Nordstrom Inc JWN shares are trading lower by 7.55% to $17.63 during Tuesday's session. Shares of retail and apparel stocks are trading lower after Macy's reported second-quarter financial results.
Macy's and Nordstrom operate in the same sector of retail, particularly department stores and fashion apparel. If Macy's reports disappointing results, it could suggest challenges within the retail industry, including lower consumer spending or changing consumer preferences.
This sentiment could extend to Nordstrom, leading investors to worry about the sector's overall health.
What Happened?
Macy's brick-and-mortar sales decreased 8%, and Digital sales dropped 10% Y/Y.
Comparable sales decreased 8.2% on an owned basis and down 7.3% on an owned plus licensed basis versus Q2 2022.
The operating margin was 2.3% versus 6.8% last year. Operating income for the quarter declined 68.9% to $124 million...Read More
According to data from Benzinga Pro, Nordstrom has a 52-week high of $27.15 and a 52-week low of $14.02.
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