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.
$諾德斯特龍 (JWN.US)$ 在發佈了反響不佳的第三季度業績後，股票週三下跌超過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%，收於22.63美元，此前公司表示與2023財年同一時期相比，淨銷售額增長了4.6%。公司總可比銷售額增長了4.0%，而商品總價值增長了5.3%。
JP Morgan analyst Matthew R. Boss reiterated the "Underweight" rating on the stock, raising the price forecast to $21 from $20.
摩根大通分析師馬修·R·博斯重申了該股票的「減持」評級，將價格預期從20美元上調至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.
分析師指出，儘管諾德斯特龍核心客戶群的條件有利，包括高個人儲蓄率、低債務服務比例和顯著的家庭財富創造，以及有利的定價和促銷因素，但公司的絕對和相對錶現仍然令人失望，2023年的營業收入水平和EBIT利潤率低於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在本季度開設了12家Rack店，反映出2.2%的增長，截至目前總共開設了23家Rack店，符合其2024年20-25家新店開業的指導，預計2025年開設15家，Boss補充道。
Meanwhile, Telsey Advisory Group analyst Dana Telsey reiterated "Market Perform" rating on Nordstrom, raising the price forecast to $26 from $24.
與此同時，特爾西諮詢集團分析師達納·特爾西重申了對諾德斯特龍的「市場表現」評級，將價格預期從24美元上調至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.
分析師指出，諾德斯特龍在第三季度超出了盈利預期，得益於更強的銷售、毛利率和運營費用槓桿。
Full-line segment growth was positive for the third consecutive quarter, and momentum at Rack continued.
全線業務段的增長連續第三個季度保持積極，Rack的勢頭持續。
However, despite this growth, management highlighted a slowdown in sales in late October and November.
然而，儘管有這種增長，管理層指出10月底和11月的銷售放緩。
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，諾德斯特龍謹慎地將其2024財年的營業收入增長前景上調了100個點子，同時保持EBIT利潤率和每股收益的指引不變。公司還提到，由於寒冷天氣類商品的銷售緩慢，庫存水平較高。
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.
鑑於這些因素，分析師維持了市場表現評級。分析師將FY24的預測上調至2.00美元，高於之前的1.95美元。對於FY25，預測上調至2.06美元，略高於之前的2.02美元預測。
