In this article I present an analysis of Nordstrom Inc (JWN). The company is another department store retailer in the U.S. that has faced headwinds due to e-commerce competition and reduced relevance of department stores and malls for customers. But with that said, Nordstrom is profitable unlike some retailers and has been able to grow the top line over the past 10-years. In addition, the company reported good results in Q3 2019 beating top and bottom line estimates. The dividend yield is almost 4% and has decent coverage although the dividend is not growing. But with that said, Nordstrom’s costs have been increasing at a faster pace than revenue due to new store openings, e-commerce investments, and other initiatives resulting in declining operating margins. The jury is still out whether these investments will accelerate top line and bottom line growth. This combined with the recent rise in stock price, higher leverage, and lack of dividend growth means that I am not a buyer of this stock.