Q218 Snap - Strong on all metrics, PT to $68
Nordstrom reported Q218 EPS of $0.95, ahead of consensus of $0.84. Comps delivered meaningful upside, at 4% vs consensus 0.8%, with both full-price and the Rack around 4%. Gross margin was 100bp above expectations, and inventories are very well controlled. FY guidance is raised on both EPS and comps, but we see incremental upside potential still. After a weaker start to the year, Nordstrom looks to be accelerating nicely and we expect this strength to continue through 2H.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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