"We look forward to opening this new location in the Houston market and continuing to serve our customers with an amazing offering of great brands at great prices," said Gemma Lionello, President of Nordstrom Rack. "We're excited to grow our footprint in the Houston market and introduce new customers to the Nordstrom experience." "We are delighted that Nordstrom Rack is joining Westchase Shopping Center," said Andrew Bell, Vice President of Leasing for Kimco's Texas Region. "Their iconic brand and high-qual ...

The company is benefiting from increased emphasis on Nordstrom Rack. Management remains focused on enhancing customer experience, improving the Nordstrom Rack performance, increasing inventory productivity and progressing on supply-chain optimization initiatives. The company is confident about the strength of brands, and the ability to drive profitable growth and deliver long-term value to shareholders. Shares of this Zacks Rank #3 (Hold) company have gained 12.6% in the past three months compared with the ...

The latest addition is set to serve the Tarzana community with a wide array of high-quality brands at attractive prices. The expansion aims to introduce more people to the Nordstrom experience while offering a diverse selection of on-trend apparel, accessories, beauty products, home goods, and shoes at discounted prices, making it an appealing destination for budget-conscious shoppers. Nordstrom, Inc. (JWN) has announced plans to open a Nordstrom Rack in Tarzana, CA, by fall 2024. This store will be located ...

SEATTLE, June 18, 2024 /PRNewswire/ -- Seattle-based fashion retailer Nordstrom, Inc. (NYSE: JWN) announced plans to open a new Nordstrom Rack in Tarzana, California in fall 2024. Lionello added that in this location "customers will be able to take advantage of our convenient services such as online order pick up from both Nordstrom.com and NordstromRack.com, and they can make returns easily." "We could not be more excited to welcome Nordstrom Rack to Village Walk's strong lineup of retailers," said Michael ...

Sales and earnings outlook Balance sheet and inventory Higher debt levels in a high interest rate environment can also make some investors wearier. However, the structure of Nordstrom's debt means that a higher-for-longer rate environment would not impact it materially unless the higher interest rate environment persists beyond 2027. The bulk of Nordstrom's $2.9 billion in debt matures between 2027 and 2044 while management has indicated that the debt maturing in 2024 would be repaid with cash on hand. In i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 4, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to___________ Commission File Number: 001-15059 Nordstrom, Inc. (Exact name of registrant as specified in its charter) (State or ot ...

12 ● Early Access starts July 9th, and public access starts July 15th; event ends August 4th Q1 SALES STRENGTH OFFSET BY GROSS MARGIN 15 16 NORDSTROM Considerations Expect typical quarterly cadence NORDSTROM OUR CAPITAL ALLOCATION PRIORITIES REMAIN UNCHANGED REDUCE LEVERAGE 3.45 OPFI + 3.4800 + 3.4800 3.49 3.45 3.49 + 3.4800 能 192,900 192,900 能 3.17 3.17 3.54 3.54 OppFi" OppFi" OppFi" 3.11 3.37 CAPEX of 3% to 4% of net sales Targeting leverage ratio below 2.5x over time ■ Through combination of earnings imp ...

Financial Data and Key Metrics - Net sales for Q1 2024 were $3.2 billion, with a loss per share of $0.24 [9] - Net sales growth exceeded 5%, with double-digit growth at Nordstrom Rack and positive topline contribution from Nordstrom banner stores [10] - Digital sales represented 34% of total sales, showing the fourth consecutive quarter of sequential improvement [54] - Gross profit as a percentage of net sales decreased by 225 basis points to 31.6% compared to the same period last year [54] - Loss before interest and taxes was $21 million in Q1, with $1.2 billion in available liquidity, including over $400 million in cash [56] Business Line Performance - Nordstrom banner net sales increased 1%, with comparable sales up 2% [53] - Nordstrom Rack net sales grew 14%, with comparable sales increasing 8% [54] - Active, Kids' Apparel, Women's Apparel, and Beauty were top-performing categories, with Women's Apparel showing mid-teens growth [25][34] - Nordstrom's loyalty program, Nordy Club, accounted for nearly 70% of total sales [13] Market Performance - The company saw year-over-year increases in customer visits and purchase trips, with a double-digit positive inventory spread [12] - New Rack stores are performing well, with nine opened since the beginning of the fiscal year and plans to open 22 in total for the year [21][29] - The digital marketplace launched in late April, aiming to expand online assortment and serve more customers [26] Strategic Direction and Industry Competition - The company is focusing on three priorities for 2024: driving Nordstrom banner growth, operational optimization, and building momentum at Nordstrom Rack [15] - Operational optimization efforts resulted in over 5% faster click-to-delivery speed and improved variable fulfillment costs [19] - The transition to the West Coast Omnichannel Center, the company's most automated and lowest-cost fulfillment center, is expected to be completed in Q2 [20] Management Commentary on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain, with higher interest rates and inflationary pressures, but the consumer continues to be resilient and selective [57] - The company reaffirmed full-year guidance, expecting revenue in the range of a 2% decline to a 1% increase, with comparable sales expected to range from a 1% decrease to a 2% increase [58][60] - Full-year EBIT margin is expected to be in the range of 3.5% to 4%, with earnings per share projected between $1.65 and $2.05 [61] Other Important Information - The company announced the formation of a special committee to evaluate potential proposals to take the company private, but no updates were provided during the call [6][7] - The passing of Bruce Nordstrom, the company's former leader, was acknowledged, with management reflecting on his impact on the company's values and culture [22][23][31][43][45] Q&A Session Summary Question: Sustainability of comp momentum across both banners [70] - Sales were positive each month during Q1, with some timing changes due to Easter. Positive trends continue quarter-to-date, though they have softened slightly [70] Question: Drivers for reaffirming full-year sales and comp guidance [71][72] - Strong topline performance and sequential improvements across both banners provide confidence in the strategy. Timing-related impacts, such as inventory reserves, are expected to moderate and partially reverse in future periods [72][73] Question: Margins at Nordstrom versus Rack [77][80] - The company does not typically disclose margin differences between Nordstrom and Rack, as both banners leverage the same supply chain and technology [80] Question: Inventory availability at Rack [85][86] - The company has not faced significant challenges in securing top brands for Rack, with a focus on disciplined sourcing and prioritizing key brands [86][87] Question: Contribution of new Rack stores [96][97] - New Rack stores are performing better than expected, contributing significantly to sales growth and customer acquisition [97][98] Question: Gross margin headwinds in Q1 [100] - Gross margin pressure of 200 basis points was split between timing-related factors (inventory reserves and loyalty sales) and operational factors (external theft and inventory cleanup) [100][101] Question: Credit card expectations for the year [104] - Credit revenue is expected to be around 3% for the year, with potential impacts from delayed CFPB late fee regulations already factored into guidance [104] Question: Promotional environment and designer category performance [110][112] - The promotional environment is normal, with no significant changes anticipated. Designer categories have normalized after a strong period, with inventory levels adjusted to match demand [110][112][113] Question: Early read on Marketplace initiative [118][122] - The Marketplace launch has been successful, with positive customer and brand feedback. While it is not expected to have a material impact in 2024, the company is optimistic about its growth potential in 2025 [122][127] Question: Long-term margin outlook [124][130] - The company is focused on driving EBIT margin growth, with a target of reaching 6% (2019 levels) before considering higher margins [130] Question: Rack customer behavior and full-price sales [134][137] - Rack customers value both brand and price, with the company focusing on offering coveted brands at great prices. Full-price sales are a key driver of margin health, with the company prioritizing regular price sell-through [134][137][138]

For the quarter ended April 2024, Nordstrom (JWN) reported revenue of $3.34 billion, up 4.8% over the same period last year. EPS came in at -$0.24, compared to $0.07 in the year-ago quarter. The reported revenue represents a surprise of +4.30% over the Zacks Consensus Estimate of $3.2 billion. With the consensus EPS estimate being -$0.08, the EPS surprise was -200.00%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

Nordstrom (JWN) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -200%. A quarter ago, it was expected that this department store operator would post earnings of $0.90 per share when it actually produced earnings of $0.96, delivering a surprise of 6.67%. Over the last four quarters, the co ...