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Nordstrom sinks as sales miss hits department-store optimism
(Bloomberg) -- Sluggish sales at Nordstrom Inc. underscore why members of the founding family wanted to take the company private in the first place.
With unseasonable temperatures crimping demand for apparel in the first quarter, comparable sales missed analysts’ estimates. The closely watched measure rose 0.6 percent, the department store chain said Thursday after the markets closed. Analysts were expecting an increase of 1 percent, according to Consensus Metrix.
The results sent the shares down as much as 11 percent to $45.51, the biggest intraday decline in a year, on Friday and added to the industry’s mixed bag this earnings season. Macy’s Inc. cited strong consumer demand, but J.C. Penney Co.
| | seattlepi.com: Local News, 18-05-2018 18:00:00 |
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