Nordstrom Shares Fall 8% on Poorly Received Q3 Sales Growth
Nordstrom Shares Fall 8% on Poorly Received Q3 Sales Growth
The analyst notes that despite favorable conditions for Nordstorm's core customer base, including high personal savings rates, low debt service ratios, and significant household wealth creation, as well as favorable pricing and promotional factors, the company's absolute and relative performance remains disappointing, with 2023 revenue levels and EBIT margins falling below 2019 levels.$Nordstrom (JWN.US)$ shares fell more than 8% Wednesday following release of a poorly received Q3 earnings report.
$诺德斯特龙 (JWN.US)$ 在发布了反响不佳的第三季度财报后，股票周三下跌超过8%。
JWN shed 8.1% to finish at $22.63 after the company said net sales increased 4.6% compared to the same period in fiscal 2023. Total company comparable sales increased 4.0%, while gross merchandise value increased 5.3%.
JWN下跌8.1%，收于22.63美元，此前公司表示与2023财年同一时期相比，净销售额增长了4.6%。公司总可比销售额增长了4.0%，而商品总价值增长了5.3%。
JP Morgan analyst Matthew R. Boss reiterated the "Underweight" rating on the stock, raising the price forecast to $21 from $20.
摩根大通分析师马修·R·博斯重申了该股票的“减持”评级，将价格预期从20美元上调至21美元。
The analyst notes that despite favorable conditions for Nordstorm's core customer base, including high personal savings rates, low debt service ratios, and significant household wealth creation, as well as favorable pricing and promotional factors, the company's absolute and relative performance remains disappointing, with 2023 revenue levels and EBIT margins falling below 2019 levels.
分析师指出，尽管诺德斯特龙核心客户群的条件有利，包括高个人储蓄率、低债务服务比例和显著的家庭财富创造，以及有利的定价和促销因素，但公司的绝对和相对表现仍然令人失望，2023年的营业收入水平和EBIT利润率低于2019年的水平。
JWN opened 12 Rack stores during the quarter, reflecting a 2.2% growth, and has a total of 23 Rack store openings year-to-date, in line with its 2024 guidance of 20-25 openings, with 15 expected in 2025, Boss added.
JWN在本季度开设了12家Rack店，反映出2.2%的增长，截至目前总共开设了23家Rack店，符合其2024年20-25家新店开业的指导，预计2025年开设15家，Boss补充道。
Meanwhile, Telsey Advisory Group analyst Dana Telsey reiterated "Market Perform" rating on Nordstrom, raising the price forecast to $26 from $24.
与此同时，特尔西咨询集团分析师达纳·特尔西重申了对诺德斯特龙的“市场表现”评级，将价格预期从24美元上调至26美元。
The analyst notes that Nordstrom exceeded earnings expectations in the third quarter, driven by stronger sales, gross margins, and operating expense leverage.
分析师指出，诺德斯特龙在第三季度超出了盈利预期，得益于更强的销售、毛利率和运营费用杠杆。
Full-line segment growth was positive for the third consecutive quarter, and momentum at Rack continued.
全线业务段的增长连续第三个季度保持积极，Rack的势头持续。
However, despite this growth, management highlighted a slowdown in sales in late October and November.
然而，尽管有这种增长，管理层指出10月底和11月的销售放缓。
As a result, Nordstrom cautiously raised its fiscal 2024 revenue growth outlook by 100 basis points, while keeping EBIT margin and EPS guidance unchanged. The company also noted elevated inventory due to slower-moving cold weather categories.
因此，诺德斯特龙谨慎地将其2024财年的营业收入增长前景上调了100个基点，同时保持EBIT利润率和每股收益的指引不变。公司还提到，由于寒冷天气类商品的销售缓慢，库存水平较高。
Given these factors, the analyst maintained a Market Perform rating. The analyst raised estimates to $2.00 in FY24, up from $1.95 previously. For FY25, the estimate goes to $2.06, up modestly from the prior estimate of $2.02.
鉴于这些因素，分析师维持了市场表现评级。分析师将FY24的预测上调至2.00美元，高于之前的1.95美元。对于FY25，预测上调至2.06美元，略高于之前的2.02美元预测。
