Executive Summary

• Nordstrom reported 4Q15 EPS of $1.17, excluding items, versus the consensus estimate of $1.22.
• Total revenues, including credit card revenues, were $4.19 billion versus consensus of $4.22 billion. Comps were up 1.0% versus consensus of 0.6%. Full-line comps were down 3.2%, while Nordstrom.com was up 11%, Nordstrom Rack down 3.0% and Nordstromrack.com/HauteLookup 50%.
• Full-year 2016 guidance calls for EPS of $3.10–$3.35 versus consensus of $3.54. Net sales are expected to be up 3.5%–5.5% based on comps that are expected to be flat–2%.