Executive Summary

• Nordstrom reported 1Q18 EPS of $0.51, up 37.2% year over year and beating the $0.43 consensus estimate. Total revenues were $3.56 billion, up 6.2% and beating the $3.45 billion consensus estimate.
• Comparable sales were up 0.6%, below the 1.1% consensus estimate but above the 0.8% decline reported in the year-ago quarter.
• The company raised the low end of its EPS guidance range; it now expects FY18 EPS of $3.35–$3.55, up from $3.30–$3.55 previously and versus the consensus estimate of $3.43. The company reiterated its net sales and comp guidance.