Brokerages Expect Nordstrom, Inc. (JWN) Will Post Quarterly Sales of $3.68 Billion

Wall Street brokerages expect Nordstrom, Inc. (NYSE:JWN) to announce $3.68 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Nordstrom’s earnings, with the highest sales estimate coming in at $3.79 billion and the lowest estimate coming in at $3.55 billion. Nordstrom reported sales of $3.63 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 1.4%. The firm is scheduled to issue its next earnings report after the market closes on Thursday, November 15th.

On average, analysts expect that Nordstrom will report full year sales of $15.90 billion for the current financial year, with estimates ranging from $15.84 billion to $16.05 billion. For the next year, analysts anticipate that the company will post sales of $16.34 billion, with estimates ranging from $16.08 billion to $16.49 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Nordstrom.

Nordstrom (NYSE:JWN) last issued its earnings results on Thursday, August 16th. The specialty retailer reported $0.95 EPS for the quarter, topping the consensus estimate of $0.84 by $0.11. Nordstrom had a return on equity of 56.00% and a net margin of 3.24%. The business had revenue of $3.98 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter last year, the company earned $0.65 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year.



JWN has been the subject of several analyst reports. Cowen downgraded Nordstrom from an “outperform” rating to a “market perform” rating in a research note on Monday, July 2nd. Telsey Advisory Group upgraded Nordstrom from a “market perform” rating to an “outperform” rating and set a $57.00 target price for the company in a research note on Wednesday, July 11th. Credit Suisse Group lifted their price target on Nordstrom from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Wednesday, July 11th. Nomura lifted their price target on Nordstrom from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Thursday, July 12th. Finally, ValuEngine downgraded Nordstrom from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $56.28.

NYSE JWN traded down $0.38 during trading hours on Tuesday, hitting $61.12. The company had a trading volume of 2,560,826 shares, compared to its average volume of 2,051,885. Nordstrom has a 52 week low of $37.79 and a 52 week high of $66.33. The company has a quick ratio of 0.54, a current ratio of 1.10 and a debt-to-equity ratio of 2.35. The company has a market cap of $10.30 billion, a P/E ratio of 20.65, a P/E/G ratio of 2.86 and a beta of 0.87.

Nordstrom announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 22nd that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 14.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In related news, insider Blake W. Nordstrom sold 127,251 shares of the firm’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $61.51, for a total transaction of $7,827,209.01. Following the transaction, the insider now directly owns 2,519,436 shares of the company’s stock, valued at approximately $154,970,508.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert Sari sold 7,671 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $55.65, for a total value of $426,891.15. Following the transaction, the vice president now directly owns 25,178 shares in the company, valued at $1,401,155.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 208,275 shares of company stock valued at $13,048,270. Corporate insiders own 7.05% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Centaurus Financial Inc. purchased a new position in shares of Nordstrom during the 2nd quarter valued at about $112,000. First Hawaiian Bank purchased a new position in Nordstrom in the 3rd quarter worth approximately $113,000. Kiley Juergens Wealth Management LLC purchased a new position in Nordstrom in the 2nd quarter worth approximately $118,000. Whittier Trust Co. purchased a new position in Nordstrom in the 2nd quarter worth approximately $147,000. Finally, Mount Yale Investment Advisors LLC purchased a new position in Nordstrom in the 1st quarter worth approximately $154,000. 55.60% of the stock is currently owned by institutional investors.

Nordstrom Company Profile

Nordstrom, Inc, a fashion retailer, provides apparel, shoes, cosmetics, and accessories for women, men, young adults, and children in the United States and Canada. The company operates in two segments, Retail and Credit. The Retail segment offers a range of brand name and private label merchandise through various channels, including Nordstrom branded full-line stores and online store at Nordstrom.com; Nordstrom Rack stores; Nordstromrack.com and HauteLook; Trunk Club clubhouses and TrunkClub.com; Jeffrey boutiques; and clearance stores that operate under the Last Chance name.

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