Retail

Shares of Nordstrom tank after reporting sales lower than 2019 levels

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Shoppers leave a Nordstrom store on May 26, 2021 in Chicago, Illinois.

Scott Olson | Getty Images News | Getty Images

Shares of Nordstrom fell nearly 17% on Wednesday, as analysts soured on the outlook for the department store chain.

Late Tuesday, Nordstrom posted fiscal second-quarter earnings that outpaced expectations and raised its outlook. However, revenue remained below 2019 levels even as it tried to coax shoppers back to the store with its big annual anniversary sale.

The selloff on Wednesday snaps a four-day streak of gains.

In a research note, JPMorgan analyst Matthew Boss said Nordstrom’s performance remains underwhelming. He said the current economy should be “as good as it gets”…



Source cnbc.com

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