Nordstrom Inc. (NYSE: JWN) is set to report earnings after the close today. First Call has the following estimates:
Time EPS $REV
Q4-2008 (Jan.) $0.88 $2.53 Billion
Q1-2009 (Apr.) $0.59 $1.99 Billion
FY-2009 (Jan.) $2.98 $9.31 Billion
Just last week, Nordstrom hiked its dividend to $0.16 from $0.135. It new dividend yield as of today’s price is about 1.7%. The company saw a sharp drop in January same store sales with a 6.6% drop. The total sales were down a total of 20.3%, and while these were affected by one less week it was still a highly noticed drop. Sales would have supposedly been down 1.2% without the minus one week issues.
While this will be watched closely, we already had been given the preliminary quarterly revenues at $2.51 Billion on a total Q4 same store sales of -0.7%. Investors will therefore most likely be watching for any comments on guidance.
Nordstrom stock is very close to its 50-day moving average of $35.29, which is only about 3% under today’s share prices. We have already seen more than one-third of a share price haircut as the 52-week trading range is $28.00 to $59.50.
Jon C. Ogg
February 25, 2008
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