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 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.
Nordstrom, Inc. (NYSE: JWN) has closed its offering of $250 million 2.300% Senior Notes due 2024 and $425 million 4.250% Senior Notes due 2031. The proceeds will be used to redeem $600 million of 8.750% Senior Secured Notes due 2025, which were issued during the COVID-19 pandemic. This move will reduce annual interest expenses by about $30 million starting in Q2 2021. Additionally, the company aims to lower its leverage ratio to approximately 3x by the end of 2021 and 2.5x by the end of 2022, emphasizing a strengthened financial position and recovery from pandemic impacts.
Nordstrom, Inc. (NYSE: JWN) has priced a total of $675 million in senior notes, comprising $250 million of 2.300% senior notes due 2024 and $425 million of 4.250% senior notes due 2031. The offering price for the 2024 Notes is 100% of principal, while the 2031 Notes are priced at 99.922%. The closing date is expected around April 8, 2021. Proceeds will help redeem $600 million in 8.750% senior secured notes, incurring an estimated $78 million premium. The Notes are unregistered and sold exclusively to qualified institutional buyers.
Nordstrom, Inc. (NYSE: JWN) reported Q4 earnings of $0.21 per diluted share, aided by a tax benefit from the CARES Act. Net sales fell by 20% year-over-year but showed a sequential improvement of 600 basis points. Digital sales surged to 54% of total sales, driven by an expanded merchandise selection. The company achieved an operating cash flow of $88 million and plans to address excessive inventory levels in Q1 2021. CEO Erik Nordstrom expressed confidence in the company's long-term growth strategy amid uncertainties, highlighting improved sales trends and operational cash flow.
FAQ
What is the current stock price of Nordstrom (JWN)?
What is the market cap of Nordstrom (JWN)?
What type of products does Nordstrom, Inc. sell?
How many stores does Nordstrom operate?
Where is Nordstrom, Inc. headquartered?
What are Nordstrom’s financial highlights for recent quarters?
What is Nordstrom’s Closer to You strategy?
How is Nordstrom expanding its physical footprint?
What community initiatives is Nordstrom involved in?
How is Nordstrom adapting to digital trends?
Is Nordstrom exploring any strategic alternatives?
What is the purpose of Nordstrom’s new product lines?
