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 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.
Nordstrom, Inc. (NYSE: JWN) has reinstated its quarterly dividend at 19 cents per share. The dividend will be payable on April 13, 2022, to shareholders on record by March 28, 2022. This decision reflects the company's commitment to returning value to its shareholders following its operational strategies to enhance customer experience through both in-store and digital platforms.
Nordstrom (NYSE: JWN) reported fourth quarter 2021 earnings of $200 million, or $1.23 per diluted share, reflecting strategic growth initiatives. The company achieved a 23% increase in net sales compared to Q4 2020, though sales decreased by 1% compared to Q4 2019. Gross merchandise value rose 24% year-over-year. For fiscal 2021, net earnings totaled $178 million and EBIT was $492 million. Looking ahead, Nordstrom anticipates a revenue growth of 5-7% for fiscal 2022 and earnings per share between $3.15 and $3.50. The firm plans to improve Nordstrom Rack performance and inventory management.
Nordstrom (NYSE: JWN) will report its fourth quarter 2021 financial results on March 1, 2022, after market close. Following this, a conference call will be held at 4:45 p.m. EST, where management will discuss the results and provide the 2022 outlook. The call can be accessed via audio webcast on the company’s investor relations website. Recorded replays will be available for one year. Nordstrom aims to enhance customer experience through its digital-first platform, promoting convenience and connection in shopping.
Nordstrom announced plans to relocate its Nordstrom Rack store to a new site at The Summit in Birmingham, AL, with an opening scheduled for spring 2023. The new store will span approximately 27,000 square feet and is part of a mixed-use retail and entertainment destination featuring other renowned retailers. The relocation aims to enhance customer access to premium brands at discounted prices. The Nordstrom Rack division is pivotal for attracting new customers, offering savings of up to 70% on leading brand apparel and accessories.
Nordstrom, Inc. (NYSE: JWN) reported third-quarter net earnings of $64 million, or $0.39 per diluted share, with EBIT of $127 million. Net sales rose by 18% compared to Q3 2020 but fell by 1% against Q3 2019. The Anniversary Sale positively impacted net sales by approximately 200 basis points versus 2019. Digital sales represented 40% of total sales, decreasing by 12% against 2020 but increasing by 20% compared to 2019. The company aims to reduce its leverage ratio to about three times by year-end and anticipates over 35% revenue growth for fiscal 2021.
Nordstrom has announced a long-term partnership with Fanatics, enabling Nordstrom.com customers to access a broad array of licensed sports merchandise. This collaboration will introduce a brand new sports fan product category to Nordstrom's online platform, fulfilling orders through Fanatics' agile supply chain. With items from top leagues like the NFL, NCAA, and NBA, this initiative aligns with Nordstrom's strategy to enhance online offerings and meet customer demand ahead of the gifting season. The partnership seeks to leverage technology and data for improved product personalization.
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