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Nordstrom Inc (NYSE:JWN) is trading lower Wednesday morning after the company reported worse-than-expected earnings results.
What Happened: Nordstrom reported a first-quarter earnings loss of $1.05 per share, which came in below the estimate for a loss of 57 cents per share. The company reported quarterly revenue of $2.92 billion, which narrowly beat the estimate of $2.9 billion.
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“We are encouraged by sales trends both in our stores and our digital business, supported by an improving consumer environment and strong execution,” said Erik Nordstrom, CEO of Nordstrom.
The fashion retailer maintained its full-year outlook, while many of its retail competitors raised their forecasts.
Related Link: Nordstrom: Q1 Earnings Insights
On May 19, Telsey Advisory Group analyst Dana Telsey maintained Nordstrom with a Market Perform rating and raised the price target from $38 to $44. Following the earnings report, Dana Telsey maintained its rating and lowered the price target from $44 to $36.
Price Action: Nordstrom traded as high as $46.45 and as low as $11.72 over a 52-week period.
The stock was down 7.65% in premarket trading at $33.69.
Photo by Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.