Nordstrom delivers surprise profit as inventory woes ease

Nordstrom Inc. posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. The upmarket department store chain’s decision to stock up on popular national brands at its off-price banner Rack was also paying off, driving a recovery after months of outdated inventories and product shortages. Read more at Reuters.