Updated to include comments from CFO at Piper Jaffray.
The high-end department store is fresh off a stunning first-quarter earnings miss and ugly guidance reduction. First-quarter earnings came in at 26 cents a share against forecasts of 46 cents. Sales tallied $3.19 billion compared to estimates for $3.28 billion. Comparable-store sales fell 1.7%.
None of the cost-saving moves have caused investors to regain confidence in Nordstrom's near-term profit outlook.
Shares have nosedived about 50% in the past year compared to a 1% decline for the S&P 500. The lone win for Nordstrom in the past year -- signing a new partnership with Tesla (TSLA - Get Report) that will bring a showroom for the electric car maker's Model X to the company's store at The Grove mall in Los Angeles. According to Koppel, Tesla approached Nordstrom and will lease space from the retailer.