Nordstrom (NYSE:JWN) stock fell 2.26% on April 25. Shares have dropped 9.9% in 2019 so far. The stock is down 12.3% from the prior year.
Clothing retailers in North America have had a challenging decade, and many have not survived the so-called "retail apocalypse". The proliferation of online shopping has hindered traditional brick-and-mortar retailers.
Nordstrom operates approximately 140 department stores in North America and 240 outlet stores under the names Nordstrom Rack and Last Chance. Nordstrom closed one full-line store in the beginning of 2019 and is expected to close two more locations by the end of this month.
The company released its fourth-quarter and full-year results for 2018 on February 28. Net sales increased 3.8% year-over-year in 2018, excluding the 53rd week. Comparable sales rose 1.7% from the prior year.
Nordstrom aims to beef up its e-commerce platform in order to combat present-day challenges in the retail sector. Digital sales increased 16% in 2018 and made up 30% of total sales. This was in line with Nordstrom’s overall strategy which aims to blend customer engagement across multiple channels.
Shares of Nordstrom are currently hovering around its 52-week low of $40.71. Investors can expect its first-quarter earnings release in the middle of May.
The stock had an RSI of 32 as of close on April 25, which puts it close to oversold territory. Nordstrom is an enticing target as the company has made solid strides in forwarding its digital retail strategy.
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