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Thu, Jan. 7, 9:25 AM
- Morgan Stanley downgrades Nordstrom (NYSE:JWN) to an Underweight rating due to the "secular decline" in the department store sector as e-commerce cuts into margins.
- The investment firm like Nordstrom's best-in-class positioning, but is concerned over recent channel checks indicating higher markdown activity.
- JWN -1.96% to $47.55.
Tue, Jan. 5, 9:10 AM
- Citi takes a post-holiday dive into the department store sector.
- Nordstrom (NYSE:JWN) is downgraded to Neutral from Buy due to the department store chain's slow sales growth track.
- J.C. Penney (NYSE:JCP) is raised to a Neutral rating after sitting with a Sell call. Citi sees JCP fairly priced at current levels ($6.97).
- Both department stocks are down about 30% over the last three months to trade near their 52-week lows. J.C. Penney may have the better trading day with Buckingham Research also weighing in to back the company's ability to meet guidance.
Dec. 31, 2015, 4:57 PM
- Industry tracking shows cold weather apparel sales are still well-below last year's level even with the recent cold snap in the U.S. Northeast and Midwest.
- Consumer Growth Partners notes a high level of markdowns has held back revenue in the sector due to a higher mix of post-Christmas sales.
- Though the warmer weather helped sales in other categories, it's not nearly enough to offset the markdown activity on items such as winter coats and sweaters.
- Several investment firms have clipped Q4 EPS estimates on mall retailers due to concerns over apparel markdowns.
- Related stocks: COLM, DKS, LE, ARO, ANF, AEO, M, JCP, DDS, JWN, VFC.
Dec. 23, 2015, 11:56 AM
- Coca-Cola (KO +0.6%) was added back to the UBS Dividend Rulers portfolio after being swapped out last year.
- The Atlanta company replaces British American Tobacco (BTI +1.8%).
- The UBS Dividend Rulers portfolio has topped broad market averages over the long term, but is down 4.5% YTD this year. UBS expects a return to norm in 2016 as headwinds ease for large-cap dividend payers. Federal Reserve rate increases aren't expected to disrupt the Dividend Rulers portfolio to a large degree.
- Other UBS Dividend Ruler stocks include Home Depot (HD +0.6%), McDonald's (MCD +0.6%), Nordstrom (JWN +1.6%), PepsiCo (PEP +0.8%), and V.F. Corp (VFC +0.5%).
Dec. 11, 2015, 9:05 AM
- Retail sales were up 1.4% Y/Y in November as most categories stayed in positive territory to help offset the sharp 20% drop in gasoline station revenue. The 0.5% M/M increase in the core rate was the best growth since July and is seen as important given some of the overwrought headlines about weak Black Friday traffic.
- Consumers did increase their spending on food during November. Sales in the food and beverage stores category was up 0.7% M/M and 2.1% Y/Y, while the food services category was 0.7% higher M/M and 6.5% Y/Y.
- Department stores ([[KSS], M, JWN, DDS, JCP) lagged overall retail stores once again. Sales for the group were flat in November from October and were down 2.4% from last year's level.
- Analyst think the consumer spending read for November could be just strong enough to give some support to Big Retail (WMT, TGT, SPLS, BBY, COST) stocks.
- Retail Sales report (.pdf)
Dec. 9, 2015, 10:42 AM
- Urban Outfitters (NASDAQ:URBN) is up 7.8% to lead the pack of mall retailer stocks that are rallying with some vigor.
- While the sector is seen benefiting from $2 gas prices at the pump, and some analysts have called valuation at reasonable levels - it could be the tamping down of promotional activity which is providing the optimism. Earlier today, Vera Bradley (VRA +30.4%) disclosed it took a hit on the top-line in order to keep margins intact.
- Notable movers include Gap (GPS +2.7%), Stage Stores (SSI +3.8%), Citi Trends (CTRN +1.9%), American Eagle Outfitters (AEO +2.8%), Buckle (BKE +2.9%), Nordstrom (JWN +1.6%), Abercrombie & Fitch (ANF +3.8%), Express (EXPR +2.3%), and Guess (GES +2.9%).
- Previously: Vera Bradley +19% after reducing promotions in FQ3 (Dec. 09 2015)
Nov. 30, 2015, 10:31 AM
- Department stores stocks are down across the board after reports of weak Black Friday traffic and pricing work turn sentiment sour.
- Sears Canada (SRSC -1.5%), Sears Holdings (SHLD -3.3%), Dillard's (DDS -3.2%), J.C. Penney (JCP -2.4%), Macy's (M -1.2%), Nordstrom (JWN -1.2%), and Kohl's (KSS -0.9%) are all lower.
- The SPDR S&P Retail ETF (NYSEARCA:XRT) is down 1.27%, although the damage could be worse if the underlying index didn't hold four internet retailers (Netflix, Amazon, Shutterfly, TripAdvisor) as top ten positions.
Nov. 18, 2015, 4:41 PM
- Nordstrom (NYSE:JWN) declares $0.37/share quarterly dividend, in line with previous.
- Forward yield 2.66%
- Payable Dec. 15; for shareholders of record Nov. 30; ex-div Nov. 25.
Nov. 13, 2015, 9:14 AM
Nov. 13, 2015, 8:31 AM
- J.C. Penney (NYSE:JCP) reported a lighter than expected Q3 loss, better than expected sales growth and raised profit estimates for the year, but shares nevertheless are -3.3% premarket as other mall-based retailers have warned about weak consumer spending.
- JCP says its Q3 comparable sales at locations open for at least a year rose 6.4% Y/Y, beating expectations, but does not raise its forecast for full-year sales, reaffirming 2015 guidance for comp store sales to increase 4%-5%.
- JCP says all merchandise divisions had positive comp sales gains over last year, with men's, home, footwear, handbags and Sephora among the top performing divisions.
- Q3 gross margin rose to 37.3% from 36.6% a year earlier, helped by improvements in clearance and promotions.
- JCP says it now expects adjusted EBITDA of $645M, up from its August estimate of $620M.
- In premarket trading among peers, JWN -20.2%, TJX -4%, M -1.3%, TGT -1.5%, KSS -2%.
Nov. 12, 2015, 5:44 PM
Nov. 12, 2015, 5:17 PM
- Nordstrom (NYSE:JWN) -19.8% AH after missing Q3 earnings estimates by a wide margin and cutting its annual forecast.
- JWN says Q3 results were below its expectations, reflecting softer sales trends that generally were consistent across channels and merchandise categories.
- JWN lowers its guidance for FY 2016 EPS to $3.40-$3.50 from its prior outlook for $3.70-$3.80 and below the $3.77 analyst consensus estimate, and lowers its revenue view to a 7.5%-8% gain and $14.1B-$14.16B vs. $14.34B consensus.
- For Q4, JWN sees EPS of $3.30-$3.40 with sales rising 7.5%-8%, down from its previous guidance for EPS of $3.85-$3.95 on a 8.5%-9.5% sales increase.
- Q3 revenue, which includes revenue from its credit cards, gained 6% Y/Y to $3.33B, while sales at established stores rose 0.9%; inventory rose 8% Y/Y.
- JWN follows Macy’s in reporting disappointing results, underscoring a broader slowdown for department stores as consumers spend less of their money on apparel and accessories; after hours, M -1.6%, TGT -1.9%, JCP -1.4%, TJX -4%, BURL -5.3%, KSS -1.3%.
Nov. 12, 2015, 4:12 PM
- Nordstrom (NYSE:JWN): Q3 EPS of $0.57 misses by $0.15.
- Revenue of $3.24B (+3.2% Y/Y) misses by $130M.
- Shares -15.69%.
Nov. 12, 2015, 11:31 AM
- Kohl's (NYSE:KSS) is up 6.5% after reporting some success with strategic initiatives.
- Despite a year-over-year drop in Q3 profit, on a sequential basis the recent results looked stronger.
- J.C. Penney (JCP +3.4%), Nordstrom (JWN +2.3%), and Dillard's (DDS +3.5%) are all solidly higher after selling off earlier in the week. The trio have a higher U.S. concentration than Macy's.
- Previously: Kohl's breaks out after earnings beat (Nov. 12 2015)
Nov. 11, 2015, 5:35 PM
Nov. 11, 2015, 8:28 AM
- The department store sector could see an impact after Macy's drops guidance sharply.
- CEO Terry Lundgren sent a shiver across the industry by saying Macy's will take markdowns to clear inventory ahead of the crucial holiday season. Macy's reported soft U.S. traffic and sales in Q3.
- Kohl's (NYSE:KSS), Dillard's (NYSE:DDS), and Nordstrom (NYSE:JWN) are on watch. Perhaps an outlier, J.C. Penney is higher in early action after tipping a strong 6% comp in Q3.
- Previously: Macy's lower after U.S. sales slump and nixing REIT (Nov. 11 2015)
- Previously: Retailers eye inventory levels with Black Friday 17 days away (Nov. 10 2015)
Nordstrom Inc operates as a fashion specialty retailer, with 290 U.S. stores located in 38 states as well as a robust e-commerce business through Nordstrom.com and HauteLook. It has two reportable segments: Retail and Credit.
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