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Alongside a bottom line miss, total company sales rose 2.5% Y/Y, but comp sales fell 1.7%.
- 1M shares repurchased in Q1 for $50M. Another $761M remains in buyback authorization.
- Full-year comp sales guidance is cut to a range of negative 1% to positive 1% from +3.5-+5.5%, and EPS to $2.50-$2.70 from $3.10-$3.35.
- Piper Jaffray keeps its Neutral rating and cuts the PT to $45 from $62. "We continue to believe Nordstrom is on the right customer-centric, channel-agnostic path ... That said, given a muted outlook for the balance of the year we believe a Neutral rating is appropriate."
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Cowen defends, noting the quarter was a tough one for full line and online, but rack showed some improvement. Analyst Oliver Chen keeps an Outperform rating, though cutting the PT to $44 from $52.
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JWN -16.5% premarket to about a five-year low of $37.75.