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Nordstrom stock slides lower after missing on holiday retail sales estimates

Yahoo Finance Video

Yahoo Finance Live anchors Josh Schafer, Dave Briggs and Seana Smith break down how investors are reacting to Nordstrom earnings.

Video transcript

JOSH SCHAFER: But my play today, guys, is Nordstrom. This was a stock that was down about 7% after-hours yesterday when news first broke of the company's disappointing holiday season. Net sales fell 3 and 1/2% in the nine weeks ending December 31. CEO Eric Nordstrom noting the holiday season was, quote, "highly promotional," and sales were softer than pre-pandemic levels.

The company lowered its full year profit outlook from a high-end range of $2.60 down to $1.70. But Wall Street analysts might have helped the retailer pare some of these losses here. Morgan Stanley called the lower guidance, quote, "unsurprising." Meanwhile, Jefferies called the promotional environment weighing on the stock temporary.

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And we've seen a lot of those retail names we talked about after-hours yesterday, Dave, sort of come back up-- Kohl's, Macy's, Ralph Lauren, all set to probably close the day higher today. So it seems like, while we were a little worried about the holiday season, maybe people didn't have that big of expectations for the holiday season either.

DAVE BRIGGS: Probably right. What jumped out to me, though, about the Nordstrom number was net sales down about 1.7% at the signature brand Nordstrom, but Nordstrom Rack was down 7.6%. Dramatic spread there, and that's not really markdowns. Nordstrom Rack feeds an entirely different demographic. Always markdowns-- that's what the brand is. I was a little bit surprised by the difference there. Did that strike you as odd?

JOSH SCHAFER: Well, it's not the trade-down that we thought we were supposed to see, right? You would think Nordstrom Rack would hold up because people--

DAVE BRIGGS: That's what my impression was, yeah.

JOSH SCHAFER: You'd normally get a good shoe deal at Nordstrom Rack, Dave. I love shopping the shoes out there.

DAVE BRIGGS: I do, too. I'm a fan.