Nordstrom's 1Q Results Offer Few Surprises; Shares Offer Moderate Upside
Narrow-moat Nordstrom posted first-quarter results that tracked within our estimates, prompting us to maintain our $53 fair value estimate. Following the high-single-digit stock price decline on the news, we see shares as offering moderate upside for investors. Total sales grew 5% (including a 250-basis-point benefit from a loyalty event shift), driven by comparable-sales growth of 0.6% that together keep the firm on track to hit our near 2% full-year top-line estimate. Comparable-sales growth a...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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