Nordstrom shares plunge as profits fall, and Nordstrom Rack outdoes full price stores [USA TODAY]
Macy's Inc (M)
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Source: USA TODAY
Nordstrom's Shea Jensen in front of a new Nordstrom Local store in Los Angeles (Photo: Jefferson Graham) CONNECT TWEET LINKEDIN COMMENT EMAIL MORE Tepid sales growth and lower profits sent Nordstrom shares tumbling Thursday. At the retailer's full-price stores open at least a year, sales ticked up 0.4 percent in the quarter that ended Nov. 3. But that was far below the 5.8 percent sales surge at Nordstrom Rack, the company's popular off-price locations. That gap apparently contributed to Nordstrom shares sinking 9.82 percent to $53.20 in after-market trading. There was a deterioration in profit,'' said Neil Saunders, managing director of retail consultancy GlobalData. Also, comparable sales from the full-price part of the business were weak, which is a poor outcome in the current strong consumer economy. Nordstrom's bottom line also took a $72 million hit because of cash refunds or credits being given to less than 4 percent of its credit-card
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