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Nordstrom (JWN) 4Q15 Results: Soft Outlook Based on Current Sales Trends

Executive Summary

  • Nordstrom reported 4Q15 EPS of $1.17, excluding items, versus the consensus estimate of $1.22.
  • Total revenues, including credit card revenues, were $4.19 billion versus consensus of $4.22 billion. Comps were up 1.0% versus consensus of 0.6%. Full-line comps were down 3.2%, while was up 11%, Nordstrom Rack down 3.0% and 50%.
  • Full-year 2016 guidance calls for EPS of $3.10–$3.35 versus consensus of $3.54. Net sales are expected to be up 3.5%–5.5% based on comps that are expected to be flat–2%.

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