NORDSTROM news and archive

Nudea expands in US via Nordstrom partnership

British underwear brand Nudea has expanded its presence in the North American market with a new partnership with department store retailer Nordstrom. In a release, founder and chief executive officer of the brand, Priya Downes, said that company was “excited” about the further expansion in the US. She added: “With Nordstrom’s wide reach and...

People

Nordstrom appoints Alexis DePree as COO

US department store chain Nordstrom has announced the appointment of Alexis DePree as its newest chief operating officer. In the role, DePree will be responsible for supporting the company’s supply chain operations, transportation, inventory operations, enterprise operations, and store operations. It comes as an expanded title for the executive,...

BusinessFeatured

Nordstrom Q1 sales increase 5.1 percent, reaffirms outlook

Nordstrom, Inc. reported a first quarter net loss of 39 million dollars or loss per share of 24 cents and loss before interest and taxes of 21 million dollars. Net sales for the quarter increased 5.1 percent, while comparable sales increased 3.8 percent. Gross merchandise value (GMV) for the quarter increased 4.9 percent. Commenting on the first...

People

Bruce Nordstrom, scion of retail dynasty, dies at 90

Bruce Nordstrom, a third-generation member of the storied Nordstrom department store family, has passed away at the age of 90. “It is with deep sadness we announce our dad passed away comfortably at home on May 18, with his wife Jeannie by his side,” said Pete and Erik Nordstrom in a joint statement. “Our dad will be remembered not only for his...

Business

Sycamore may take Nordstrom private

New York-based private equity firm Sycamore Partners has set its sights on acquiring U.S. department store group Nordstrom, with plans to take it private. Following discussions held by Nordstrom CEO Erik Nordstrom and President Pete Nordstrom with the chain's board last month, the company confirmed its exploration of the possibility of...

Business

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...