Gordon Haskett Downgrades Nordstrom (JWN) to Reduce (4)
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Nordstrom (JWN) shares falls after 'unsurprising' guidance cut
January 20, 2023 8:04 AM ESTAfter the close on Thursday, Nordstrom (NYSE: JWN) released its holiday sales performance and updated its fiscal 2022 guidance, revealing softer sales over the Christmas period.
The retailer reported a 3.5% fall in net sales for the nine-week holiday period ended December 31, while it also cut its adjusted EPS guidance to a range between $1.50 and $1.70 from the prior outlook of $2.30 to $2.60. In addition, annual revenue growth is expected at the low end of its previously issued outlook of 5% to 7%.
Following the announcement, Nordstrom shares tumbled, down around 7% premarket.
Morgan Stanley analyst... More
