Topeka Capital Markets analyst Dorothy Lakner is expecting Nordstrom to post comparable store sales growth above 6%, "which would be its best comp this year," according to a research note on Tuesday.
"We expect to hear more on the call about the changes made in women's apparel and how they are going (Savvy's repositioning, TopShop expansion this fall) as well as updates on multichannel initiatives and JWN's expansion into Canada next year," Lakner wrote. She rates Nordstrom a "buy."
However Piper Jaffray analyst Neely Tamminga wrote in a note last week that this year's Anniversary event seem "sluggish" when compared to past years and is "cautious" about second-quarter earnings.
Piper Jaffray's analysis of the 638 items featured in the early access catalog found that the percentage of products that were considered "sell throughs" (as measured by those that sold out or had limited quantity) was just 13% vs. 39% at the conclusion of the sale last year, the note said."We believe Anniversary Sale trends could be a leading indicator to fall/winter sales," the note said. "While cautious on Nordstrom's near-term trends, we remain constructive on the long-term prospects of the company in the belief that their consumer-centric focus at the store level and online will continue to reap market share gains over time." Tamminga rates Nordstrom "overweight." Nordstrom reports after the markets close on Thursday. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: firstname.lastname@example.org.
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