FMP
Nordstrom Shares Plunge 11% on Revenue Miss & Record Level of Theft
Aug 25, 2023 5:36 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
Image credit: FMP
Nordstrom (NYSE:JWN) shares dropped more than 11% intra-day today after the company announced its Q2 results, with revenue of $3.62 billion, lower than the Street estimate of $3.68 billion. Earnings per share (EPS) was $0.81, surpassing the analyst estimate of $0.45.
The company expressed worries regarding credit card payment delays and inventory loss due to theft, a concern echoed by numerous other retailers.
In terms of guidance, Nordstrom reconfirmed its revenue and adjusted earnings outlook for the full year. For fiscal year 2024, the company projects an EPS range of $1.80 to $2.20, in contrast to the Street estimate of $1.99.
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