Macy's Inc M is trading lower Wednesday in sympathy with Nordstrom Inc JWN after the company announced worse-than-expected third-quarter financial results.
Nordstrom reported quarterly earnings of 39 cents per share, which is up from 22 cents per share year-over-year. The company reported quarterly revenue of $3.53 billion, which came in below the estimate of $3.54 billion.
Nordstrom reaffirmed that full-year revenue is expected to grow more than 35% year-over-year.
"We're taking action to improve performance at Nordstrom Rack, including optimizing inventory levels, better balancing price points and increasing brand awareness," said Erik Nordstrom, CEO of Nordstrom.
"Work is also underway to improve merchandise margin across the company and ensure we have the visibility and flexibility we need to serve our customers seamlessly, despite global supply chain challenges," the Nordstrom CEO added.
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Macy's operates nearly 600 stores under the Macy's brand, 56 stores under the Bloomingdale's brand, and about 160 freestanding Bluemercury specialty beauty stores.
M Price Action: Macy's has traded as high as $37.95 and as low as $9.32 over a 52-week period.
The stock was down 6.32% at $31.51 at time of publication.
Photo: Mike Mozart from Flickr.
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