Nordstrom Inc. (JWN) shares plummeted 23.21% in after-hours on Tuesday, November 23, 2021, and closed the daily trading at $24.52. Even in the regular trading session, JWN’s stock lost 1.21%. JWN shares have risen 36.22% over the last 12 months, and they have moved down 4.66% in the past week. Over the past three months, the stock has gained 2.54%, while over the past six months, it has declined 7.10%.
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JWN latest developments
On November 23, 2021, Nordstrom, Inc. (JWN) reported its financial results for the third quarter which ended on October 30, 2021.
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Q3 2021 financial highlights
- JWN net sales were $3.5 billion in Q3 2021 compared to $3 billion in Q3 2020.
- Total revenue was $3.63 billion in Q3 2021 compared to $3.08 billion in Q3 2020.
- The cost of sales was $2.3 billion in Q3 2021 compared to $2.01 billion in Q3 2020.
- It earned a net income of $64 million in Q3 2021 compared to a net income of $53 million during the same period in fiscal 2020.
- EBIT was $127 million in the third quarter of 2021, compared with $106 million during the same period in fiscal 2020.
- As of October 30, 2021, the company had $867 million in available liquidity, including $267 million in cash.
FY 2021 Financial outlook
For fiscal 2021, Nordstrom is expecting,
- Revenue growth of more than 35 per cent versus fiscal 2020.
- EBIT margin is expected to be approximately 3.0 to 3.5 per cent of sales.
JWN partnership with Fanatics
On November 18, 2021, Nordstrom (JWN) and Fanatics, announced a new long-term partnership through which Nordstrom.com customers will have access to shop thousands of high-quality licensed sports fan products available exclusively through Fanatics’ industry-leading assortment. Fanatics will also make championship products and other real-time items available that are designed and manufactured on demand through the company’s vertical commerce business model and agile supply chain.
JWN season of Joy
On October 18, 2021, Nordstrom (JWN) announced that it has the best gifts festive experiences, and convenient services to make gifting easy for holiday seasons. Nordstrom is excited to offer customers the very best gifts for everyone on their list through the Holiday Gift Shop in stores and online, through the Nordstrom Gift Hub, customers can buy all kinds of gifts.
New JWN Cristina Martinez collection
On September 27, 2021, Nordstrom (JWN) by Cristina Martinez collection was launched in celebration of Latinx Heritage Month. The initial collection is designed around three original pieces of artwork created by Cristina; each piece encourages the viewer to stay rooted and keep blooming.
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Conclusion
The recent Q3 financial results were the reason behind its severe decline in the after-hours on Tuesday. The rising labour cost and missing the revenue estimates were the main reason behind its poor performance on Tuesday.
