Nordstrom, Inc. (JWN) Tuesday reported second-quarter earnings that were slightly better than the consensus estimate, but lowered its full-year forecast, warning of an inventory glut due to slowing demand.
Analyst Dana Telsey maintained a Market Perform rating and reduced the price target from $28 to $25. Nordstrom’s quarterly earnings reflect stronger revenue growth being offset by “softer-than-expected gross margin and SG&A leverage,” Telsey said in a note. “Despite solid performance in 2Q, JWN reduced its FY22 guidance to reflect indications of slowing demand,” she added.
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