What Nordstrom's earnings suggest about the current mood of upscale shoppers
If Nordstrom’s latest sales update is anything to go by, high-income shoppers are finally starting to feel the pinch of a slowing economy.
Nordstrom also said that the need to sell off outdated inventory weighed heavily on profit and margins. Adjusted earnings per share will range between $1.50 and $1.70, compared with the company’s prior call for $2.30 to $2.60. The consensus call among analysts surveyed by FactSet was for earnings to land at $1.81 for fiscal 2022.
“We believe this reduction, coupled with cleaner inventory , may actually have been better than feared,” wrote BMO Capital Markets analyst Simon Siegel in a research note. Siegel maintained a Market Perform rating and trimmed his target for the stock price to $20 from $23.
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