Q417 - Healthy fundamentals
Nordstrom reported Q417 EPS of $1.20, missing consensus of $1.24 on higher SG&A expenses. The comp and gross margin however were both ahead of expectations and with clean inventory levels, we see a good setup for the new year. FY18 comp guidance is already set above consensus, but we see further outperformance in the comp as likely given the better industry trends and JWN's own improvement in execution. Management reiterated the inflection point for margins as the online business is starting to contribute to profitability, which is the core of the long-term investment thesis on JWN.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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