Nordstrom Inc. has been bucking the doom-and-gloom sentiment in the retail sector for some time. It did so again on Thursday, reporting second-quarter earnings that beat expectations. Sales were up 4% year-over-year in the company’s full-price and off-price divisions. That success in both luxury and discount speaks to Nordstrom’s strength, which investors aren’t giving it enough credit for. The stock has stalled all year.
Earnings for the quarter were 95 cents per share, beating analysts’ estimates of 84 cents per share,...