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☆ Nordstrom misses Wall Street's earnings expectations, as off-price chain Rack lifts sales
▼ + stars: | 2024-05-30 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +2 min

Nordstrom on Thursday fell short of Wall Street's quarterly earnings expectations, as its off-price chain Rack outperformed the rest of its stores. Despite the earnings miss, the Seattle-based department store operator posted sales growth and stuck by its full-year forecast. Nordstrom has leaned on its off-price chain, Nordstrom Rack, to drive growth. For its fiscal first quarter, Nordstrom posted a net loss of $39 million, versus a net loss of $205 million in the prior-year period. In the quarter, Nordstrom said active, kids' and women's apparel had strong double-digit growth versus the prior year.

Persons: Nordstrom, It's, Bruce Nordstrom, Erik Nordstrom, Pete Nordstrom Organizations: Nordstrom, LSEG Locations: New York, Seattle, Maxx

☆ Jim Cramer shares his thoughts on Netflix, Nordstrom, KB Home, Shopify and American Express
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +2 min

Nordstrom : The department store chain's CEO and president — both members of the founding Nordstrom family — have shown interest in taking the company private . "They should just worry about operating" the company, Cramer said, referring to CEO Erik Nordstrom and President Pete Nordstrom. Shopify : Shares rose more than 2% after analysts at Morgan Stanley upgraded the stock to a buy-equivalent rating. "This is to I think stem the endless decline that is unwarranted because it's a great company," Cramer said. Shares rose more than 4%.

Persons: Jim Cramer's, Jim Cramer, Nordstrom, —, Cramer, Erik Nordstrom, Pete Nordstrom, Morgan Stanley, Stephen Squeri Organizations: CNBC, Club, Netflix, homebuilder, American Express

☆ 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

☆ 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

☆ Economic policies sacrifice poor Americans
▼ + stars: | 2023-06-02 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 2 (Reuters Breakingviews) - Dollar General (DG.N), the ultra-low-cost retailer with 19,000 stores reaching 75% of the U.S. population, has never been a comfortable reflection of the American consumer. That underscores troubling consequences of current U.S. economic policy: the poor are being sacrificed. Over the past two decades, dollar stores have upended how the cross section of the United States shops. In smaller towns, Dollar General and competitors including Dollar Tree (DLTR.O) offer cheap and accessible groceries. Reuters GraphicsIn the past week, U.S. Congress has continued to roll back policies that would help Americans with less to go around.

Persons: Jeffery Owen, Lululemon, Nordstrom, Ralph Lauren’s, Joe Biden’s, Lululemon Athletica’s, Erik Nordstrom, Jennifer Saba, Sharon Lam Organizations: YORK, Reuters, Dollar, Walmart, Shoppers, Reuters Graphics, Congress, Thomson Locations: United States

☆ Here's what earnings from industry rivals mean for two Club names
▼ + stars: | 2023-06-01 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

And that's what we care most about as investors in the cybersecurity industry since February, when we first took a position in Palo Alto . "We don't see the demand for cybersecurity slowing down.," Palo Alto CEO Nikesh Arora told CNBC Thursday. Palo Alto last week delivered a quarterly beat, while raising its full-year earnings guidance . We prefer Palo Alto over CrowdStrike for multiple reasons, including the former's profitability profile, its leading multi-platform approach and Arora's deft leadership. With ample growth still ahead, we're staying long Palo Alto.

Persons: Palo, Nordstrom, Macy's, Jeff Gennette, Gennette, Wednesday's, Erik Nordstrom, —, CrowdStrike, Burt Podbere, Podbere, Nikesh Arora, we're, Jim Cramer's, Jim Cramer, Jim, Daniel Acker Organizations: Nordstrom, TJX Companies, Palo Alto Networks, Marshalls, Palo, CNBC, Palo Alto, TJ Maxx, Bloomberg, Getty Locations: New York, U.S, Palo Alto, CrowdStrike, Peoria , Illinois

☆ Nordstrom delivers surprise profit as inventory woes ease
▼ + stars: | 2023-05-31 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures. Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data. Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

Persons: they're, Erik Nordstrom, Nordstrom, It's, it's, Morningstar, David Swartz, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Nordstrom, 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.

☆ 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.

☆ 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.

☆ Nordstrom stock surges after report says activist investor Ryan Cohen bought a stake
▼ + stars: | 2023-02-03 | by ( Mike Calia | ) www.cnbc.com time to read: +2 min

Shares of Nordstrom surged Friday morning following news that activist investor and meme stock maven Ryan Cohen bought a stake in the high-end department store company. The Journal said Cohen is now one of Nordstrom's top five nonfamily shareholders. Cohen, who founded pet retail and health site Chewy , is considered a champion of the meme stock crowd. He also triggered a brief rally in Bed Bath & Beyond last year before he ultimately dumped out of the stock. Bed Bath is expected to file for bankruptcy protection any day now.

☆ Stocks making the biggest moves premarket: Netflix, Alphabet, Nordstrom, PagerDuty and more
▼ + stars: | 2023-01-20 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Separately, Barclays upgraded shares of PVH , which owns Tommy Hilfiger and Calvin Klein brands, to overweight. Regeneron Pharmaceuticals — The pharmaceutical giant gained 1% in the premarket after being upgraded to overweight from neutral by JPMorgan. Nordstrom — Shares of the retailer fell 7% in premarket trading after Nordstrom announced that its holiday sales fell 3.5% year over year. Macy's — Retail stocks such as Macy's declined following disappointing holiday sales from Nordstrom. Correction: Nordstrom reported disappointing holiday sales numbers, not its latest quarterly figures.

☆ Jim Cramer's top 10 things to watch in the market Friday: Google job cuts, Netflix delivers
▼ + stars: | 2023-01-20 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Salesforce (CRM) downgraded to market perform from outperform (hold from buy) at Cowen, which also cut its price target to $160 per share from $175. Barclays upgrades Ralph Lauren (RL) to overweight from equal weight (buy from hold); increases its price target to $134 per share from $101. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Nordstrom cuts annual profit outlook on heavy discounts, weak holiday sales
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - Nordstrom Inc (JWN.N) on Thursday slashed its forecast for annual profit following weak sales during the all-important holiday period, as the department store chain took a blow from heavy discounts and promotions to clear out excess inventories. Nordstrom said it offered more markdowns than planned, while holiday sales came in weaker than pre-pandemic levels. Nordstrom said it now expects adjusted earnings per share of $1.50 to $1.70 for fiscal 2022, compared with its prior outlook of $2.30 to $2.60. Net sales declined 3.5% for the nine-week holiday period ended Dec. 31. Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Nordstrom shares sink after retailer posts weak holiday sales and slashes guidance
▼ + stars: | 2023-01-19 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Shoppers exit Nordstrom at the King of Prussia Mall on December 11, 2022 in King of Prussia, Pennsylvania. Shares of Nordstrom fell Thursday, after the department store chain said it was hurt by weak sales and a lot of markdowns during the holiday season. The retailer said net sales dropped 3.5% for the nine-week holiday period that ended Dec. 31 compared with the year-ago period. With the slashed guidance, Nordstrom becomes the latest retailer to flash warning signs about the consumer and preview a tougher year ahead. Plus, the company said, shoppers did not spend as freely as in previous holiday seasons.

☆ Procrastinators, rejoice: Super Saturday is here and it could bring major discounts to shoppers
▼ + stars: | 2022-12-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Super Saturday, the last Saturday before Christmas, could draw a record 158 million shoppers. But shoppers who take advantage of that extra time to buy are in for another treat: major discounts. "Retailers staring down time-limited inventory surpluses will do whatever they can to liquidate before the holiday season has expired." Shoppers could see major discounts on Super SaturdayBrandon Bell/Getty ImagesMajor retailers have been lamenting their inventory positions throughout 2022. The supply chain challenges that squeezed retail brands last holiday season have subsided, leaving a pandemic-induced hangover in their wake.

It’s a seemingly simple calculation, but supply-chain experts caution that shipping from stores can be more challenging than filling orders at fulfillment centers that are set up for the job. It now packages orders at 116 of its approximately 1,350 stores, said Amiee Bayer-Thomas, the company’s chief supply chain officer. The chain said it has converted areas in 35 stores to serve as semi-automated miniature distribution centers. That is one reason department store Nordstrom is pulling back on shipping orders from stores for its discount brand Nordstrom Rack. The company will continue using Nordstrom stores to fulfill online orders for that brand.

☆ Nordstrom says sales slowed in past two months; shares fall 9%
▼ + stars: | 2022-11-22 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Nordstrom Inc (JWN.N) said on Tuesday net sales at its eponymous retail stores fell 3.4% in its third quarter, and overall sales for the company slowed down in the past couple of months, "particularly in geographies with unseasonably warm weather." The company also trimmed its net profit forecast for the fiscal year ending January 2023. In the third quarter, sales in its off-price division — Nordstrom Rack — fell 2%. Nordstrom's adjusted earnings of 20 cents per share topped estimates of 13 cents. It expects an annual profit of $2.13 and $2.43, excluding share repurchase activity, trimmed from $2.45 to $2.75 previously.

☆ Nordstrom CFO Anne Bramman to Leave the Company
▼ + stars: | 2022-10-18 | by ( Jennifer Williams-Alvarez | Suzanne Kapner | ) www.wsj.com time to read: +3 min

Nordstrom Inc.’s finance chief is stepping down as the retailer confronts industrywide pressures including soft consumer spending and high inventory levels. The Seattle-based retailer said Monday evening that Anne Bramman will leave the company effective Dec. 2 after more than five years as CFO. Nordstrom’s senior vice president and chief accounting officer, Michael Maher, will serve as interim finance chief. Nordstrom is looking for ways to reduce its inventory levels, Mr. Nordstrom said during an earnings call in late August. Merchandise inventory levels increased 9.9% from a year ago, to around $2.4 billion, although they were lower than the previous quarter.

☆ Nordstrom adopts 'poison pill' days after Mexican peer buys stake
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Nordstrom store is pictured in New York, U.S., March 1, 2021. Last week, Mexican department store chain Liverpool (LIVEPOLC1.MX) disclosed a 9.9% passive stake in Nordstrom, in a bid to diversify its geographic foothold. read moreRegister now for FREE unlimited access to Reuters.com RegisterLiverpool is currently the second-biggest shareholder, behind former Chairman Bruce Nordstrom, according to Refinitiv. Other members of Nordstrom's founding family, including Chief Executive Officer Erik Nordstrom and President Peter Nordstrom, are also among its top shareholders. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Blake Nordstrom, a top executive and heir to the department-store dynasty, has died. Here's how the Nordstrom family built their store empire.
▼ + stars: | 2019-01-04 | by ( Jessica Tyler | ) www.businessinsider.com time to read: +2 min

Blake Nordstrom's brothers, Pete and Erik Nordstrom, will continue to lead the company as co-presidents. Nordstrom, initially a shoe store, was founded by John W. Nordstrom and Carl F. Wallin in Seattle in 1901. John Nordstrom handed down the shoe store to his three sons, and over time it grew from a local Seattle business to the largest independent shoe store chain in the US. In 1971, the third generation of Nordstroms took the company public before opening the clearance outlet Nordstrom Rack in 1973. The fourth generation of Nordstroms — Blake, Pete, and Erik — took Nordstrom digital in 1998, launching Nordstrom.com.

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