Nordstrom's Q4 2023 sales beat estimates, but weak 2024 guidance due to inflation, rates, and Canadian closures caused a 9% stock drop.
Nordstrom's Q4 2023 sales beat estimates, but the company's weak guidance for 2024, citing high inflation, interest rates, and the closure of its Canadian operations, led to a 9% drop in its stock. Despite the revenue, gross margin, and adjusted EPS outperforming Wall Street estimates during the quarter, the stock price dipped due to the underwhelming full-year revenue guidance, with sales growth expected to be between a decrease of 2% to an increase of 1%.
March 06, 2024
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