RTTNews | May 26, 2021 09:58AM EDT

09:57 Wednesday, May 26, 2021 (RTTNews.com) - Shares of Nordstrom Inc. (JWN) are slipping over 10% on Wednesday morning after the department store chain reported a loss for the first quarter that was wider than Wall Street analysts' estimates.

JWN is currently trading at $32.57, down $3.91 or 10.72%, on the NYSE.

For the first quarter, Nordstrom reported a loss of $166 million or $1.05 per share, narrower than last year's loss of $521 million or $3.33 per share. Loss for the quarter included a debt refinancing charge of $0.41 per share.

Analysts polled by Thomson Reuters expected a loss of $0.57 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter grew to $2.92 billion from $2.03 billion in the same period last year.

"We are encouraged by sales trends both in our stores and our digital business, supported by an improving consumer environment and strong execution," said CEO Erik Nordstrom.

Moving ahead, the company said it remains on pace to achieve annual sales, earnings and cash flow goals.

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