NORDSTROM INC. $38 (New York symbol JWN; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 219.2 million; Market cap: $8.3 billion; Price-to-sales ratio: 0.9; Dividend yield: 2.1%; WSSF Rating: Average) mainly sells upscale clothing, accessories and footwear. The company owns and operates 200 outlets, including 115 department stores, in 28 U.S. states.
In its fiscal 2011 second quarter, which ended July 31, 2010, Nordstrom’s revenue rose 12.7%, to $2.5 billion from $2.2 billion a year earlier. Same-store sales rose 8.4%, mainly due to strong demand for women’s clothing, shoes and jewellery. Nordstrom is also benefiting from recent investments in its web site: online sales rose 34.1%. Earnings per share rose 37.5%, to $0.66 from $0.48.
Nordstrom benefits from its focus on upscale shoppers. That’s because these consumers are less affected by economic downturns. However, the company aims to attract more cost-conscious customers by opening between 30 and 45 of its Nordstrom Rack clearance stores over the next three years. It now has 82 of these stores.
The company should earn $2.63 a share in its current fiscal year. The stock trades at 14.4 times that estimate.
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