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 (NYSE: JWN) will release its fourth quarter 2022 financial results on March 2, 2023, after market close. A conference call is scheduled at 4:45 p.m. EST for management to discuss results and provide a 2023 outlook. Interested parties can access the call via audio webcast or by phone at 201-689-8354. Replay options will be available, including access to prepared remarks and slides on the company's investor relations website.
Nordstrom, Inc. (NYSE: JWN) reported a 3.5% decrease in net sales for the holiday period ending December 31, 2022, compared to the previous year. Sales at the Nordstrom banner fell 1.7%, while Nordstrom Rack faced a steeper 7.6% decline. CEO Erik Nordstrom noted a selective consumer spending trend amid a challenging macroeconomic environment. To manage inventory, the company implemented additional markdowns, which they expect will result in a double-digit percentage reduction in year-end inventory. Revised outlook for fiscal 2022 includes revenue growth at the low end of 5-7% and revised EPS forecast of $1.33 to $1.53. Financial results are due on March 2, 2023.
On January 13, 2023, Nordstrom (NYSE: JWN) announced the retirement of Teri Bariquit, its Chief Merchandising Officer, after a 37-year tenure. Bariquit, who became the first CMO in 2019, significantly advanced the company's merchandising strategy, focusing on a digital-first and omnichannel approach. Her leadership contributed to the growth of unowned inventory models and the designer business. Nordstrom is currently conducting a search for her successor to ensure a seamless transition.
Nordstrom (NYSE: JWN) has appointed Atticus Tysen to its Board of Directors, effective January 3, 2023. Tysen brings over 30 years of expertise in engineering and information security, currently serving as senior vice president at Intuit. His previous roles include senior vice president and chief information officer at Intuit, and vice president of engineering at Aveo, Inc. Chairman Brad Tilden stated that Tysen's background will enhance the Board's diversity and address the crucial area of cybersecurity in retail.
Nordstrom, Inc. (NYSE: JWN) has announced a new Nordstrom Rack store opening in Aurora, Colorado, scheduled for fall 2023. The 30,000 square-foot store will be located in the Southlands shopping center, enhancing Nordstrom's presence in Colorado with eight Rack stores and two full-line stores. This new location aims to provide customers with access to discounted brand-name products and improved online order fulfillment services. The addition is part of Nordstrom's strategy to strengthen customer connections and enhance the shopping experience.
Seattle-based fashion retailer Nordstrom (NYSE: JWN) will open a new Nordstrom Rack in Denton, Texas, scheduled for fall 2023. The 25,000 square-foot store will be located in Denton Crossing, a popular shopping center with other renowned retailers. This new location strengthens Nordstrom's Texas presence, bringing the total to 20 Nordstrom Rack stores and eight Nordstrom stores in the state. The strategy aims to improve customer accessibility and enhance the shopping experience, offering discounts up to 70% on top brands.
Nordstrom, Inc. (NYSE: JWN) plans to open a new Nordstrom Rack store in Pinole, California, enhancing its presence with a total of 60 Nordstrom Rack locations in the state. The 23,000 square-foot store is part of the Pinole Vista Crossing shopping center and is set to launch in fall 2023. This expansion aligns with Nordstrom's Closer to You strategy, focusing on customer convenience and online order services. The brand offers discounts of up to 70% on various products, making it a significant source of new customers for Nordstrom.
Nordstrom, Inc. (NYSE: JWN) announced participation in the Morgan Stanley Global Consumer & Retail Conference on December 6, 2022, at 10:15 a.m. EST. CEO Erik Nordstrom and incoming interim CFO Michael Maher will be featured in a fireside chat. The event will be webcast live and archived for later viewing until June 3, 2023. This conference provides an opportunity for investors to gain insights into Nordstrom's operational strategies. Nordstrom continues to focus on customer service, digital innovation, and sustainability as part of its business model.
TD Bank has announced a multi-year extension of its credit card program with Nordstrom, continuing its role as the exclusive issuer of Nordstrom's U.S. Visa and private label credit cards. The partnership, which began in 2015, demonstrates a strong collaboration aimed at enhancing customer engagement and delivering elevated shopping experiences. Both companies emphasize their commitment to innovation and meeting evolving customer needs through rewards and exclusive perks.
Nordstrom, Inc. (JWN) reported third quarter 2022 revenue of $3.5 billion, a 2.9% decrease from the previous year. The company experienced a net loss of $20 million, equating to a loss per share of $0.13. Adjusted EPS stood at $0.20. Digital sales fell 16.4% year-over-year. Despite these challenges, Nordstrom is on track to meet its fiscal 2022 revenue and adjusted EPS goals. The board announced a quarterly cash dividend of $0.19 per share, payable December 14, 2022. Nordstrom continues to innovate with store openings and enhancing supply chain capabilities.
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