Nordstrom Inc

JWN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$37.20	Tfcb	Jxjxmbxxy

Nordstrom Earnings: Signs of Margin Improvement Despite Underwhelming Sales; Shares Very Undervalued

David Swartz

Nov 22, 2023

Narrow-moat Nordstrom showed progress on its strategic initiatives in the third quarter despite soft consumer demand. Its shares are very undervalued in relation to our $40 fair value estimate, which we do not expect to change materially. Our full-year estimates align with its guidance for a 4%-6% sales decline and $1.90-$2.10 in adjusted EPS.

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