Nordstrom saw profits jump 37%
Inflation at the wholesale level jumped in April by 0.5% the largest increase in three months, fueled by rising food and energy prices. Energy prices rose 0.8% in April, while food costs were up 0.9%. Wholesale inflation is up 2.5% over the past 12 months, the largest 12-month gain in five years. (Labor Department)
Nordstrom saw profits jump 37% to $63 million, or 37 cents per share at its department stores in the first quarter. But same store sales declined 0.8% in the quarter. Sales results at Nordstrom Rack were up 2.3%. Nordstrom total revenue grew 3% to $3.35 billion. (AP)
It has not been pretty to watch, the slow death of a once great icon. J.C. Penney’s net loss widened to $180 million, or 58 cents per share, in the first quarter, from $68 million, or 22 cents per share a year ago. This was due to weaker sales at brick-and-mortar locations. Earlier this year Penney’s announced it would close 138 stores representing 13% of all their stores but generated less than 5% of annual sales. Shares of Penney’s have fallen over 33% over the past year. (AP)
Join us this weekend for the Financial Focus Radio Show when we will talk about the dangers in the stock and bond markets.
The S&P 500 is down 4 and the NASDAQ is down 5. The MSCI international index is down.
Oil is up 3 cents at $47.86 a barrel.
Gold is up $4 at $1228 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.