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 that CEO Erik Nordstrom and CFO Anne Bramman will participate in a fireside chat at the Evercore ISI Consumer & Retail Conference on June 7, 2022, at 1:15 p.m. EDT. The session will be available for live streaming on the company’s investor relations website, with an archived version accessible for one year post-event. Nordstrom focuses on providing an exceptional shopping experience through more than 350 locations and digital platforms, emphasizing customer service and sustainability.
Nordstrom, Inc. (JWN) reported a 19% increase in total company sales for Q1 2022, with net earnings of $20 million and an EPS of $0.13. Excluding special items, adjusted loss per share was $0.06. The company saw a 18.7% rise in net sales versus Q1 2021, with double-digit growth from both Nordstrom and Nordstrom Rack banners. The board authorized a $500 million share repurchase program. Nordstrom anticipates 6-8% revenue growth for FY 2022, with EPS guidance between $3.38 and $3.68.
Nordstrom, Inc. (NYSE: JWN) has declared a quarterly dividend of 19 cents per share, scheduled for payment on June 15, 2022. Shareholders of record as of May 31, 2022 will be eligible. This decision reflects the company’s commitment to returning value to its shareholders while maintaining a focus on customer service and digital engagement.
Nordstrom, Inc. (NYSE: JWN) will report its first quarter 2022 financial results on May 24, 2022, after market close. A conference call will follow at 4:45 p.m. EDT, where senior management will present a business update and discuss the financial results and 2022 outlook. The call will be accessible via audio webcast or telephone. For replay, the call will be archived for at least one year on Nordstrom's investor relations site.
Nordstrom released its 2021 Impact Report detailing progress towards 2025 Corporate Responsibility and Diversity goals. Key achievements include donating over $11 million to 325 organizations and about 40,000 pairs of shoes to children in need. Environmentally, Nordstrom met its goal of extending the life of 250 tons of clothing through various programs. Additionally, they committed to purchasing 10x more from Black-owned businesses by 2030. The report emphasizes a commitment to sustainability, community support, and employee engagement.
Nordstrom, Inc. (NYSE: JWN) will open a new Nordstrom Rack store in North Hollywood, Los Angeles, in spring 2023. The 26,350 sq ft store is part of the NOHO West complex, featuring various retail options. Chief Stores Officer Jamie Nordstrom expressed excitement about enhancing customer convenience and access to popular brands at competitive prices. The new location will complement Nordstrom's network in the LA area, promoting both in-store shopping and online order pickups.
Nordstrom, Inc. (NYSE: JWN) announced the retirements of Scott Meden, chief marketing officer, and Geevy S.K. Thomas, president of Nordstrom Rack, effective April 4, 2022. Meden’s career spanned 37 years, significantly contributing to growth, while Thomas oversaw sales growth at Nordstrom Rack from $1.4 billion to $4.8 billion during his 39-year tenure. Ken Worzel has been appointed Chief Customer Officer, responsible for customer strategy and digital platforms, and Jamie Nordstrom has been named Chief Stores Officer, expanding his role to oversee store operations and strategy.
Nordstrom, Inc. (NYSE: JWN) announced that CEO Erik Nordstrom and CFO Anne Bramman will participate in a fireside chat at the J.P. Morgan 8th Annual Retail Round-Up Conference on April 6, 2022, at 9:00 a.m. EDT. The session will be available via live webcast on the investor.nordstrom.com website, with an archived version accessible for 30 days post-event. Nordstrom has been committed to exceptional customer service since 1901, blending in-store and digital experiences to serve customers effectively.
Nordstrom, Inc. (NYSE: JWN) plans to open two new Nordstrom Rack locations in fall 2022, enhancing their market presence in Phoenix, Arizona, and Riverside, California. The Phoenix store will be at Desert Ridge Marketplace, spanning 23,500 square feet, while the Riverside location at Canyon Springs Marketplace will cover 30,000 square feet. These expansions aim to attract new customers and strengthen Nordstrom's position in key markets by providing significant savings on popular brands and enhancing customer shopping experiences.
Nordstrom, Inc. (NYSE: JWN) announced the appointment of Amie Thuener to its Board of Directors, effective March 15, 2022. Thuener brings over 25 years of finance and accounting experience, having served as Vice President and Chief Accounting Officer at Alphabet since 2018. Her role involved overseeing global financial reporting and finance teams for Alphabet's Other Bets. The chairman of the Nordstrom Board expressed confidence in Thuener's ability to contribute significantly as the company navigates the evolving retail landscape.
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