Nordstrom Stock Price, News & Analysis

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.

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.