What's Going On With Nordstrom Stock Today?
Portfolio Pulse from Adam Eckert
Nordstrom Inc (NASDAQ:JWN) reported Q3 financial results with revenue of $3.32 billion, down from $3.55 billion YOY. Earnings improved to 25 cents per share from 20 cents. Nordstrom Rack sales decreased by 1.8%, while active, beauty, and accessories categories saw growth. CEO Erik Nordstrom highlighted progress in gross margin and earnings despite economic uncertainty. The company forecasts a 4-6% revenue decline for full-year 2023 and adjusted earnings of $1.90 to $2.10 per share. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating but lowered the price target from $19 to $17. Nordstrom shares dropped 0.54% to $14.82 following the report.
November 22, 2023 | 2:10 pm
News sentiment analysis
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NEGATIVE IMPACT
Nordstrom's Q3 report showed a revenue decline but improved earnings per share. The company's cautious outlook for 2023 and a lowered price target by Telsey Advisory Group may weigh on investor sentiment.
The reported decline in revenue and the forecasted decrease for the full year are negative indicators that are likely to concern investors. The lowered price target by a prominent analyst could further contribute to a bearish outlook in the short term, despite the slight improvement in earnings per share.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100