Q118 - Weaker off-price, healthy full-line
Nordstrom reported Q118 EPS of $0.51, ahead of consensus of $0.43. The overall comp of 0.6% missed expectations of 1.1%, driven by a weaker off-price comp. However, the full-line business continues to improve, a good indicator of improving profitability. With gross margins and inventory levels also healthy, we believe the negative after hours reaction is overdone. JWN remains a high quality, fundamentally strong story, and see the after hours move as a good entry.Nordstrom is a fashion retailer providing a selection of brand-name and private label apparel, shoes, cosmetics and accessories for women, men, young adults and children. The company serves customers through two businesses: Full-Price and Off-Price. The company's operations consist of the company's Nordstrom U.S. and Canada full-line stores, U.S. and Canada Nordstrom Rack stores, Jeffrey boutiques, Last Chance clearance stores, Trunk Club clubhouses and Nordstrom Local. Additionally, customers are served online through Nordstrom.com, Nordstromrack.com, HauteLook and TrunkClub.com.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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