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Morningstar•December 03, 2020
Morningstar•December 03, 2020Nordstrom, Inc.: Narrow-Moat Nordstrom Returned to Profitability in Q3 Despite Soft Sales; Shares Undervalued
Summary
Nordstrom is a fashion retailer that operates approximately 100 department stores in the U.S. and Canada and approximately 250 outlet stores under the names Nordstrom Rack and Last Chance. The company also operates e-commerce sites. Nordstrom’s largest merchandise categories are women’s apparel (31% of sales) and shoes (24% of sales). Nordstrom, which traces its histor
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Analyst Profile
David Swartz
Equity AnalystDavid Swartz is an equity analyst in the consumer sector research group for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers consumer-focused companies in retail and apparel.Before joining Morningstar in 2018, Swartz worked as a money manager and equity analyst for a family office in the Seattle area. He also worked as an analyst and fund manager for three equity hedge funds in the San Francisco Bay Area.Swartz holds a bachelor’s degree in economics from the University of California at Berkeley and a master’s degree in economics from Yale University. He also holds a certificate in finance (investment management specialization) from UC Berkeley Extension.