Shares of department store giant Nordstrom (JWN) plunged 17.6% in Wednesday???s trading session despite reporting an impressive beat-and-raise second…
Grow Your Business, Not Your Inbox
Stay informed and join our daily newsletter now!
2 min read
This story originally appeared on Zacks
Shares of department store giant Nordstrom JWN 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 and Kohl’s KSS 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.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%.
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Macys, Inc. (M): Free Stock Analysis Report
Kohls Corporation (KSS): Free Stock Analysis Report
Nordstrom, Inc. (JWN): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
0 Comments