Nordstrom Inc (JWN)

Shares of Nordstrom, Inc. (JWN) dropped by 4.63% from $14.90 to $14.21 in the trading on Wednesday, November 22, 2023. The reason why JWN is down today is due to company's third-quarter earnings report, which presented a mixed picture. While Nordstrom reported adjusted earnings of 25 cents per share for the third quarter of fiscal 2023, beating estimates, its total revenues of $3,320 million fell short of expectations and declined 6.4% year-over-year. Factors such as the wind-down of Canada operations and a 7.1% GMV decrease contributed to the revenue decline. Despite these challenges, Nordstrom remains optimistic about the upcoming holiday season due to its favorable inventory position.

Nordstrom (JWN) saw its stock price plummet by 7.73% due to a significant quarterly sales decline, while the S&P 500 index gained 0.8%. The retailer reported an almost 8% YoY revenue drop to $3.77 billion, with CEO Erik Nordstrom highlighting progress in improving Nordstrom Rack's performance despite the challenging figures.

https://www.fool.com/investing/2023/08/25/why-nordstrom-stock-was-plunging-on-friday/