Shares of Nordstrom tumbled 3 percent in early morning trading Monday after the stock was downgraded as same-store sales at the upscale retailer's brick-and-mortar locations decline and its chain of discount stores, Nordstrom Rack, comes under pressure.
The company's off-price division, Rack, "remains a work in progress as digital strength has masked weak physical store comps," Cowen analyst Oliver Chen said in a research note Monday. He said same-store sales at Nordstrom Rack have declined for the past six quarters, underperforming other off-price rivals like Ross Stores and TJX. . . . more