Nordstrom reported revenue of $3.77 billion for the second quarter, above expectations of $3.65 billion, and earnings per share of $0.84 compared to estimates of $0.44. However, sales were down 8.3% compared to the same period a year ago, and remained below pre-pandemic levels.
Nordstrom attributed the decline in part to the timing of its anniversary sale and closing stores in Canada. It also said a rise in losses related to theft impacted its results.
“Losses from theft are at historical highs. And I’d say we find it unacceptable and needs to…