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) 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.
Tonal announced a partnership with Nordstrom to introduce its intelligent strength training system in 40 Nordstrom locations across 20 states starting March 2021. This collaboration enables customers to experience a full Tonal demo in a dedicated 50 square foot space. Tonal holds over 90% market share in connected strength training and is the only system to combine advanced A.I. software with digital weight. The retail rollout targets flagship stores in major cities, and Tonal's unit retails for $2,995, with financing options available.
Nordstrom (NYSE: JWN) outlines its long-term strategy focused on sustainable shareholder value at a virtual investor event on February 4, 2021. CEO Erik Nordstrom emphasizes the importance of their unique business model and digital-first approach. Key strategies include enhancing market presence in top regions, expanding Nordstrom Rack offerings, and boosting digital sales to represent 50% of total sales. The company forecasts a 25% revenue growth in fiscal 2021, despite an anticipated 20% sales decrease in Q4 2020, while maintaining positive EBIT and cash flow expectations.
Nordstrom, Inc. (NYSE: JWN) will host a virtual investor event on February 4, 2021, at 9:00 a.m. PST. Senior executives will discuss the company’s long-term growth strategy and value creation drivers. The event will last approximately 2.5 hours and can be accessed via a live webcast at investor.nordstrom.com. Attendees are encouraged to register at least 15 minutes prior to the event. Presentation slides will be available for download by day's end, and an archived replay will be accessible for up to one year.
Nordstrom, Inc. (NYSE: JWN) reported a 22% decline in net sales for the nine-week holiday period ending January 2, 2021, compared to the previous year. Despite this drop, the company saw sequential sales improvement, with digital sales rising 23% and comprising 54% of total sales. Notably, gifting items represented 67% of sales. While the company expects positive EBIT and operating cash flow for Q4, it anticipates a 500 basis points decrease in EBIT margin due to lower sales volume and increased costs. A virtual investor event is scheduled for February 4, 2021.
As the holidays near, Nordstrom announces enhanced shopping options to alleviate last-minute gift-giving stress. Customers can utilize services like same-day delivery in NYC, curbside pickup, and complimentary gift wrapping. Additionally, shoppers can browse local inventory through the website for expedited pickup. Notably, holiday gifting experts are available for personalized shopping assistance. These initiatives aim to improve customer experience and ensure timely delivery ahead of December 25.
Nordstrom, Inc. (NYSE: JWN) reported a third-quarter EBIT exceeding $100 million, driven by improved merchandise margins and cost structure adjustments. Although net sales fell 16% year-over-year, digital sales accounted for 54% of total sales, reaching $1.6 billion. Earnings per diluted share stood at $0.34, benefiting from a $0.12 tax benefit under the CARES Act. The CEO highlighted strengthened financial flexibility and positive trends expected to continue into Q4.
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