Brean Capital reiterates a Hold rating on Nordstrom (NYSE: JWN) following 1Q15. JWN reported total sales of $3,215MM, which beat Brean Capital's forecast of $3,179MM, and $3,162MM consensus. JWN missed EBITDA with $382MM (vs. projections of $399MM and the consensus of $388MM), EPS of $0.66 (vs. $0.72 forecast and the consensus of $0.71). JWN Reiterated FY15 Guidance.

Brean Capital analyst, Tom Forte, commented on JWN, saying, "Nordstrom is the 33rd-largest retailer in the US based on 2013 retail sales, according to the National Retail Federation (NRF). Its store portfolio spans 118 full-line Nordstrom stores (116 in the US and 2 in Canada), 177 Nordstrom Rack outlets, 2 Jeffrey boutiques, 1 Last Chance (clearance store), and 5 Trunk Club clubhouses (as of May 2015). Its e-commerce portfolio includes Nordstrom.com, NordstromRack.com, flash sales site HauteLook.com and e-commerce services site Trunk Club. While 1Q15 operating performance was mixed (with sales beating expectations while EBITDA and EPS came in a little light), management reiterated its full-year 2015 guidance, and the company plans on updating investors on the potential sale of its credit card receivables in the second quarter. We are reiterating our Hold rating, as, in our view, its $74.15 share price adequately reflects our favorable opinion of Nordstrom and its business model."

Forte also added, "Despite the softness in comps at Nordstrom Rack and EBITDA and EPS shortfalls, management reiterated its guidance for full-year 2015: net sales expansion of 7.0%-9.0%, same-store sales of 2.0%-4.0%, a gross profit margin decline of 5-15 basis points, SG&A as a percent of sales to increase 55-65 basis points, and EPS between $3.65-$3.80."

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Shares of Nordstrom closed at $74.15 yesterday.