Nordstrom sales continue to dip amid slow recovery

Nordstrom Inc. fell the most since the early days of the Covid pandemic after quarterly results showed it’s recovering more slowly than other retailers.

While second-quarter sales at the Seattle-based department-store chain doubled from a year ago, they remain 6% below the 2019 level. That contrasts with results from peers such as Macy’s Inc. and Kohl’s Corp., which have posted more robust rebounds. JPMorgan Chase & Co. downgraded the stock and highlighted that Nordstrom’s performance was “underwhelming.”

While sales outpaced estimates, shares are falling because they “lagged below other retailers’ two-year revenue growth,” Simeon Siegel, retail analyst at BMO Capital Markets, said in a note to clients.

Nordstrom stock

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