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JWN’s total revenues came in at $3.64 billion for its fiscal third quarter ended October 30, 2021, up 17.7% year-over-year. The company’s net earnings came in at $64 million, versus $53 million in the year-ago period. However, its net sales for Nordstrom Rack decreased 8% compared to the third quarter of fiscal 2019. Furthermore, its digital sales declined 12% year-over-year.
The timing of this year’s Anniversary Sale, with approximately one week of the sale falling in its third quarter of 2021, had a positive impact to the tune of approximately 200 basis points on JWN’s net sales compared with its fiscal 2019. However, analysts at Cowen lowered their price target on the stock on November 24. Labaton Sucharow announced on November 29 that it is investigating potential securities violations and breaches of fiduciary duty claims against the company. Furthermore, hedge hedge funds’ interest in the stock has recently declined. So, JWN’s near-term prospects look uncertain.
