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.
On April 13, 2023, Nordstrom, Inc. (NYSE:JWN) announced plans to open five new Nordstrom Rack stores in California by 2025. The new locations include Davis, Elk Grove, Gilroy, Oceanside, and San Mateo. The expansion will increase Nordstrom Rack's footprint to 68 stores in California, enhancing customer access to discounted apparel and online order services. The Davis store will be a 25,000 square-foot space in The Davis Collection, set to open in spring 2025. Other stores will open in spring 2024 and fall 2024. The new locations are part of Nordstrom’s strategy to provide a more interconnected shopping experience across its retail channels. As of now, the company operates a total of 97 storefronts across its various brands in California.
Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack store in Wheaton, Illinois, scheduled for spring 2024. This 29,000 square-foot location will be situated in Danada Square East, integrating with well-known retailers like Whole Foods and J. Crew Factory. The store aims to enhance customer convenience, offering a selection of discounted items up to 70% off from brands available at Nordstrom stores. This opening is part of Nordstrom's Closer to You strategy, designed to connect customers with options across physical and digital platforms. With this addition, Nordstrom will operate 16 Nordstrom Rack stores in Illinois, further bolstering its market presence.
On April 13, 2023, Nordstrom, Inc. (NYSE: JWN) announced the upcoming opening of a new Nordstrom Rack store in Macedonia, Ohio. This 28,000 square-foot store, set to open in spring 2024, will be part of the Macedonia Gateway shopping center, enhancing Nordstrom's presence in Ohio to seven Nordstrom Rack locations and three Nordstrom stores. The new store aims to provide local customers with access to discounted brand-name apparel, accessories, and convenience services like online order pickup and returns. Carl Jenkins, Senior VP of Nordstrom Rack Stores, expressed enthusiasm for expanding customer access to Nordstrom's unique offerings. The initiative aligns with the company's strategy to enhance the shopping experience through a blend of physical and digital retail.
Nordstrom, Inc. (NYSE: JWN) has announced plans to open a new Nordstrom Rack location in Jacksonville Beach, Florida, scheduled for spring 2024. This 30,000 square-foot store will be situated in the South Beach Regional shopping center, alongside popular retailers like Trader Joe's and Home Depot. The new store aims to enhance Nordstrom's presence in Florida, where it currently operates 18 Nordstrom Rack stores and six Nordstrom stores. The Jacksonville Beach location is expected to provide customers with affordable brand-name products and convenient services, including online order pick-up and returns. This expansion supports Nordstrom's Closer to You strategy, which focuses on improving customer experience across physical and digital platforms.
Nordstrom, Inc. (NYSE: JWN) is set to open a new Nordstrom Rack in Snellville, Georgia, expanding its presence in the state. The 35,000 square-foot store is located in Presidential Markets, a well-known shopping center, and will serve as a convenient location for local customers to shop, pick up online orders, and make returns. This new store will be the sixth Nordstrom Rack and the second Nordstrom store in Georgia. Scheduled to open in spring 2024, this move reinforces Nordstrom's Closer to You strategy, aimed at enhancing customer experience by providing greater access to discounted brand-name products.
Since 2019, Nordstrom has donated over $1.5 million to Big Brothers Big Sisters in support of community initiatives, underscoring its commitment to social responsibility.
Nordstrom, Inc. (NYSE: JWN) has announced the opening of a new Nordstrom Rack location in Elk Grove, California, set to launch in spring 2024. The new store will span 25,000 square feet and is strategically placed in The Ridge Elk Grove shopping center, alongside retailers like Costco and Starbucks. This opening will increase Nordstrom's presence in California to 64 Nordstrom Rack stores, furthering its 'Closer to You' strategy aimed at enhancing customer convenience across retail and digital platforms. The new store will offer significant discounts of up to 70% on various products and facilitate services like online order pickups and returns.
Nordstrom, Inc. (NYSE: JWN) announced the opening of a new Nordstrom Rack store in San Antonio, Texas, contributing to their expansion strategy. The 35,000 square-foot store is set to open in fall 2023 in the Northwoods shopping center. This location will enhance customer convenience by offering online order pickups and returns. With this addition, Nordstrom now operates 21 Nordstrom Rack stores and 8 regular Nordstrom stores in Texas, further supporting its Closer to You strategy aimed at improving customer experience across physical and digital platforms. The store will offer significant discounts on a wide range of products.
Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack store in Natomas, California, adding to its retail presence. Scheduled to open in fall 2023, the 26,000 square-foot location will be part of the Promenade at Sacramento Gateway shopping center, alongside popular retailers like Target and Ulta. This new store marks Nordstrom's commitment to enhancing customer access and is a key element of its Closer to You strategy, focusing on interconnected shopping experiences across physical and digital platforms. With the new addition, Nordstrom will operate 61 Nordstrom Rack stores and 23 Nordstrom stores in California.
Nordstrom, Inc. reported Q4 2022 net earnings of $119 million, or $0.74 EPS, with EBIT of $187 million, representing 4.5% of sales. For fiscal 2022, net earnings totaled $245 million and diluted EPS was $1.51. The company is winding down its Canadian operations, anticipating a $300-$350 million pre-tax charge, and expects fiscal 2023 revenues to decline 4-6%. Despite a 15% reduction in inventory, net sales decreased 4.1% in Q4 2022 compared to Q4 2021. The CEO expressed confidence in long-term growth and profitability, emphasizing strategic focus on enhancing U.S. operations.
Nordstrom, Inc. (NYSE: JWN) announced a quarterly dividend of 19 cents per share, payable on March 29, 2023, to shareholders of record by the close of business on March 14, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders. Nordstrom emphasizes its customer-centric approach, aiming to enhance the shopping experience both in-store and online across its more than 350 locations and digital platforms. The company’s focus on service and digital integration positions it for sustained engagement and growth.
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