Macy’s cheery report on Wednesday, when it posted strong first-quarter earnings, was a positive sign for retail—and a welcome rebuff of the notion that the sector is doomed. It wasn’t so great for Nordstrom, however, which was put in the unenviable position of having to follow Macy’s act.
On Thursday, the department store reported first-quarter earnings of 51 cents a share, beating analysts’ expectations of 43 cents a share, and revenue of $3.56 billion, a 6.3% increase from the same period last year. Yet shares tumbled over...