Nordstrom Inc

JWN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$96.60	Wbnvd	Fkbvpvlj

Nordstrom Earnings: Signs of Progress on Plans Despite Challenging Quarter; Shares Very Undervalued

David Swartz

Jun 1, 2023

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.

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