Nordstrom Inc
JWN: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$99.40 | Lryg | Bplqlns |
Nordstrom Earnings: Signs of Progress on Plans Despite Challenging Quarter; Shares Very Undervalued
Narrow-moat Nordstrom had progress on its strategic initiatives in 2023’s first quarter, despite uneven consumer spending and a write-down related to the shutdown of its Canadian operations. As the firm held to its 2023 outlook for a 4%-6% sales decline, an adjusted operating margin of 3.7%-4.2%, and adjusted EPS of $1.80-$2.00, we do not expect to make any material change to our $40 per share fair value estimate.