The Situation
Nordstrom Inc (NASDAQ: JWN) shares -- an American luxury department store chain founded in 1901 -- plunged on Wednesday after Q3 net sales fell. As of 12:00 PM, ET shares dropped by 5.72%.
JWN Stock Plunged: Here’s What Happened
11/23/2022
The Explanation
Nordstrom Inc officially went public in 1971, reaching its largest market cap of $15.10 billion in 2014. The company’s market cap dropped by 77.6% since its all-time high down to $3.6 billion.
The company announced its third-quarter net sales dropped by 3.4%. Its net loss was at $20 million or $0.13 per share for the quarter that ended on October 29.
The company’s GMV decreased by 2.9% compared to the same period in 2021, with digital sales dropping by 16.4%. Digital sales represented 34% of total quarterly sales.
See the $JWN chart performance here.
The Effect
Nordstrom Inc stocks reported a drop in digital sales, a segment that represented around a third of total quarterly sales. The investors' reactions happened despite the company reporting total revenue of $3.55 billion, beating analyst expectations of $3.47 billion.
Since investors can’t know how the company will perform in the next quarter, it is more important to focus on Nordstrom’s business. The company adjusted its net profit forecasts for the fiscal year ending in January 2023.
See full $JWN flow at: https://unusualwhales.com/stock/JWN/flow-overview
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