Nordstrom’s 3Q Results Obscured by One-Time Credit Charge, Fundamentals Intact; Shares Fairly Valued
Narrow-moat Nordstrom’s third-quarter results were overshadowed by an unexpected credit charge ($72 million) stemming from overcharging delinquent accounts dating back to 2010 (less than 4% of cardholders were impacted). Management again updated full-year guidance due to near-term results with sales expected to fall between $15.5 and $15.6 billion (up from $15.4 to $15.5 prior, and near our $16 billion estimate) while the lower end of the adjusted EPS forecast was raised by a nickel (to $3.55-$3...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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