Nordstrom Q3 Sales Grow, But Analysts Remain Cautious On Stock Amid Slowing Sales And Elevated Inventory
Nordstrom Q3 Sales Grow, But Analysts Remain Cautious On Stock Amid Slowing Sales And Elevated Inventory
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, Inc. (NYSE:JWN) shares are trading lower on Wednesday.
諾德斯特龍公司（紐交所：JWN）股價週三下跌。
For the third quarter, the company's net sales increased 4.6% compared to the same period in fiscal 2023, total company comparable sales increased 4.0%, and gross merchandise value increased 5.3%.
第三季度，該公司淨銷售額較2023財年同期增長4.6％，總公司比較銷售額增長4.0％，商品總價值增長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Matthew R. Boss重申了對該股票的減持評級，並將價格預測從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，儘管諾德斯特龍的核心客戶群體條件有利，包括個人儲蓄率高，債務償還比率低，家庭財富創造顯著，以及有利的定價和促銷因素，但該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利潤率均低於2019年水平。
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商店，增長了2.2％，到目前爲止，今年已開設了23家Rack門店，符合其2024年開店20-25家的指導，並預計2025年將有15家，Boss補充道。
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Telsey Advisory Group analyst Dana Telsey reiterated Market Perform rating on Nordstrom, raising the price forecast to $26 from $24.
Telsey諮詢集團分析師達納·泰爾西再次確認了對諾德斯特龍的市場表現評級，並將價格預測從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，得益於更強勁的銷售，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.
全線業務部門增長連續第三個季度保持良好態勢，Rack的勢頭也在持續。
However, despite this growth, management highlighted a slowdown in sales in late October and November.
然而，儘管增長，管理層強調了十月底和十一月銷售放緩。
As a result, Nordstrom cautiously raised its FY24 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FY24營收增長預期上調了100個點子，同時保持EBIt利潤率和每股收益指導不變。公司還指出，庫存水平升高，因爲冷天氣類別的庫存週轉較慢。
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.
考慮到這些因素，分析師維持市場表現評級。分析師將FY24的估值提高至2.00美元，高於之前的1.95美元。至於FY25，估值上調至2.06美元，略高於之前的2.02美元的估值。
Price Action: JWN shares are trading lower by 9.34% to $22.32 at last check Wednesday.
股價走勢：JWN股價最新交易價格爲22.32美元，較週三最後檢查時下跌了9.34%。
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圖片來自shutterstock。
譯文內容由第三人軟體翻譯。
