Nordstrom shares tumbled more than 7 percent Wednesday after the retailer said sales at its full-price stores were “below expectations” this holiday season and that it would need to use promotions to get rid of excess inventory.
The news, which was reported Tuesday evening, resulted in two Wall Street analysts downgrading Nordstrom’s stock, calling out the weak trends at Nordstrom’s core department store business. Nordstrom’s off-price Rack stores have, meanwhile, been performing more in line with expectations. . . . more