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.
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