Intrinsic value of Nordstrom - JWN

Previous Close

$52.43

  Intrinsic Value

$87.45

stock screener

  Rating & Target

str. buy

+67%

Previous close

$52.43

 
Intrinsic value

$87.45

 
Up/down potential

+67%

 
Rating

str. buy

We calculate the intrinsic value of JWN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2018), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047
   2048

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  16,236
  17,034
  17,872
  18,752
  19,677
  20,650
  21,671
  22,744
  23,872
  25,056
  26,300
  27,607
  28,979
  30,421
  31,935
  33,525
  35,195
  36,949
  38,791
  40,726
  42,757
  44,890
  47,130
  49,482
  51,953
  54,546
  57,270
  60,130
  63,134
  66,288
Variable operating expenses, $m
  13,508
  14,170
  14,865
  15,597
  16,365
  17,173
  18,021
  18,912
  19,848
  20,832
  21,841
  22,926
  24,066
  25,264
  26,521
  27,842
  29,228
  30,685
  32,215
  33,821
  35,508
  37,279
  39,140
  41,093
  43,145
  45,299
  47,561
  49,936
  52,430
  55,049
Fixed operating expenses, $m
  1,757
  1,795
  1,835
  1,875
  1,917
  1,959
  2,002
  2,046
  2,091
  2,137
  2,184
  2,232
  2,281
  2,331
  2,383
  2,435
  2,489
  2,543
  2,599
  2,656
  2,715
  2,775
  2,836
  2,898
  2,962
  3,027
  3,093
  3,162
  3,231
  3,302
Total operating expenses, $m
  15,265
  15,965
  16,700
  17,472
  18,282
  19,132
  20,023
  20,958
  21,939
  22,969
  24,025
  25,158
  26,347
  27,595
  28,904
  30,277
  31,717
  33,228
  34,814
  36,477
  38,223
  40,054
  41,976
  43,991
  46,107
  48,326
  50,654
  53,098
  55,661
  58,351
Operating income, $m
  972
  1,069
  1,171
  1,280
  1,396
  1,518
  1,648
  1,786
  1,932
  2,087
  2,275
  2,448
  2,632
  2,826
  3,032
  3,249
  3,478
  3,721
  3,977
  4,248
  4,534
  4,836
  5,155
  5,491
  5,846
  6,221
  6,616
  7,033
  7,472
  7,936
EBITDA, $m
  1,433
  1,551
  1,676
  1,808
  1,949
  2,098
  2,255
  2,422
  2,598
  2,785
  2,982
  3,191
  3,412
  3,645
  3,891
  4,151
  4,425
  4,715
  5,021
  5,344
  5,684
  6,044
  6,423
  6,822
  7,244
  7,688
  8,157
  8,650
  9,171
  9,719
Interest expense (income), $m
  134
  148
  167
  187
  208
  230
  253
  277
  302
  329
  357
  387
  418
  450
  484
  520
  558
  598
  639
  683
  729
  777
  828
  881
  937
  995
  1,057
  1,122
  1,189
  1,261
  1,336
Earnings before tax, $m
  824
  902
  984
  1,072
  1,166
  1,266
  1,372
  1,484
  1,603
  1,730
  1,888
  2,031
  2,182
  2,342
  2,511
  2,691
  2,881
  3,082
  3,294
  3,519
  3,757
  4,008
  4,274
  4,554
  4,851
  5,164
  5,494
  5,843
  6,212
  6,600
Tax expense, $m
  223
  243
  266
  290
  315
  342
  370
  401
  433
  467
  510
  548
  589
  632
  678
  726
  778
  832
  889
  950
  1,014
  1,082
  1,154
  1,230
  1,310
  1,394
  1,483
  1,578
  1,677
  1,782
Net income, $m
  602
  658
  719
  783
  851
  924
  1,001
  1,083
  1,170
  1,263
  1,378
  1,482
  1,593
  1,710
  1,833
  1,964
  2,103
  2,250
  2,405
  2,569
  2,743
  2,926
  3,120
  3,325
  3,541
  3,770
  4,011
  4,266
  4,535
  4,818

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,514
  8,932
  9,372
  9,833
  10,318
  10,828
  11,364
  11,927
  12,518
  13,139
  13,791
  14,477
  15,196
  15,952
  16,746
  17,580
  18,456
  19,376
  20,341
  21,356
  22,421
  23,540
  24,714
  25,948
  27,243
  28,603
  30,032
  31,531
  33,106
  34,760
Adjusted assets (=assets-cash), $m
  8,514
  8,932
  9,372
  9,833
  10,318
  10,828
  11,364
  11,927
  12,518
  13,139
  13,791
  14,477
  15,196
  15,952
  16,746
  17,580
  18,456
  19,376
  20,341
  21,356
  22,421
  23,540
  24,714
  25,948
  27,243
  28,603
  30,032
  31,531
  33,106
  34,760
Revenue / Adjusted assets
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
  1.907
Average production assets, $m
  4,368
  4,582
  4,807
  5,044
  5,293
  5,555
  5,830
  6,118
  6,421
  6,740
  7,075
  7,426
  7,795
  8,183
  8,591
  9,018
  9,468
  9,939
  10,435
  10,955
  11,502
  12,075
  12,678
  13,311
  13,975
  14,673
  15,406
  16,175
  16,983
  17,831
Working capital, $m
  649
  681
  715
  750
  787
  826
  867
  910
  955
  1,002
  1,052
  1,104
  1,159
  1,217
  1,277
  1,341
  1,408
  1,478
  1,552
  1,629
  1,710
  1,796
  1,885
  1,979
  2,078
  2,182
  2,291
  2,405
  2,525
  2,652
Total debt, $m
  3,091
  3,459
  3,846
  4,252
  4,679
  5,128
  5,599
  6,095
  6,615
  7,161
  7,735
  8,338
  8,972
  9,637
  10,336
  11,070
  11,840
  12,650
  13,499
  14,392
  15,329
  16,314
  17,348
  18,433
  19,573
  20,770
  22,027
  23,347
  24,733
  26,188
Total liabilities, $m
  7,492
  7,860
  8,247
  8,653
  9,080
  9,529
  10,000
  10,496
  11,016
  11,562
  12,136
  12,739
  13,373
  14,038
  14,737
  15,471
  16,241
  17,051
  17,900
  18,793
  19,730
  20,715
  21,749
  22,834
  23,974
  25,171
  26,428
  27,748
  29,134
  30,589
Total equity, $m
  1,022
  1,072
  1,125
  1,180
  1,238
  1,299
  1,364
  1,431
  1,502
  1,577
  1,655
  1,737
  1,824
  1,914
  2,010
  2,110
  2,215
  2,325
  2,441
  2,563
  2,691
  2,825
  2,966
  3,114
  3,269
  3,432
  3,604
  3,784
  3,973
  4,171
Total liabilities and equity, $m
  8,514
  8,932
  9,372
  9,833
  10,318
  10,828
  11,364
  11,927
  12,518
  13,139
  13,791
  14,476
  15,197
  15,952
  16,747
  17,581
  18,456
  19,376
  20,341
  21,356
  22,421
  23,540
  24,715
  25,948
  27,243
  28,603
  30,032
  31,532
  33,107
  34,760
Debt-to-equity ratio
  3.030
  3.230
  3.420
  3.600
  3.780
  3.950
  4.110
  4.260
  4.400
  4.540
  4.670
  4.800
  4.920
  5.030
  5.140
  5.250
  5.350
  5.440
  5.530
  5.620
  5.700
  5.780
  5.850
  5.920
  5.990
  6.050
  6.110
  6.170
  6.230
  6.280
Adjusted equity ratio
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  602
  658
  719
  783
  851
  924
  1,001
  1,083
  1,170
  1,263
  1,378
  1,482
  1,593
  1,710
  1,833
  1,964
  2,103
  2,250
  2,405
  2,569
  2,743
  2,926
  3,120
  3,325
  3,541
  3,770
  4,011
  4,266
  4,535
  4,818
Depreciation, amort., depletion, $m
  461
  482
  505
  528
  553
  579
  607
  636
  666
  698
  707
  743
  780
  818
  859
  902
  947
  994
  1,043
  1,096
  1,150
  1,208
  1,268
  1,331
  1,398
  1,467
  1,541
  1,618
  1,698
  1,783
Funds from operations, $m
  1,062
  1,140
  1,223
  1,311
  1,404
  1,503
  1,608
  1,719
  1,836
  1,961
  2,086
  2,225
  2,372
  2,528
  2,692
  2,866
  3,050
  3,244
  3,448
  3,664
  3,893
  4,134
  4,388
  4,656
  4,939
  5,237
  5,551
  5,883
  6,233
  6,601
Change in working capital, $m
  30
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  114
  120
  126
Cash from operations, $m
  1,032
  1,108
  1,190
  1,276
  1,367
  1,464
  1,567
  1,676
  1,791
  1,913
  2,036
  2,173
  2,317
  2,470
  2,632
  2,802
  2,983
  3,173
  3,375
  3,587
  3,811
  4,048
  4,298
  4,562
  4,840
  5,133
  5,443
  5,769
  6,113
  6,475
Maintenance CAPEX, $m
  -416
  -437
  -458
  -481
  -504
  -529
  -555
  -583
  -612
  -642
  -674
  -707
  -743
  -780
  -818
  -859
  -902
  -947
  -994
  -1,043
  -1,096
  -1,150
  -1,208
  -1,268
  -1,331
  -1,398
  -1,467
  -1,541
  -1,618
  -1,698
New CAPEX, $m
  -212
  -214
  -225
  -237
  -249
  -262
  -275
  -289
  -303
  -319
  -335
  -352
  -369
  -388
  -407
  -428
  -449
  -472
  -495
  -520
  -546
  -574
  -603
  -633
  -664
  -698
  -733
  -769
  -808
  -848
Cash from investing activities, $m
  -628
  -651
  -683
  -718
  -753
  -791
  -830
  -872
  -915
  -961
  -1,009
  -1,059
  -1,112
  -1,168
  -1,225
  -1,287
  -1,351
  -1,419
  -1,489
  -1,563
  -1,642
  -1,724
  -1,811
  -1,901
  -1,995
  -2,096
  -2,200
  -2,310
  -2,426
  -2,546
Free cash flow, $m
  405
  457
  506
  558
  614
  673
  737
  804
  876
  953
  1,027
  1,114
  1,205
  1,303
  1,406
  1,516
  1,632
  1,755
  1,885
  2,023
  2,169
  2,324
  2,488
  2,661
  2,844
  3,038
  3,243
  3,459
  3,687
  3,929
Issuance/(repayment) of debt, $m
  354
  368
  387
  406
  427
  449
  471
  495
  520
  547
  574
  603
  633
  665
  699
  734
  771
  809
  850
  893
  937
  984
  1,034
  1,085
  1,140
  1,197
  1,257
  1,320
  1,386
  1,455
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  354
  368
  387
  406
  427
  449
  471
  495
  520
  547
  574
  603
  633
  665
  699
  734
  771
  809
  850
  893
  937
  984
  1,034
  1,085
  1,140
  1,197
  1,257
  1,320
  1,386
  1,455
Total cash flow (excl. dividends), $m
  759
  825
  893
  965
  1,041
  1,122
  1,208
  1,300
  1,396
  1,499
  1,602
  1,717
  1,839
  1,968
  2,105
  2,249
  2,402
  2,564
  2,735
  2,916
  3,107
  3,309
  3,522
  3,747
  3,984
  4,235
  4,499
  4,779
  5,073
  5,384
Retained Cash Flow (-), $m
  -45
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -180
  -189
  -198
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  77
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  132
  138
  145
  152
  160
  168
  176
  185
  194
  204
  214
  224
  236
  247
  260
  273
  286
  301
  316
Cash available for distribution, $m
  714
  775
  840
  909
  983
  1,061
  1,144
  1,232
  1,326
  1,425
  1,523
  1,635
  1,752
  1,877
  2,010
  2,149
  2,297
  2,454
  2,619
  2,794
  2,979
  3,174
  3,381
  3,599
  3,829
  4,072
  4,328
  4,599
  4,884
  5,186
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  685
  709
  731
  749
  762
  770
  773
  770
  761
  747
  723
  698
  666
  630
  590
  546
  500
  452
  403
  355
  308
  263
  222
  183
  149
  119
  93
  71
  53
  39
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Nordstrom, Inc. is a fashion specialty retailer in the United States. The Company's segments include Retail and Credit. As of March 20, 2017, the Company operated 344 the United States stores located in 40 states as well as an e-commerce business. The Company also offers its customers a variety of payment products and services, including credit and debit cards. As of March 20, 2017, the Retail segment included its 117 Nordstrom-branded full-line stores in the United States and Nordstrom.com, 216 off-price Nordstrom Rack stores, five Canada full-line stores, Nordstromrack.com/HauteLook, seven Trunk Club clubhouses and TrunkClub.com, two Jeffrey boutiques and two clearance stores that operate under the name Last Chance. The Company, through Credit segment, allows its customers to access a range of payment products and services, including a Nordstrom-branded private label card, approximately two Nordstrom-branded Visa credit cards and a debit card for Nordstrom purchases.

FINANCIAL RATIOS  of  Nordstrom (JWN)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 0.6
Price to Book 10.2
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.8%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 92
Current Ratio 0
LT Debt to Equity 317.6%
Total Debt to Equity 318.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 7.5%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12%
Return On Equity 40.7%
Return On Equity - 3 Yr. Avg. 36.3%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 36%
Gross Margin - 3 Yr. Avg. 36.8%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 48.2%
Eff/ Tax Rate - 3 Yr. Avg. 42%
Payout Ratio 72.3%

JWN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JWN stock intrinsic value calculation we used $15478 million for the last fiscal year's total revenue generated by Nordstrom. The default revenue input number comes from 2018 income statement of Nordstrom. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JWN stock valuation model: a) initial revenue growth rate of 4.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for JWN is calculated based on our internal credit rating of Nordstrom, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Nordstrom.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JWN stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1719 million in the base year in the intrinsic value calculation for JWN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Nordstrom.

Corporate tax rate of 27% is the nominal tax rate for Nordstrom. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JWN stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JWN are equal to 26.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Nordstrom operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JWN is equal to 4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $977 million for Nordstrom - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 167 million for Nordstrom is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Nordstrom at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ Greycroft: 'Our most successful investments werent in NYC or LA'   [Jul-18-18 09:45AM  American City Business Journals]
▶ What Happened in the Stock Market Today   [04:57PM  Motley Fool]
▶ Better Buy: Nordstrom vs. Macys   [Jul-09-18 09:02PM  Motley Fool]
▶ Nordstrom's restaurant leaders dish on drawing shoppers to stores   [08:25PM  American City Business Journals]
▶ Nordstrom confirms locations of two more Nordstrom Local stores   [02:08PM  American City Business Journals]
▶ Cowen Downgrades Nordstrom, Warns Of More Store Closings   [Jul-04-18 07:47AM  Investing.com]
▶ Plaza management talks vacant storefronts, Nordstrom   [Jul-03-18 09:28AM  American City Business Journals]
▶ Stocks Rebound to End Higher   [04:07PM  TheStreet.com]
▶ How to Play Retail   [02:13PM  CNBC Videos]
▶ Nordstrom: Are the Shares Too Trendy?   [10:22AM  Barrons.com]
▶ Consumer Cyclical: The Themes Driving Retail's Rebound   [Jun-28-18 07:00AM  Morningstar]
▶ Nordstrom to Host Investor Day on July 10   [Jun-26-18 04:30PM  Business Wire]
▶ Time to Shop for Nordstrom's Stock?   [12:34PM  TheStreet.com]
▶ AIM Consulting grows through teamwork, attitude and discipline   [06:00AM  American City Business Journals]
▶ CEOs employees ranked as the best   [Jun-20-18 01:12PM  Yahoo Finance Video]
▶ Nordstrom opens quick-service restaurant in Bellevue with Tom Douglas (Photos)   [Jun-19-18 04:59PM  American City Business Journals]
▶ Nordstrom, Inc.'s Real Estate Could Be a Gold Mine   [Jun-16-18 02:10PM  Motley Fool]
▶ 2 Retail Stock Plays to Mix and Match   [Jun-11-18 07:58AM  InvestorPlace]
▶ Does Stitch Fix Have a Competitive Advantage?   [Jun-03-18 10:44AM  Motley Fool]
▶ [$$] Retailers Stalk the Elusive Millennial Shopper   [May-30-18 08:08PM  The Wall Street Journal]
▶ Retailers Stalk the Elusive Millennial Shopper   [11:11AM  The Wall Street Journal]
▶ Retail Stocks Showed Lackluster Moves on Tuesday   [May-29-18 06:17PM  TheStreet.com]
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