Nordstrom's stock rose 6% after beating earnings and same-store sales estimates, despite reporting an 8.3% drop in sales attributed to the timing of its Anniversary Sale and the wind-down of its Canadian operations.
Nordstrom reports a decline in sales and profits in its fiscal second quarter, reflecting cautious spending by shoppers.
Nordstrom's CEO Erik Nordstrom addressed the issue of high theft losses, which have reached historical highs, during an earnings call, causing the company's shares to fall 4.3% despite better than expected sales and earnings, with overall sales dropping 8.3%.
Nordstrom executives stated that levels of theft at their stores have not exceeded expectations, despite a recent massive robbery at one of their locations, although they acknowledged that losses from theft are at historical highs and need to be addressed.
Nordstrom shares plummeted over 10% as the retailer reported a sales drop, citing a decline in discretionary spending and record levels of retail theft.
