Nordstrom (NYSE: JWN) shares are falling today after the company reported its June same-store sales fell 18.6 percent, hurt by a May sales event that cut into June sales. The numbers fell in line with analysts' estimates, but JWN also warned investors that its second-quarter earnings will likely fall on the low end or slightly below its 65 to 60 cents per-share forecast. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on JWN.

After hitting a one-year high of $53.47 in August, the stock hit a one-year low of $28.00 in January. This morning, JWN opened at $29.75. So far today the stock has hit a low of $27.69 and a high of $30.15. As of 12:10, JWN is trading at $28.90, down 2.34 (-7.5%). The chart for JWN looks neutral but deteriorating, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bearish hedged play on this stock, I would consider an August bear-call credit spread above the $35 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 6.4% return in five weeks as long as JWN is below $35 at August expiration. Nordstrom would have to rise by more than 20% before we would start to lose money. Learn more about this type of trade here.

JWN has been above $35 as recently as early June but has shown resistance around $32.50 recently. This trade could be risky if the company's earnings (due out on 8/14) are a positive surprise, but even if that happens, this position could be protected by resistance JWN might find at its 50-day moving average, which is currently around $34 and falling.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in JWN.