Nordstrom (JWN) It's Not All Bad, The Patient Will Recover - Cowen
Cowen analyst, Oliver Chen, noted the Nordstrom (NYSE: JWN) quarter was tough for full line and online, but rack showed some improvement. Comps of -1.7% the Street's +0.1% ests as JWN's full-line business came in weaker than expected, while off-price was modestly better than expected. The softness in full-line was broad-based across stores (brick and mortar full-line comps of -7.7% vs. our -3.5% est.) and online (+3% y/y vs. our +10% y/y est.). Weakness was also largely broad-based across categories, but mgmt. did call out notably tougher trends in jewelry and handbags, as well as some of its larger volume brands. By contrast, Rack comps of -0.8% improved vs. 4Q's -3.0% decline due to more agile merchandise planning and more stable traffic trends.
No change to Outperform rating, PT drops to $44 from $52
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Shares of Nordstrom closed at $45.23 yesterday.