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.
Cast, a San Francisco-based fine jewelry brand, has partnered with Issa Rae to launch the Braeve Collection. The collection, featuring 22 pieces of 14K Gold, Sterling Silver, Black Onyx, and Cast-created Diamonds, will be available from September 17, 2024, at Cast Boutiques, CastJewelry.com, and select Nordstrom stores and Nordstrom.com. Priced between $250-$5900, the modern and versatile collection aims to make artfully designed jewelry more accessible.
The collaboration reflects Issa's personal jewelry journey and her appreciation for Cast's design, quality, and versatility. Nordstrom's Vice President Fashion Director, Rickie De Sole, expressed excitement about offering customers exclusive access to this unique partnership, highlighting Issa Rae's influence in entertainment and fashion.
Nordstrom (NYSE: JWN) has received a going-private transaction proposal from the Nordstrom family and Liverpool (BMV: LIVEPOL) to acquire all outstanding shares at $23.00 per share in cash. The proposal involves financing through rollover equity, cash commitments, and $250 million in new bank financing, with existing company debt remaining outstanding.
A special committee of independent directors will review the proposal to determine the best course of action for Nordstrom and its shareholders. The committee was formed in response to interest from Erik and Pete Nordstrom in exploring a possible transaction. Morgan Stanley & Co. and Centerview Partners are acting as financial advisors, while Sidley Austin LLP and Perkins Coie LLP are providing legal counsel.
Nordstrom (NYSE: JWN) reported solid second quarter 2024 earnings, with net earnings of $122 million and EPS of $0.72. Adjusted EPS was $0.96, excluding a charge related to supply chain asset impairment. Net sales increased 3.4% compared to the same period in 2023, with total Company comparable sales up 1.9%. The Nordstrom banner saw a 0.9% increase in net sales and comparable sales, while Nordstrom Rack's net sales rose 8.8% with comparable sales up 4.1%. Digital sales grew 6.2%. The company updated its fiscal 2024 outlook, projecting revenue growth between -1.0% to 1.0% and comparable sales growth of 0% to 2.0%. Nordstrom also declared a quarterly cash dividend of $0.19 per share.
Nordstrom (NYSE: JWN) has announced that its board of directors has approved a quarterly dividend of 19 cents per share. The dividend will be payable on September 18, 2024, to shareholders of record at the close of business on September 3, 2024. This decision demonstrates Nordstrom's commitment to providing regular returns to its shareholders and may indicate the company's confidence in its financial stability and future prospects.
Nordstrom (NYSE: JWN) has announced plans to open a new Nordstrom Rack store in Surprise, Arizona in fall 2025. The 26,000-square-foot store will be located in Prasada North, a popular shopping center owned by SimonCRE. This expansion aligns with Nordstrom's Closer to You strategy, focusing on delivering a more convenient and interconnected experience across stores and digital platforms.
The new location will offer up to 70% off on-trend apparel, accessories, beauty products, home decor, and shoes from top brands. It will also provide services like online order pickup for Nordstrom.com and NordstromRack.com, easy returns, and alterations. This addition expands Nordstrom's presence in Arizona to one Nordstrom store and 12 Nordstrom Rack stores, generating approximately 1,295 jobs statewide.
Nordstrom (NYSE: JWN) has announced plans to open a new Nordstrom Rack store in Morrisville, North Carolina in spring 2025. The 25,000-square-foot store will be located in Park West Village, a popular shopping center. This expansion is part of Nordstrom's Closer to You strategy, focusing on delivering a more convenient and interconnected experience across stores and digital platforms.
Nordstrom Rack offers up to 70% off on-trend apparel, accessories, beauty products, home decor, and shoes from top brands sold at Nordstrom stores. The company is also opening three additional locations in Mooresville, Raleigh, and Matthews this fall and next spring, expanding its footprint in North Carolina. Currently, Nordstrom operates two Nordstrom stores and two Nordstrom Rack stores in the state, generating more than 650 jobs.
Nordstrom (NYSE: JWN) will announce its second quarter 2024 financial results on August 27, 2024, after the market closes. A conference call will follow at 4:45 p.m. EDT, where senior management will provide updates and discuss the financial results and outlook for 2024.
The call will be available via telephone and audio webcast at investor.nordstrom.com. For audio-only access, dial 201-689-8354. A replay will be accessible three hours post-call until September 3, 2024, via the website or by dialing 877-660-6853 or 201-612-7415 with Conference ID 13748345.
INDOCHINO, the global leader in custom apparel, and Nordstrom are expanding their partnership with five new INDOCHINO shop-in-shop locations across the United States. This expansion brings the total number of INDOCHINO shops within Nordstrom to 32, covering 90% of the U.S. population within a 50-mile radius. The new locations include Nordstrom stores in Cerritos, Lynnwood, Thousand Oaks, Irvine, and Pentagon City.
Customers can expect a personalized shopping experience guided by expert Style Guides, creating custom-tailored suits, shirts, chinos, and outerwear. Each garment is made to the customer's precise measurements and shipped directly within three weeks. This expansion reinforces both companies' commitment to providing high-quality, personalized menswear to a wider audience.
Nordstrom announced it will open a new Nordstrom Rack in Coral Springs, Florida, in fall 2025. The 31,000-square-foot store will be located in Pine Ridge Square, joining other retailers like The Fresh Market and Ulta. The new location aligns with Nordstrom's Closer to You strategy, aiming to provide customers with convenience and interconnected services. This expansion includes online order pickups and easy returns.
Nordstrom Rack offers up to 70% off on a variety of products from top brands. This new Coral Springs store will join another upcoming location in Fort Myers, expanding Nordstrom's footprint in Florida, where it already operates 24 stores and employs around 3,000 people. Over the past four years, Nordstrom has also donated over $2 million to Big Brothers Big Sisters of the United States.
Nordstrom is excited to announce the start of its highly anticipated Anniversary Sale on July 15. This event, which runs until August 5, offers exclusive deals on new arrivals across various categories including women's, men's, children's fashion, beauty, and home goods. Loyalty cardmembers can shop early access starting July 11, with further early access based on their status. More than 50 new brands are featured this year, including Dr. Martens, JW PEI, and La Mer. Customers can preview sale items starting June 27 and build wish lists to streamline their shopping experience. The sale features not only fashion and beauty products but also hosts various store events, live streams, and promotions. It's an excellent time to save on essentials and discover new, exclusive items.
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