RTTNews | Nov 24, 2021 06:47AM EST

06:47 Wednesday, November 24, 2021 (RTTNews.com) - Shares of Nordstrom, Inc. (JWN) have plunged more than 26% in pre-market on Wednesday after the fashion retailer's third-quarter earnings fell short of analysts' view.

Nordstrom reported net earnings of $64 million or $0.39 per share in the third quarter, a rise from $53 million or $0.34 per share a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter.

The company said its earnings were hurt by fulfillment and labor cost pressures.

Net sales for the quarter also increased 18% to $3.63 billion from $3.089 billion last year.

Looking forward to the full year, Nordstrom sees year-over-year revenue growth of more than 35 percent. Analysts expect revenue to grow 35.9% for the period.

Nordstrom stock closed Tuesday's regular trade at $31.93, down $0.39 or 1.21%. It is currently at $23.40.

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