Welcome to our dedicated page for Nordstrom news (Ticker: JWN), a resource for investors and traders seeking the latest updates and insights on Nordstrom stock.
Nordstrom, Inc. (NYSE: JWN) is a leading fashion retailer that operates approximately 93 department stores and around 260 off-price Nordstrom Rack stores across the United States. In addition to its physical locations, the company also runs full- and off-price e-commerce sites, two clearance stores, and seven Local locations. Major merchandise categories include women’s apparel (27% of 2023 sales), shoes (26% of 2023 sales), men’s apparel (15% of 2023 sales), and beauty products (13% of 2023 sales).
Founded in 1901 in Seattle as a shoe retailer, Nordstrom continues to be partially owned and managed by the Nordstrom family. The company prides itself on empowering employees to grow within the organization, fostering a culture where success is earned through hard work, loyalty, and a commitment to customer service. Nordstrom is also dedicated to environmental sustainability and community support, exemplified by their long-term partnership with Big Brothers Big Sisters of the United States.
Recently, Nordstrom announced multiple new store openings. A new Nordstrom Rack is set to open in Houston, Texas in fall 2024, another one in Geneva, Illinois in spring 2025, and yet another in Manalapan Township, New Jersey in spring 2025. These expansions are expected to enhance the company's physical footprint and economic impact in these regions. Additionally, Nordstrom plans to open a Nordstrom Rack in Apple Valley, Minnesota in spring 2025.
The company's financial performance in recent quarters has been mixed. For the fourth quarter of 2023, Nordstrom reported net earnings of $134 million, or $0.82 per diluted share. For the first quarter of 2024, while net sales increased by 5.1% compared to the same quarter in the previous year, the company posted a net loss of $39 million. Despite these challenges, Nordstrom remains confident in its strategy for continued sales improvement and profitability through new store openings and digital growth.
Nordstrom is also exploring strategic options to enhance shareholder value, including the possibility of going private, as indicated by recent interest from CEO Erik Nordstrom and President Pete Nordstrom. This move is being carefully evaluated by a special committee of independent directors, with financial and legal advisors retained for the process.
A key focus for Nordstrom is its Closer to You strategy, which aims to offer customers a more interconnected and convenient shopping experience across its physical and digital platforms. This includes services like online order pickup, easy returns, and alterations at select stores. Nordstrom Rack, in particular, plays a significant role in attracting new customers to the Nordstrom brand, offering up to 70% discounts on apparel, accessories, beauty products, home goods, and shoes from top brands.
Nordstrom continues to innovate with new product lines and collections, such as the recently launched high-quality, style-driven essentials designed by the Nordstrom team. These collections feature versatile, premium fabric pieces that balance tailored classics with minimalist designs, available at accessible prices.
With a commitment to excellence in customer service, sustainability, and community support, Nordstrom, Inc. aims to leave the world better than it found it, whether through its physical stores, digital platforms, or community initiatives.
Nordstrom, Inc. (NYSE: JWN) announced the opening of three new Nordstrom Rack stores in California, set for fall 2023. The locations will be in Anaheim Hills (24,000 sq. ft.), Clovis (31,000 sq. ft.), and San Clemente (32,000 sq. ft.). This expansion will increase the total number of Nordstrom Rack stores in California to 57. The new stores aim to enhance local shopping experiences by offering popular brands at discounted prices, supporting online order pickups, and improving customer convenience.
Nordstrom Inc. (NYSE: JWN) announced on September 20, 2022, that its Board of Directors has adopted a limited duration shareholder rights plan designed to protect shareholder interests. This plan aims to prevent any entity from gaining control through open-market accumulation without offering a fair control premium. The Rights Plan, effective immediately and lasting until September 19, 2023, will issue a dividend of one common stock right for each outstanding share. The rights become exercisable if an acquiring party gains 10% or more of the stock without Board approval.
Nordstrom, Inc. (NYSE: JWN) plans to enhance its retail presence by opening three new Nordstrom Rack stores in Union Gap and Olympia, WA, and Salem, OR in fall 2023. The stores will introduce more customers to the discount retailer's diverse product range. The Union Gap store will feature 28,000 square feet at Valley Mall, while Olympia's store will span 32,000 square feet in Cooper Point Marketplace. The Salem location will occupy 25,000 square feet at Willamette Town Center. This expansion aligns with Nordstrom's Closer to You strategy.
Nordstrom, Inc. (NYSE: JWN) plans to open a new Nordstrom Rack in Delray Beach, FL, in Spring 2023. This 26,000 square-foot store, located in the upscale Delray Place shopping center, aims to enhance customer access by providing online order pickups and returns. With its first location in this community, Nordstrom expects to attract new customers while expanding its presence in Florida, where it will operate 17 Nordstrom Rack stores.
This initiative aligns with Nordstrom's Closer to You strategy, enhancing customer convenience and interconnectivity.
Nordstrom, Inc. (NYSE: JWN) will have CEO Erik Nordstrom and CFO Anne Bramman participate in a fireside chat at the Goldman Sachs Annual Global Retailing Conference on September 8, 2022, at 9:35 a.m. EDT. This session will be webcast live and archived on the investor.nordstrom.com site until February 5, 2023. Nordstrom aims to enhance customer experience through its digital-first platform, maintaining its commitment to service from its origins as a shoe store in 1901.
Nordstrom reported second quarter 2022 net earnings of $126 million and earnings per diluted share (EPS) of $0.77, or adjusted EPS of $0.81. Total company net sales increased 12% compared to fiscal 2021, driven by a 14.7% increase in Nordstrom banner sales. However, customer traffic and demand slowed significantly in late June, particularly at Nordstrom Rack. The company revised its fiscal year outlook, lowering revenue growth expectations from 6-8% to 5-7%, and EPS guidance from $3.38-$3.68 to $2.45-$2.75.
Nordstrom, Inc. (NYSE: JWN) declared a quarterly dividend of 19 cents per share, payable on September 14, 2022. Shareholders of record as of the close of business on August 30, 2022 will receive this dividend. The company emphasizes its commitment to enhancing customer experience in both physical and digital settings, reflecting its longstanding heritage in customer service.
Nordstrom, Inc. (NYSE: JWN) will release its second quarter 2022 financial results on August 23, 2022, after market close. This will be followed by a conference call at 4:45 p.m. EDT, providing insights into the company’s performance and 2022 outlook. Investors can access the live call via telephone or audio webcast at investor.nordstrom.com. The replay will be available for one year, reflecting Nordstrom's commitment to transparency in business updates.
Nordstrom, Inc. (NYSE: JWN) has announced plans to open a new Nordstrom Rack store in Chattanooga, TN, in spring 2023. The 24,000 square-foot store will be part of The Terrace at Hamilton Place, enhancing local access to affordable fashion. This will be Nordstrom's third Rack location in Tennessee, aiming to attract new customers and streamline online order pickups. The expansion aligns with Nordstrom's strategy to enhance store accessibility and strengthen community connections.
Nordstrom, Inc. (NYSE: JWN) is set to open a new Nordstrom Rack store in Bradley Fair, Wichita, KS, in spring 2023. The 28,000 square-foot location will provide customers with access to discounted apparel, accessories, and more, offering up to 70% off on top brands. This move is part of Nordstrom's Closer to You strategy, enhancing customer experience through interconnected services. The new store will be the second Nordstrom Rack in Kansas, complementing their commitment to community engagement, having donated over $1.5 million since 2019 to support mentoring programs.
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