Nordstrom tops Wall Street’s quarterly expectations, even as it braces for sales declines

Nordstrom exceeds sales and earnings expectations but maintains caution for the future, as revenue is expected to decline and the company faces challenges in its turnaround efforts.

cnbc.com

Relevant topic timeline:

8/24/2023

Nordstrom stock jumps as earnings beat estimates, sales fall less than feared

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.

8/24/2023

Nordstrom's results reflect cautious consumer spending, echoing department store sector blues

Nordstrom reports a decline in sales and profits in its fiscal second quarter, reflecting cautious spending by shoppers.

8/24/2023

Nordstrom stock reverses gains as execs warn about 'historic' retail theft

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%.

8/24/2023

Retailers are raising the alarm about theft. For this department-store chain, it’s been ‘within our plans.’

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.

8/25/2023

Nordstrom Shares Tumble After Reporting Sales Drop and Record Theft

Nordstrom shares plummeted over 10% as the retailer reported a sales drop, citing a decline in discretionary spending and record levels of retail theft.