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) will release its third quarter 2021 financial results on November 23, 2021, after market close. A conference call will follow at 4:45 p.m. EST, where senior management will discuss these results and provide insights on the 2021 outlook. The call can be accessed via audio webcast or by phone. For those unable to attend live, a replay of the call and materials will be available on their investor relations website for one year.
Nordstrom, Inc. (NYSE: JWN) reported robust second quarter results for fiscal 2021, with net earnings of $80 million or $0.49 per diluted share, marking a significant improvement from last year. Net sales surged 101% year-over-year but dipped 6% compared to fiscal 2019. The timing of the Anniversary Sale negatively impacted sales by 200 basis points. Overall, the company indicated progress in customer engagement and inventory management, positioning itself well for future growth as it focuses on key markets and digital expansion.
Nordstrom has launched its annual campaign with the nonprofit Shoes That Fit, aiming to provide over 25,000 pairs of Nike sneakers to children in need this school year. The initiative, running from August 16 to September 19, allows customers to contribute through various donation methods, including in-store giving cards and online donations. The campaign highlights shoes as essential for children's success in school. Nordstrom has partnered with Shoes That Fit for 11 years, delivering over 240,000 pairs of shoes to date, underscoring their commitment to community support and children's welfare.
Nordstrom announced the appointment of Farrell Redwine as its new Chief Human Resources Officer on July 20, 2021. Redwine, who joined the company in 2016, will oversee HR initiatives for over 55,000 employees. Her past experience includes HR leadership at ExxonMobil and Time Inc., and she was recognized by Savoy magazine in 2019 as one of America's most influential women in corporate America. The company emphasizes its commitment to diversity and inclusion, with women now making up five of the 13 executive team members.
Nordstrom (NYSE: JWN) has acquired a minority interest in ASOS's Topshop, Topman, Miss Selfridge, and HIIT brands, enhancing their growth potential globally. This investment establishes a strategic partnership where ASOS retains operational control, while Nordstrom gains exclusive multi-channel retail rights across North America. The collaboration aims to redefine retail/wholesale models and cater to the 20-something demographic. Nordstrom, with over 350 stores and almost 2 billion visits annually, aims to leverage this partnership to enrich customer experiences and drive brand growth.
Nordstrom, Inc. (NYSE: JWN) reported a first-quarter loss of $85 million, but net sales increased by 44% year-over-year, reflecting positive trends in both physical stores and online. Loss per diluted share stood at $1.05, which included a refinancing charge of $0.41. The company experienced a 13% decline in sales compared to Q1 2019, although sales improved sequentially by 720 basis points from the previous quarter. Management expressed optimism about future performance, citing strong consumer demand and effective inventory management.
Nordstrom has announced a collaboration with WILDFANG for its BP. brand, targeting women-identified customers. The collection includes jumpsuits, blazers, and tees, priced between $12 and $89, and aims to challenge gender norms. The partnership emphasizes inclusive fashion and includes training for employees on gender nonconforming styling. Additionally, 5% of sales from this collection will be donated to Year Up, supporting workforce development for underrepresented communities. This initiative aligns with Nordstrom’s commitment to diversity and social responsibility.
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