Wall Street skeptical over Nordstrom turnaround strategy
(WorldNews Business)

A day after Nordstrom sent investors running with sharply lower first-quarter profits, Wall Street showed little willingness to forgive the beleaguered retailer. On Wednesday, shares in Nordstrom were still down more than 9%, to $34.35 - the biggest drop for the Seattle-based retailer since the Great Recession. The crash came after Nordstrom surprised investors Tuesday afternoon with first-quarter earnings of just $37 million, a 57% decline from the same period last year, along with a 3.5% decline in sales, to $3.44 billion. In a conference call with investors, Nordstrom co-President Erik Nordstrom blamed a soft retail environment compounded by poor execution in the company`s online...