Nordstrom Inc JWN shares are trading higher by 4.2% to $15.05 Friday afternoon. Shares of retail and apparel stocks are trading higher following strong earnings from Gap Inc and Ross Stores.
What Happened With Gap?
Gap's earnings report exceeded earnings per share expectations significantly, hitting 59 cents instead of the anticipated 18 cents. However, while their quarterly sales of $3.767 billion surpassed market predictions, they marked a 7% decrease from the same period in 2022 when sales were at $4.039 billion...Read More
Why This Matters To JWN Investors
Despite the sales decrease at Gap, the higher-than-expected earnings per share could indicate effective cost control measures or operational efficiencies. Investors may interpret this as a signal that companies can maintain profitability even in challenging market conditions.
This could foster optimism regarding Nordstrom's ability to manage its costs effectively, contributing to the rise in its stock price.
See Also: Why ChargePoint Stock Hit A New All-Time Low Today
According to data from Benzinga Pro, JWN has a 52-week high of $27.15 and a 52-week low of $12.88.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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