NORDSTROM news and archive

Nordstrom's delisting highlights challenges in the US retail market

US department store chain Nordstrom is once again attempting to delist from the stock exchange, following an unsuccessful bid in 2017. The move comes amid a challenging retail landscape and declining sales, prompting CEO Erik Nordstrom and President Pete Nordstrom, who collectively control 30 percent of the company, to express interest in...

Business

Nordstrom establishes special committee amid founding family's privatization proposal

Nordstrom Inc.'s (JWN) founding family has notified the board of its interest in taking the company private. The company formed a special committee to evaluate any proposal from the company's Chief Executive Officer Erik Nordstrom and the company's president Pete Nordstrom, and any proposals from other parties and consider whether they are in...

Business

Nordstrom founding family reportedly seeking options to take retailer private

Six years after their first attempt, the founding family of US retailer Nordstrom are said to once again be mulling taking the company private. It is believed that the department store giant has asked investment banks Morgan Stanley and Centerview Partners to contact private equity firms to gauge interest in such a deal, according to sources for...

BusinessFeatured

Nordstrom shares fall 10 percent after weak forecast

For fiscal 2024, Nordstrom announced that its expects revenue range of 2 percent decline to 1 percent growth, comparable sales range of 1 percent decline to 2 percent growth, EBIT margin of 3.5 to 4 percent of sales and EPS of 1.65 dollars to 2.05 dollars. The company's weak forecast compared to LSEG estimates of a 0.04 percent sales rise and...

BusinessFeatured

Nordstrom posts Q3 revenue decline of 6.8 percent

Nordstrom reported third quarter net earnings of 67 million dollars or earnings per diluted share of 41 cents and EBIT of 102 million dollars, while adjusted EPS was 25 cents. The company’s net sales decreased 6.8 percent versus the same period in fiscal 2022 and gross merchandise value (GMV) decreased 7.1 percent. "In the third quarter we...

Business

Nordstrom appoints new chief human resources officer

American department store chain Nordstrom has announced its new chief human resources officer to be Lisa Price, who will step into the role from November 6. She joins the company from Domino’s Pizza, where she had served in the same position, as well as executive vice president from August 2019. She had further spent 20 years at Starbucks, where...

Nordstrom appoints Guy Persaud to board

US luxury department store chain Nordstrom has appointed Guy B. Persaud to its board, bringing its board size to 12 members. Persaud has almost 30 years of experience leading multi-billion-dollar businesses and global organizations. He is currently the president of the new business unit at US consumer goods giant Procter & Gamble. “We're...

People

Nordstrom announces three executive hires

US department store chain Nordstrom has added three new executive members to its merchandising and store organization teams. Jamie Nordstrom has been appointed as chief merchandising officer. He has held various senior roles at Nordstrom, including as chief stores officer. He replaces Teri Bariquit, who retired earlier this year. “Our...

Retail

Nordstrom says theft in its stores is at historic high

Department store group Nordstrom’s sales have taken a tumble in Q2 with shoplifting causing a dent in its profits. The US-based retailer said sales fell 8.3 percent, however a rise in crime has been instrumental in mounting these losses, which are a ‘historic high’, CEO Erik Nordstrom said in an earnings call with analysts. Nordstrom is not...

BusinessFeatured

Nordstrom Q2 sales drop 8.3 percent

Nordstrom, Inc. reported second quarter net earnings of 137 million dollars or earnings per diluted share (EPS) of 84 cents and EBIT of 192 million dollars. The company’s net sales decreased 8.3 percent compared to a decrease of 11.6 percent in the first quarter, reflecting sequential improvement in sales at both Nordstrom and Nordstrom Rack....

Retail

Patagonia sues Nordstrom for selling 'counterfeit' products

American department store chain Nordstrom has been accused of selling counterfeit Patagonia sweatshirts and T-shirts, according to a lawsuit filed by the sustainable clothing brand. The lawsuit states that Nordstrom continued to sell the fake items even after its "years-long dealer relationship" with Patagonia had ended. The sales allegedly took...

BusinessFeatured

Nordstrom Q1 profits narrow, reiterates FY adjusted EPS outlook

Nordstrom has reaffirmed its full-year revenue and adjusted EPS outlook despite weaker sales in the first quarter as the company was impacted by falling consumer demand and the impact of the wind-down of its Canadian operations. Total net sales at the US department store chain fell 11.6 percent to 3.06 billion dollars in the quarter ended April...