Nordstrom, Inc., a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children. It offers a range of brand name and private label merchandise through various channels, such as Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Jeffrey boutiques; clearance stores that operate under the Last Chance name
Nordstrom shares tanked today to their lowest price since 2010 after reporting first-quarter results that missed on the top and bottom lines.
Nordstrom reported earnings of 23 cents per share on revenue of $3.44 billion. However, Wall Street was expected earnings of 43 cents per share on revenue of $3.58 billion. Nordstrom blamed the dismal numbers on the roll out of their new loyalty program and slow sales in women’s clothing.
Co-president Erik Nordstrom said on a post-earnings conference call the company stopped sending rewards “notes” to its loyalty customers by mail in an attempt to get the program online and reach customers faster. That shift caused a reduction in foot traffic at all of its stores, the executive said, as many customers rely on receiving these rewards by mail.
However, Nordstrom’s Management thinks the current issues are correctable…YEAH RIGHT. The chart suggests price is heading lower to the weekly demand at $28.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.