02:54 PM EDT, 08/13/2024 (MT Newswires) -- Nordstrom's (JWN) Q2 results are likely to be in line with estimates, with the luxury department store chain maintaining its full-year earnings outlook, UBS said in an earnings preview emailed Tuesday.

The company's fundamental trends in Q2 were "fairly decent," though if its earnings fail to meet estimates, investors may find Nordstrom's full-year guidance "less achievable," UBS said.

UBS estimates Q2 adjusted earnings of $0.71 per share on revenue of $3.89 billion, versus consensus of $0.72 and $3.88 billion, respectively, according to the note.

Nordstrom's annual sales trends "modestly" improved sequentially in Q2, while unique visits to Nordstrom Rack's site rose 2% annually in the quarter, UBS said, citing industry data. However, unique visits to the Nordstrom full-price banner site declined 11% year over year in Q2, the investment firm added.

UBS said that Nordstrom's stock usually moves 8.8% in either direction over earnings and the firm expects to see a "similar level of volatility" in Q2.

The company is targeting full-year EPS of $1.65 to $2.05, compared with the estimate of $1.81 by analysts polled by Capital IQ.

UBS has a sell rating on the stock with a price target of $12.