Nordstrom shares briefly drop after Trump tweets daughter Ivanka was treated 'unfairly'
Channel: flash video
Date: 2017-02-08

An employee arranges a dress on a mannequin in a Nordstrom store. Trump: Nordstrom treated Ivanka so unfairly  
2 Hours Ago | 00:52
Shares of Nordstrom fell from session highs Wednesday after President Donald Trump said his daughter, Ivanka Trump, had been treated unfairly by the company.

Trump's comments follow the upscale department store's decision to wind down its relationship with the Ivanka Trump brand, reportedly over its performance. Politics were never mentioned.

However, the chain was one of the dozens of retailers being targeted by the #GrabYourWallet campaign. That movement is calling for shoppers to boycott brands with ties to the Trump family.

"My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person -- always pushing me to do the right thing! Terrible!" Trump tweeted midmorning.
Shares of the company declined more than 1 percent immediately after the tweet. They then turned positive and were up modestly.

In a statement obtained by MSNBC, Rosemary K. Young, senior director of marketing at Ivanka Trump said in part: "The Ivanka Trump brand continues to expand across categories and distribution with increased customer support, leading us to experience significant year-over-year revenue growth in 2016. We believe that the strength of a brand is measured not only by the profits it generates, but the integrity it maintain."

A spokesperson from Nordstrom did not immediately respond to CNBC's request for comment. But when asked about the tweet on a call with reporters, National Retail Federation CEO Matt Shay said that "we're living in a world with a different kind of a chief executive in the White House."

"We're learning, all of us, how to work in that environment," he said.

Shay went on to say that the trade group has been encouraged by Trump's intentions so far, particularly his role as a businessman and retailer.

He also mentioned that the organization agrees with the president's previous statement that a border adjustment tax is confusing and complicated. The retail industry has banded together to fight against that GOP proposal, which would tax imports on goods that will be sold in the U.S.

"We're trying to find ways to be aligned and be supportive," Shay said.

With Wednesday's drop, Nordstrom's shares are down more than 10 percent year to date.