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JWN - Nordstrom: Negative Macro Outlook Is Good For Business
Nordstrom Inc.
2024-06-07 09:22:08 ET
Summary
Nordstrom, Inc. is expected to benefit from the current macro environment of weak consumer spending due to inflation and high interest rates.
The company's discount store business, Nordstrom Rack, reported strong growth and outperformed other off-price retailers in the US.
While Nordstrom reported a disappointing EPS miss, the gross margin contraction is believed to be temporary and not reflective of the underlying business.