Shares of department store giant Nordstrom (JWN - Free Report) plunged 17.6% in Wednesday’s trading session despite reporting an impressive beat-and-raise second quarter. Earnings came in at $0.49 per share, while sales surged 101% to $3.34 billion thanks to strong demand at the company’s annual Anniversary sale. However, Nordstrom’s top line fell 6% compared to Q2 2019.
Nordstrom Rack sales were up 61% year-over-year and online sales rose 30%, representing 40% of the company’s total business. Looking ahead, Nordstrom now expects revenue growth of more than 35% for the current fiscal year, up from the previous outlook of 25+% growth.
JWN has gained in recent days as peers like Macy’s (M - Free Report) and Kohl’s (KSS - Free Report) reported much better-than-expected second-quarter earnings. But some think that because of this robust showing from other department stores, expectations for Nordstrom spiked, and its undoubtedly great report ended up disappointing Wall Street.
JWN is now flat year-to-date.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Shares of department store giant Nordstrom (JWN - Free Report) plunged 17.6% in Wednesday’s trading session despite reporting an impressive beat-and-raise second quarter. Earnings came in at $0.49 per share, while sales surged 101% to $3.34 billion thanks to strong demand at the company’s annual Anniversary sale. However, Nordstrom’s top line fell 6% compared to Q2 2019.
Nordstrom Rack sales were up 61% year-over-year and online sales rose 30%, representing 40% of the company’s total business. Looking ahead, Nordstrom now expects revenue growth of more than 35% for the current fiscal year, up from the previous outlook of 25+% growth.
JWN has gained in recent days as peers like Macy’s (M - Free Report) and Kohl’s (KSS - Free Report) reported much better-than-expected second-quarter earnings. But some think that because of this robust showing from other department stores, expectations for Nordstrom spiked, and its undoubtedly great report ended up disappointing Wall Street.
JWN is now flat year-to-date.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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