Nordstrom's earnings are coming as the stock trades near 3-year lows (JWN)

Rebecca Ungarino

May 21, 2019 8:48 PM

Nordstrom is set to report first-quarter earnings on Tuesday afternoon.

nordstrom worker

The stock has been a major underperformer, trading near its lowest level since June 2016.
Ahead of the report, a Credit Suisse analyst called the company's recent full-price store underperformance "alarming."
Watch Nordstrom trade live .

Nordstrom is scheduled to report first-quarter earnings on Tuesday afternoon, and analysts are looking to see whether the retailer can impress the market the way it did last quarter .

While Nordstrom's shares surged following the retailer's fourth-quarter report as full-year earnings guidance topped expectations and digital sales proved robust the spike was short-lived. The stock has fallen 21% since the last report, and is now trading near its lowest level in three years.

Even with the recent sell-off, the market doesn't yet fully appreciate the "depth of the sales decline" in Nordstrom's core premium business, Credit Suisse analysts led by Michael Binetti said in a note to clients last week.

"Overwhelmingly bearish sentiment currently leaves us Neutral," they said. But our checks have been almost unanimously negative in 1Q."

They called Nordstrom's full-price store underperformance "alarming," and said they expect same-store sales, a common measure of retailers' health, to come in flat for the first quarter.

Here's what Wall Street analysts polled by Bloomberg expect Nordstrom to report: