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Nordstrom Inc JWN Stock Quote

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Morningstar‘s Stock Analysis JWN

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Narrow-Moat Nordstrom Meets Q3 Expectations, but Turnaround Timing Unclear; Shares Very Undervalued

David Swartz Equity Analyst

Analyst Note

| David Swartz |

Although Nordstrom’s 2022 third-quarter results came in slightly above our modest expectations and the company reaffirmed full-year guidance, its shares dropped 9% in Nov. 22 postmarket trading. We attribute the reaction to the sluggishness of its recovery from the pandemic, as well as its relative underperformance as compared with some peers. Even so, Nordstrom’s retail sales decline of 3% bettered our negative 5% forecast, and we believe the positive effects of its product and supply chain efficiency efforts will become more apparent over the next couple of years. We do not expect to make any material change to our $42 fair value estimate and view Nordstrom’s shares as very attractive. Despite a slow recovery, we do not think the company’s brand intangible asset, the source of our narrow moat rating, has been impaired.

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Key Statistics JWN

Company Profile JWN

Business Description

Nordstrom is a fashion retailer that operates approximately 100 department stores in the U.S. and Canada and approximately 250 off-price Nordstrom Rack stores. The company also operates both full- and off-price e-commerce sites. Nordstrom’s largest merchandise categories are women’s apparel (28% of 2021 sales), shoes (25% of 2021 sales), men’s apparel (14% of 2021 sales), and women’s accessories (14% of 2021 sales). Nordstrom, which traces its history to a shoe store opened in Seattle in 1901, continues to be partially owned and managed by members of the Nordstrom family.

1617 Sixth Avenue
Seattle, WA, 98101
T +1 206 628-2111
Industry Department Stores
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 28, 2023
Employees 60,000

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