Nordstrom Inc. stock dropped more than 20% in extended trading Tuesday after the retailer reported mixed quarterly results and said it needs to 'move faster'...
Nordstrom Inc. stock dropped more than 20% in extended trading Tuesday after the retailer reported mixed quarterly results and said it needs to “move faster” to grow market share amid rising expenses and labor costs.
Sales rose 18% to $3.6 billion, but fell 1% in relation to the same quarter in 2019, the company said. FactSet consensus called for per-share earnings of 57 cents on sales of $3.5 billion for the quarter. Moreover, Nordstrom is “taking action to improve performance at Nordstrom Rack, including optimizing inventory levels, better balancing price points and increasing brand awareness,” he said.
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