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☆ Nordstrom family tries again to take department store private, forms special committee
▼ + stars: | 2024-04-18 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

A sign marks the location of a Nordstrom store in a shopping mall on March 20, 2024 in Chicago, Illinois. The Nordstrom family is once again considering taking the department store private and has formed a special committee to evaluate bids, it announced on Thursday. CEO Erik Nordstrom and president Pete Nordstrom recently told the company's board of directors that it's interested in pursuing a take private deal for the 123-year-old department store, Nordstrom said in a news release. In 2017, private-equity firm Leonard Green & Partners came close to taking the company private but the deal ultimately fell apart. The announcement comes as department stores face an uncertain future and grapple with declining sales.

Persons: Nordstrom, Erik Nordstrom, Pete Nordstrom, it's, Leonard Green Organizations: Leonard Green & Partners, Reuters Locations: Chicago , Illinois

☆ Department stores face another squeeze. This time, with store credit card revenue
▼ + stars: | 2024-04-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

For fiscal year 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom . The three companies do not break out how much of total credit card revenue comes from late fees. All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further. Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Gap does not disclose credit card revenue, but its Chief Financial Officer, Katrina O'Connell, said on an earnings call that losses from late fees will be "largely offset in 2024 by other levers within our credit card program."

Persons: Robert Nickelsberg, it'll, Jane Hali, Kohl's, David Silverman, Silverman, —, Michael Fiddelke, Macy's, Adrian Mitchell, It's, Nordstrom, Katrina O'Connell Organizations: Getty Images Department, Consumer Financial, Bureau, Associates, Nordstrom, Fitch, TD Bank, Shoppers, Adobe Analytics, Citi, Sam's Locations: New York City

☆ Nordstrom shares fall 10% as retailer warns of potential sales declines in 2024
▼ + stars: | 2024-03-05 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Nordstrom's holiday-quarter sales topped Wall Street's expectations on Tuesday, but the retailer gave a muted outlook for the year ahead. Nordstrom said it expects earnings per share of between $1.65 and $2.05 for the full year. That would be higher than its most recent fiscal year, which saw earnings per share of $1.51, the retailer said Tuesday. In the fiscal quarter that ended Feb. 3, Nordstrom's quarterly revenue rose about 2% from $4.32 billion in the year-ago period. Net sales for the company's namesake banner declined 3% in the fourth quarter compared with the year-ago period.

Persons: Nordstrom, That's Organizations: Nordstrom, LSEG Locations: Seattle, Canada

☆ Shein and Temu use a loophole to ship millions of packages to the US tax-free. Here's why the tax rule faces increased scrutiny.
▼ + stars: | 2024-01-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

The other bill, from Sen. Bill Cassidy and Sen. Tammy Baldwin, would ban de minimis shipments from China. The provision is more likely to change — a prospect that both Shein and Temu have said they support. Jennifer Ortakales Dawkins/InsiderShipping consultancy ShipMatrix estimates that Shein and Temu each ship more than a million packages to the US daily. It added that almost 50% of all de minimis shipments to the US come from China. Related stories"Changes to the exemption could create a paradigm shift for retailers like Temu and Shein," Bank of America analysts wrote in the note.

Persons: minimis, Earl Blumenauer, Russia —, Bill Cassidy, Sen, Tammy Baldwin, Cassidy, Baldwin, Jay Sole, It's, Jennifer Ortakales Dawkins, Shein's, Temu, Shein, Donald Tang, SHEIN, de minimis, they've, Steve Story, Sole, Satish Jindel, ShipMatrix, Jindel Organizations: Business, Customs, Rep, Bank of America, US Chamber of Commerce, Express, UBS, Pinduoduo Holdings, Goods, Shipping, Chinese Communist Party, China . Shipping, Wired, Shein, American Apparel and Footwear Association, Apex Logistics International, Walmart Locations: Xinjiang, China, Russia, Sen, Singapore, Boston, minimis, United States, mstone@insider.com

☆ Here's why women's sweaters are more expensive than men's sweaters
▼ + stars: | 2024-01-17 | by ( Jennifer Ortakales Dawkins | Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Women's sweaters can be more expensive than men's sweaters. Brands often add synthetic fibers to women's sweaters to make them less expensive. For example, while browsing Nordstrom's site she noticed a women's sweater and a men's sweater from the same brand priced at $170. Business Insider spoke to experts to understand why women's sweaters can be more expensive than men's sweaters. For example, men's wool sweaters had an average tariff rate of 13.6%, while women's wool sweaters had an average tariff rate of 14.9%.

Persons: —, Emily Bello, Bello, doesn't, Sheng Lu, Lu, Jennifer Ortakales Dawkins, it's, Fran Kozen, Kozen, Crew Organizations: Brands, Service, Chicago, Business, University of Delaware, US Department of Commerce, US International Trade Commission, Abercrombie, Companies, Cornell University Locations: Mexico, Canada

And Nordstrom's Cyber Monday deals aren't just last season's swimsuits and shorts. For more deals across fashion, beauty, home, and tech, check out our hub of the best Cyber Monday deals. Shop all deals from the Nordstrom Cyber Monday sale. Best Nordstrom Cyber Monday dealsFAQsDoes Nordstrom offer free shipping? Does Nordstrom offer free returns?

Persons: Cole Haan, Sam Edelman, Vince, aren't, Estée Lauder, Kiehl's, Bobbi Brown, Nordstrom Locations: United States

Learn moreIt's important to keep your extremities warm this winter, and UGG boots are the cozy, on-trend footwear staple you can rely on to do so. It may have been some time since you last wore these classic shearling boots, but the best Cyber Monday UGG boot deals are the best way to get reacquainted. Likewise, Nordstrom's Cyber weekend sale includes 30% discounts on UGG slippers, and Zappos' UGG sale is also host to a variety of UGG shoes and accessories with an average discount of 30% off. In our UGG slippers review, we tested some of their popular styles and promptly included them in our guides to the best slippers for men and best slippers for women. The best Cyber Monday UGG deals

Persons: we've

Learn moreThe Nordstrom Black Friday sale is always a standout, and thankfully, it's here early. And Nordstrom's Black Friday deals aren't just last season's swimsuits and shorts. If you're looking for more savings besides Nordstrom, check out the best Black Friday deals across other stores. Quick links to help you navigate Nordstrom's Black Friday sale:Top Black Friday deals from NordstromFAQsDoes Nordstrom offer free shipping? Does Nordstrom offer free returns?

Persons: Cole Haan, Sam Edelman, Vince, aren't, Tom Ford, Estée Lauder, Kiehl's, Bobbi Brown, Nordstrom Organizations: Nordstrom Locations: United States

☆ Stocks making the biggest moves midday: Deere, Nvidia, Autodesk, Nordstrom and more
▼ + stars: | 2023-11-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Deere , Caterpillar — Deere shares dropped nearly 4% after the agricultural equipment maker issued disappointing guidance for fiscal 2024. Deere said it expects net income between $7.75 billion and $8.25 billion, short of the $9.31 billion expected from analysts polled by StreetAccount. Autodesk — Autodesk fell more than 5% a day after the software company issued lower-than-expected fiscal fourth-quarter earnings guidance. The company now expects earnings per share of between $1.91 and $1.97, below estimates of $2.01 per share, according to LSEG. Nvidia posted adjusted earnings of $4.02 per share on $18.12 billion in revenue, while analysts polled by LSEG expected earnings of $3.37 per share and $16.18 billion in revenue.

Persons: Deere, StreetAccount, Piper Sandler, LSEG, — CNBC's Michelle Fox, Alex Harring, Jesse Pound, Darla Mercado Organizations: JPMorgan, Capybara, Deere, Caterpillar — Deere, Caterpillar, Nordstrom, LSEG, HP —, HP, Autodesk — Autodesk, Autodesk, Nvidia —, Nvidia, Airlines, West Texas Intermediate, American Airlines and United Airlines, Norwegian Cruise Line Locations: LSEG, China

☆ Nordstrom sales come up short, echoing broader retail industry pressures
▼ + stars: | 2023-11-21 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +1 min

Shoppers exit Nordstrom at the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania. Nordstrom on Tuesday said sales slid by nearly 7% year over year, echoing other retailers' comments about weaker demand and budget-pressured consumers. Yet the department store operator reiterated its full-year sales outlook, saying it expects revenue to decline by between 4% and 6% versus a year ago, including retail sales and credit card revenues. Nordstrom is looking for growth after three straight years of sales that have been at or below pre-pandemic levels. As part of that push, the retailer has opened more of its off-price stores, Nordstrom Rack, and revamped merchandise in those stores to emphasize best-selling brands.

Persons: King, King of Prussia, Nordstrom Organizations: Nordstrom, LSEG Locations: Prussia, King, King of Prussia , Pennsylvania, Canada

☆ Nordstrom tops revenue estimates on resilient demand from affluent shoppers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Aug 24 (Reuters) - Nordstrom (JWN.N) beat expectations for quarterly revenue on Thursday, benefiting from steady demand from affluent shoppers at a time when still-high inflation is forcing consumers to rethink their non-essential purchases. Net sales in its eponymous stores dropped 10.1%, while Nordstrom Rack posted a 4.1% decrease, both improving sequentially from the first quarter. Reuters Graphics Reuters GraphicsTo get shoppers, Nordstrom has also been opening more Rack stores, which represents the largest source of new customers, according to the company. Total revenue fell about 8% to $3.77 billion in the second quarter ended July 29, but topped expectations of $3.65 billion, according to Refinitiv data. Still, Nordstrom joined rival department store chains in maintaining its annual targets.

Persons: Nordstrom, Granth, Maju Samuel Organizations: Nordstrom, Dick's Sporting, Nike, Reuters Graphics Reuters, Thomson Locations: Bengaluru

☆ Nordstrom tops Wall Street’s quarterly expectations, even as it braces for sales declines
▼ + stars: | 2023-08-24 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Nordstrom begins the process of closing its stores in Canada with the first day of a sale at the Eaton Centre in Toronto. Nordstrom on Thursday surpassed Wall Street's quarterly sales and earnings expectations, as it showed signs of progress in turning around its lagging business. Sales for the upscale department store operator in the fiscal second-quarter still fell below pre-pandemic levels. And Nordstrom Rack, the off-price chain that the retailer wants to fuel its revival, still posted sales declines during the quarter reported Thursday. CEO Erik Nordstrom said Nordstrom will focus on boosting the Rack's sales, better managing inventory and making its supply chain more efficient for the rest of the year.

Persons: Nordstrom, Erik Nordstrom Organizations: Eaton Centre Locations: Canada, Eaton, Toronto

☆ Will Macy’s, Nordstrom merchandise overhauls lure shoppers?
▼ + stars: | 2023-08-21 | by ( Katherine Masters | ) www.reuters.com time to read: +4 min

In an effort to boost sales, Macy's - which reports second-quarter results on Tuesday - has focused on revamping its private brands, including its new On 34th label launched in July. Analysts expect Macy's to post a 87% slide in second-quarter profit, dragged down by heavy discounting to clear spring and early summer merchandise, according to Refinitiv. Thirteen percent answered Walmart and 9% answered Amazon, compared to 5.8% for Macy's and 3.3% for Nordstrom. Nordstrom so far has disclosed few specifics about the new merchandise intended to revive the Rack, including the brands and categories it plans to prioritize. On Monday, Rack’s website was advertising brands including Kate Spade, Adidas, Steve Madden and Cole Haan.

Persons: Andrew Kelly, Nordstrom, Erik Nordstrom, Macy's, Nordstrom's, Prosper, Macy’s, Kathy Gersch, ”, Kate Spade, Steve Madden, Cole Haan, Katherine Masters, Granth Vanaik, Savyata Mishra, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Nordstrom, U.S ., Target, Walmart, Nordstrom . Consulting, Deloitte, Private, Kotter, Adidas, Thomson Locations: Manhattan , New York City, U.S, New York, Bengaluru

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Persons: you'll, Charlotte Tilbury, we've, Kiehl's Creme, Bobbi Brown, it’s, Charlotte, Jo Malone, Jo Malone London’s, Suede, Wood, Kate Somerville, Dyson, Augustinus Bader, Mascara Organizations: Nordstrom, skincare, nab, Triple, Oil

☆ Luxury retail workers earn about $45,000 per year to sell handbags and jewelry that can cost more than their take-home pay
▼ + stars: | 2023-06-30 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Luxury brands are increasingly having trouble finding and retaining talent for high-touch sales roles. Entry-level associates earn about $35,000 base pay per year, plus about $10,000 commission. On average, luxury retail sales associates earn about $35,000 base pay per year, plus about $10,000 commission, per Glassdoor data. A job at Gucci required three years of luxury fashion experience and the ability to "maintain an active, accurate, neat and organized client book," per BoF. Do you work in luxury retail?

Persons: —, salespeople, Sandy Sholl, there's, Teddy Bear, Jessica Cloutier, Nordstrom's, Cloutier, Neiman Marcus, Sukeena Rao, Dominick Organizations: Service, Target, Walmart, MadaLuxe, Business, Gucci, SMCP, Saks Fifth Locations: Costco, Patagonia

Macy's also slashed its full-year earnings and sales guidance, after "demand trends weakened" for discretionary items in March. Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates. Veeva also raised its full-year earnings per share guidance by 26 cents. The company's full-year revenue guidance also topped analysts' estimates.

Persons: Nordstrom, Nordstrom's, Salesforce, Okta, Okta's, Macy's, CrowdStrike's, Refinitiv, Veeva, Macheel, Samantha Subin, Jesse Pound, Michelle Fox Organizations: BMO Capital, Saudi Arabia's Public Investment Fund, Chewy, —, JPMorgan, CSX, UBS, Systems Locations: New York City, Canada

☆ Nordstrom beats quarterly sales estimates as apparel demand holds up
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories. In a bid to attract more budget-conscious shoppers, Nordstrom has been opening new stores under its off-price banner Rack. While quarterly sales at Rack decreased 11.9%, Nordstrom said trends improved later in the quarter, driven by its moves to stock up shelves with crowd-favorite brands. The company also reported a 110-basis-point increase in quarterly gross margin, thanks to easing cost pressures and tighter inventory management. On an adjusted basis, the company reported a profit of 7 cents per share.

Persons: Nordstrom, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Thomson Locations: Bengaluru

☆ Nordstrom tops Wall Street's first-quarter sales expectations, even as shoppers spend less
▼ + stars: | 2023-05-31 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +5 min

Yet despite declining sales, Nordstrom stressed its progress with managing inventory, cutting costs and drawing shoppers, especially to the off-price brand Nordstrom Rack. Sales at Nordstrom Rack improved late in the quarter, with the strongest performance in April, the retailer said in a news release. Nordstrom 's fiscal first-quarter sales topped Wall Street's expectations on Wednesday, even as the retailer reported a spending drop and predicted slower sales in the coming months. The company's total revenue, including credit card sales, fell about 11% from $3.57 billion in the year-ago quarter, but surpassed Wall Street's expectations. Net sales at Nordstrom's namesake stores decreased 11.4% year over year, while net sales for Nordstrom Rack dropped 11.9%.

Persons: We're, Erik Nordstrom, Nordstrom, Ryan Cohen, Chewy, refreshes, Activewear, Jamie Nordstrom Organizations: Nordstrom, GameStop, CNBC Locations: Canada, U.S, Nordstrom

☆ As shoppers look for savings, Nordstrom hopes Rack stores can fuel its revival
▼ + stars: | 2023-05-12 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +9 min

The success or failure of the Nordstrom Rack turnaround effort could shape the company's future. Those chains such as T.J.Maxx , Ross Stores and Burlington Stores , have opened more stores and wooed new customers, driving higher foot traffic than Nordstrom Rack has seen. Nordstrom Rack stores outnumber the company's namesake stores, with 241 locations across the country, according to company filings. Nordstrom Rack stores accounted for more than 40% of new customers in 2022, CEO Erik Nordstrom said on the March earnings call. As it pins its growth hopes on the off-price locations, Nordstrom has turned Rack stores into e-commerce hubs, too.

☆ I volunteered to be laid off from Amazon so I could try being a standup comedian
▼ + stars: | 2023-04-01 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

Sarah Whiteman, 26, volunteered to be laid off at Amazon in January as part of its mass job cuts. I joined Amazon Web Services as a recruiter in April 2020, after being laid off from Nordstrom's finance department after the pandemic struck. I absolutely loved working at Amazon, and I moved into different roles before becoming a program manager for a new team handling onboarding across all of Amazon. Even though it was a great role and I loved the team, I volunteered to be laid off as part of Amazon's January 2023 layoffs. So I posted on LinkedIn about how I chose bravery following the layoffs, trying out standup while looking for another role.

☆ Nordstrom earnings top expectations, retailer says it's winding down Canada operations
▼ + stars: | 2023-03-02 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Nordstrom on Thursday reported lower sales and profits for the holiday quarter, although earnings topped Wall Street's expectations. For the new fiscal year, Nordstrom expects revenue to fall 4% to 6%, including a negative impact from Canadian store closures and a positive impact from a 53rd week. As of Jan. 28, the company said it had six Nordstrom stores and seven Nordstrom Rack stores in Canada. It expects to finish Canadian store closures in Canada by late June. Even before Nordstrom reported earnings, it cut its forecast and told investors that it had a rough holiday.

☆ T.J. Maxx and HomeGoods are reaping huge benefits from store closures and shopping slowdowns that are crushing other retailers
▼ + stars: | 2023-02-23 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

T.J. Maxx and HomeGoods are benefiting from the struggles other retailers are facing, parent company TJX says. Store closures and slowdowns mean there's more, better inventory for TJX brands to choose from. TJX is also seeing an influx of customers as competing brands close stores nationwide. Those struggles have led customers to flock to TJX chains, Herrman said. "We're attracting new customers, we're opening new stores, and we're likely to benefit from other home store closures," Herrman said.

☆ Nordstrom could use an activist, but Ryan Cohen might not be the right one
▼ + stars: | 2023-02-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

Activist investor Ryan Cohen is building a stake in the department store chain as he looks to shake up its board, people familiar with the matter told CNBC. Tritton had once worked at Nordstrom, and Cohen thinks this makes him "conflicted and unqualified" to serve, the Journal report said. JWN 1D mountain Nordstrom shares surged after a report says Ryan Cohen is building a stake in the department store chain. 'Begs for an activist' The department store business hasn't been an easy one as shoppers buy more goods online or look to avoid large malls. The analyst also recalled that El Puerto de Liverpool, a Mexico City-based department store operator, holds a 10% stake in Nordstrom.

☆ Investor Ryan Cohen takes stake in Nordstrom - WSJ
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The billionaire investor believes it is inappropriate for Tritton, who used to work at Nordstrom from 2009 to 2016, to be deciding compensation for Nordstrom family members who are executives at the company, as he used to work around them, according to WSJ. Cohen has previously traveled to Seattle, where Nordstrom is based, to meet with members of the family and learn more about the business, WSJ said. Both Cohen and Nordstrom did not immediately respond to Reuters requests for comment. The department store chain in September last year adopted a "poison pill" to prevent investors from amassing 10% or more of its shares, after Mexican department store chain Liverpool (LIVEPOLC1.MX) disclosed a 9.9% passive stake in Nordstrom. Cohen also had a 9.8% stake in Bed Bath & Beyond, which he sold in August, following a stunning rally in the stock.

☆ Billionaire Cohen builds stake in Nordstrom, urges board shakeup
▼ + stars: | 2023-02-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Cohen has privately called Tritton, a former chief executive of Bed Bath & Beyond, "conflicted and unqualified," said the people, who were not permitted to discuss the private negotiations. Bed Bath & Beyond is preparing to file for bankruptcy, Reuters reported this week. Investors cheered Cohen's reported involvement at Nordstrom by sending the stock price up 25% in after-hours trading on Thursday. The Wall Street Journal first reported Cohen's stake in Nordstrom. As possible replacements on the Nordstrom board, Cohen has identified executives with experience at retail and e-commerce companies, the people said.

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