updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Despite weakening sales, Nordstrom managed to beat street expectations. The JWM stock price surged by 8% in the pre-market trading on Thursday.
On Wednesday, May 31, high-end department store Nordstrom (NYSE: JWN) announced its first fiscal-quarter sales while beating Wall Street expectations. This comes despite the reporter predicting a spending drop as well as slower sales in the coming months.
Furthermore, Nordstrom also issued guidance and an outlook for the full year. The company said that it expects its revenue to fall by 4% to 6% as well as its adjusted earnings per share to range between $1.80 and $2.20 for the fiscal year. However, this excludes the impact of winding down its stores as well as online business in Canada.
Despite the decline in sales, Nordstrom has stressed its progress with managing inventory while cutting costs on the other hand. During an earnings call, the company reported that sales at both Nordstrom and Nordstrom Rack saw improvement in April, following a satisfactory start to February and a slowdown in March. The positive momentum carried into May for both banners, with Nordstrom Rack showing a particularly strong performance.
Speaking on the development, Nordstrom CEO Erik Nordstrom said:
“We’re encouraged by our momentum, especially given the uncertain macroeconomic environment.”
The company’s share JWM is already up by more than 7.78% in the pre-market hours and is currently trading at $16.49.
For the three-month period ending April 29, Nordstrom reported earnings per share of 7 cents adjusted vs. the expected 8 cents a share. The company also reported a revenue of $3.18 billion vs. $3.12 billion expected.
For the first fiscal quarter, Nordstrom’s net loss stood at $205 million, or $1.27 per share. This is in comparison to a net income of $20 million, or 13 cents per share in the same period a year ago.
As Nordstrom has been struggling with sales, it is looking for some green offshoots and an opportunity for growth. The company missed out majorly on the stimulus-fueled spending boom after the pandemic that benefitted several other retailers.
In the fiscal year ending January, the company’s total revenue was $15.5 billion. This figure was absolutely flat than the year before. Nordstrom experienced a decline in sales during the most recent three-month period. The company’s total revenue, including credit card sales, dropped by approximately 11% compared to the same quarter last year. However, Nordstrom managed to exceed Wall Street’s expectations.
In a news release, the company stated that most categories in the US witnessed a decline in sales during the first quarter compared to the previous year. Nordstrom attributed part of this decline to challenging year-over-year comparisons. In the year-earlier period, customers had eagerly visited stores for designer shoes, dresses, and wardrobe updates as the world reopened after the pandemic, attending weddings, reunions, and other social gatherings.
Net sales at Nordstrom’s flagship stores decreased by 11.4% year over year, while net sales for Nordstrom Rack saw a decline of 11.9%.
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The oft-derided memecoins took another step towards mainstream acceptance this weekend as Gemini-backed digital-payment app Flexa announced via Twitter this weekend that Shiba Inu coin (SHIB) is now integrated with its network. SHIB holders can now spend their Shiba Inu coins at more than 40,000 in-person locations across the U.S. and Canada, including Barnes and Noble, Bed Bath & Beyond, Lowe’s hardware, Nordstrom, Office Depot and Whole Foods Market.
Shiba Inu coin joins a list of other major cryptocurrencies already supported by the Flexa platform, including Bitcoin, Ether, Solana and Litecoin as well as stablecoins such as USD Coin and Gemini dollar as well as SHIB’s big brother memecoin Dogecoin, among others.
Flexa integrates with existing point of sale infrastructure to pay retailers in either the crypto or fiat currency of their choice while allowing customers to spend their preferred cryptocurrency. Instant payments on the platform are made possible via the network’s native token AMP, which works as decentralized collateral to reduce payment risk while rewarding those who offer collateral with further AMP for each successful transaction.
Perhaps a touch ironically, video game retailer GameStop is among the companies that are now accepting Shiba Inu coin via Flex. GameStop was at the center of the WallStreetBets saga earlier in the year when Reddit users rallied behind the company’s stock — which had been heavily shorted by hedge fund managers. This helped launch the idea of “memestock,” which fueled the rise of “memecoins” like Dogecoin, which then in turn spawned DOGE copycat Shiba Inu coin.
The move will surely make a few SHIB holders happy as a Change.org petition was launched a few months ago requesting the retailer begin accepting the memecoin. The petition’s author wrote on its page: “I believe Gamestop would be a perfect place to start with for bigger companies to accept as payment for goods. Lots of us gamers agree, Gamestop and Shiba Inu Token are a perfect match for marketing, and to bring more out of this token.”
At press time, the petition had attracted just over 60,000 out of its goal of 75,000 signatures. It is not clear, however, whether this integration with Flexa will satisfy the petition’s organizers.
News of Gemini’s adoption did little to change Shiba Inu coin’s fortunes, the prices of which have been generally trending downwards since reaching its all-time high in October, when SHIB briefly entered the crypto top 10 and overtook Dogecoin by market cap. Shiba Inu prices hit their all-time high following the news that Robinhood — the trading app that facilitated many of the trades of GameStop shares during the height of the rally — had added SHIB as an option in a customer sentiment survey, and SHIB rose over 200% in a matter of days to reach US$0.00008845.
Shiba Inu coin has been in steady decline since that time, with only a brief respite as global crypto exchange Kraken announced it was listing the token in late November. SHIB’s price rose 47%, close to its all-time price high, in the days that followed, though it sharply retreated shortly afterward.
While Shib Inu did jump close to 10% sharply over the weekend, SHIB’s price was still lower than what it was trading at the same time last week. Shiba Inu coin has since retraced most of that ground coming into business hours in Asia today and is trading at US$0.000036 at press time, according to CoinMarketCap.
Leading memecoin Dogecoin was also trading down roughly 3% over the past seven days at US$0.1658 at press time, sitting just outside the crypto top 10, according to CoinMarketCap.