Homepage / Investment / Nordstrom shares drop on analyst downgrade, concern about brick-and-mortar store sales
Menyelami Dunia Slot Thailand: Keseruan dan Peluang Kemenangan Besar Menyelami Dunia Slot Thailand: Pengalaman Bermain yang Tak Terlupakan How To Locate Swingers and Fulfill These – 27 Items You Should Be Aware Of  – The Woman Standard Aplikacja Total Casino Jak Pobrać? Total Casino Blog Nouveaux Casinos Sur Internet Leading 15 Casinos Sobre France 2024 Australian No Deposit Bonus Casino Codes: Clean List 2024 Новые Игровые Автоматы И Слоты Играть Бесплатно И без Регистрации В Новинки 2024 Игровые Автоматы в Деньги С Выводом Играть Онлайн а Лучшие Слоты Игровые Автоматы в Деньги С Выводом Играть Онлайн а Лучшие Слоты 2024’te Yatırımsız Bonus Veren Siteler Listesi Join our mexican dating services & take pleasure in the journey of love +4770 Slot Gratis Senza Scaricare Ottobre 24 2024’ün En Cazip Bahis Siteleri ve Kazanç Sağlama Yolları Slot Oyunları İçin En İyi Bonus Seçenekleri Bahis Stratejileriyle Gelirinizi Katlamanın İpuçları Start dating a milf and revel in a fun, exciting relationship Cassinopix é confiável? Veja a nossa análise completa 333Bet é confiável? Paga mesmo? En İyi Bahis Siteleri Türkiye’de Güvenilir ve Kazandıran Siteler 2021 Yılında En İyi Bahis Siteleri – Güvenilir ve Kazançlı Türkçe Bahis Siteleri Best Real Money On-line Casinos In Australia 2024 Play In Au$ Best Online Internet Casinos Canada 2024: Top Ten Casino Sites With Regard To Ca Players Pin Up Meet your ideal millionaire sugar daddy – here is how “l’armée Ivoirienne Attaquée Par La France”: Comment Une Fausse Information A Émergé En Côte D’ivoire” Cazip Deneme Bonusları ile Oyun Keyfini Artır Exploring the planet for love: what you ought to find out about top international dating sites SecretMilfClub Review in 2021 – Read All of our Scam Report! – RomanceScams.org Glory Casino Login In Addition To Registration Instructions Intended For Bangladesh Users The features of dating an older guy for younger women Yüksek Kazançlı Bahis Stratejileri: Bonus Kullanımının Önemi Hoşgeldin Bonusları ile Bahis Oyunlarında Kazanç Sağlama AsianDating Evaluation (2023) – The Very Best Or Overrated Asian Website 1win Официальный Сайт Букмекерской Конторы 2023 Онлайн Ставки в Спорт%2C Вход и Бк 1вин одним Find your perfect match with your comprehensive dating reviews Find love and friendship with an asian american dating app “Wagering & Online Online Casino Site Login Enjoy the many benefits of the meet asian singles app – test it today Los 10 Mejores Internet Casinos Online Para Argentinos 2024 Nouveaux Casinos Sur Internet 2024 Comparatif Des Top 7 Casinos En France Hướng dẫn chơi slot game tại casino HappyLuke HappyLuke Casino Trực Tuyến Get prepared to have the full time of one’s life The Ultimate Overview to Online Tarot Card Readings Numerology Number Calculator: Opening the Tricks of Your Life Course The Art of Tarot Cards Online The Fascinating World of Tarot Cards Online Free The Remarkable Globe of Tarot Card Reading Cards Numerology Calculator by Day of Birth: Taking Advantage Of the Power of Numbers Discover Numerology Name by Day of Birth Free Psychic Analysis Online: Your Key to Insight and Assistance Are Tarot Cards Evil? Oyun Kitabı Bahis Bölümü Önerisi – Etkili Bahis Stratejileri ve Taktikleri Oyun Kitabı Bahis Bölümü – Zorlukları ve İpuçları Play 22,546+ Casino Slot Demo Games Водка БЕТ Казино официальный сайт и зеркало Vodka Casino Find your perfect match with quick hookup near me Top 7 Best Lesbian Cougar Internet Dating Sites in 2022 ◉ Sugar Daddy Ireland: Seeking Sugar in IE | SugarDaddySeek Online Kasino & Sportovní Sázení Oficiální Web Melbet Bonusları: Türk Oyuncular İçin En İyileri Roulette In Italiano Situs Slot Judi Bola Casino Online PutriJP Bagaimana Cara Memainkan Slot? 9 Kiat Terbaik Provider Permainan Kasino & Slot Online Terbaik Pragmatic Play Pragmatic Play Slot Mainkan Demo Gratis best name for boy 4718 best name for boy 2378 Purchase Lyrica Online Safely and Discreetly Play Free Slots Online: The Ultimate Overview Play Online Casino Online: Your Ultimate Overview to the Exciting World of Online Gaming Internet Casino Gambling Strategies – Tips To Increase Your Chances Of Winning How to Play for Free Online Mobile Casinos on Mobile Phones Free Gambling Establishment Games Slots: Enjoy the Adventure of Gaming Without Investing a Dime Mejores Casino sites Online que Aceptan Mastercard The Development of Online Gambling Enterprises: An Overview to Genuine Cash Online Gaming How to Detoxification Your Liver: A Full Guide to Improve Liver Health And Wellness Discover the most effective Online Casino Websites for Ultimate Enjoyment When Do You Obtain Your Period on Contraceptive Pill? Play Roulette Online Free: A Complete Guide Do Any Kind Of Online Casinos Approve Bitcoin? Free Dime Slots Online: Your Ultimate Overview to Playing and Winning Ideal Online Casinos that Approve Mastercard Deposits The Safest Online Online Casino: Making Certain a Secure Gaming Experience No Wagering Casino Incentives: A Game-Changer for Online Gaming DMSO Cream: A Functional Solution for Various Ailments Exactly How to Decrease High Blood Pressure: A Comprehensive Guide Top Online Casinos that Approve Neteller Deposits Online Gambling Establishments Accepting Mastercard: A Comprehensive Guide Finest Mobile Online Casino Site: The Ultimate Overview Live Casino Site Online: The Ultimate Overview The Power of Psychic Analyses Bier Haus Fruit Machine Online Free: A Fun and Thrilling Experience Why Do Blood Vessels Look Blue? What is Mometasone Furoate Cream Made Use Of For? Open the Keys of Numerology with a Free Numerology Calculator The Ultimate Overview to Online Tarot Card Readings Numerology Calculator: Opening the Mysteries of Figures Opening the Keys of Online Free Tarot Analysis Online Online Casinos with Neteller: A Convenient and Secure Settlement Option Online Gambling Enterprises That Accept Bitcoin: A Comprehensive Overview A Guide to Finding Online Casino Bonus Money

Investment

Nordstrom shares drop on analyst downgrade, concern about brick-and-mortar store sales

Shares of Nordstrom tumbled 3 percent in early morning trading Monday after the stock was downgraded as same-store sales at the upscale retailer’s brick-and-mortar locations decline and its chain of discount stores, Nordstrom Rack, comes under pressure.

Cowen and Co. lowered its rating to market perform from outperform and dropped its share price target to $51 from $56 and warned that the retailer may need to close up to 10 percent of its physical stores as more consumers shop online. The stock ended Friday at $51.78, having climbed about 9 percent so far this year. Nordstrom has a market value of about $8.7 billion.

The company’s off-price division, Rack, “remains a work in progress as digital strength has masked weak physical store comps,” Cowen analyst Oliver Chen said in a research note Monday. He said same-store sales at Nordstrom Rack have declined for the past six quarters, underperforming other off-price rivals like Ross Stores and TJX.

“Meanwhile, both an opportunity and risk is recent leadership turnover at Rack with the re-introduction of Geevy Thomas as President of Nordstrom Rack following the retirement of Karen McKibbin,” Chen said.

Analysts and investors continue to wonder if a premium should be paid above the $50-per-share offer that was on the table earlier this year, when the department store chain was trying to go private. A special committee advising Nordstrom’s board ultimately ended talks with the Nordstrom family about those efforts, after the two parties couldn’t agree on price.

The Nordstrom family had hoped that, after going private, the company could further its digital investments and focus on realigning its store footprint, sources previously told CNBC.

According to Chen, Nordstrom will likely need to close more stores in the long term, though the retailer does have a “significantly healthier physical store fleet” compared with Macy’s and J.C. Penney. (Nordstrom has 122 full-line stores and 239 Rack stores, while Macy’s has nearly 700 stores under various banners across the U.S. and J.C. Penny has more than 850.)

Nordstrom could close up to 10 percent of its stores, bringing its footprint to roughly 110 locations in the most profitable malls and putting the company in a better position to focus on e-commerce, Chen said.

Showing it was more serious about making investments online, Nordstrom earlier this year acquired two digital start-ups — BevyUp and MessageYes. The company meanwhile has been testing a store in California without any inventory — instead, the location, known as “Nordstrom Local,” focuses on experiences. In New York, Nordstrom just opened up its first store dedicated to men and will open a full-line store, right next door, for women next year. (It previously only operated Rack locations in the city.)

Nordstrom is holding its analyst day on July 10, where management is expected to update the financial community on its strategy and any new initiatives.

The company’s stock could pop if executives convince analysts that they can improve sales and profit margins at Nordstrom’s brick-and-mortar stores, Chen said. Investors will also be looking for any news on the dividend or a new share buyback program, he said.

— CNBC’s Lauren Hirsch contributed to this report.

Source: Investment Cnbc
Nordstrom shares drop on analyst downgrade, concern about brick-and-mortar store sales

Comments are closed.