Narrow-Moat Nordstrom Opens 2019 With Weak Sales; Shares Undervalued
Narrow-moat Nordstrom’s first-quarter 2019 sales of $3.35 billion missed our sales forecast of $3.49 billion as both full-price and Rack stores underperformed. Nordstrom experienced problems with merchandise mix and marketing efforts. Weak areas included women’s apparel and cosmetics, where Nordstrom suffered stock-outs. We think Nordstrom lost sales to competitors who discounted post-holiday inventory. No-moat Kohl’s also reported weak women’s apparel sales in its April quarter. Nordstrom’s EPS...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.
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