nordstrom inc (JWN) Key Developments
Nordstrom, Inc. to Open in La Jolla, California
May 20 15
Nordstrom Inc. announced plans to further expand its San Diego County presence with the addition of a Nordstrom Rack at The Shops at La Jolla Village in La Jolla, Calif. The approximately 32,000-square-foot store is scheduled to open in fall 2016. The property is owned by Alecta Real Estate USA, LLC. When it opens, it will be the fifth Nordstrom Rack in the San Diego area and about one mile west of Nordstrom at University Towne Centre. The new Rack will join existing retailers Whole Foods, Aaron Brothers and CVS. The Shops at La Jolla Village is located on Villa La Jolla Drive between Nobel Drive and La Jolla Village Drive, a block from I-5.
Nordstrom Inc. Announces Consolidated Unaudited Earnings Results for the First Quarter Ended May 2, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2015
May 14 15
Nordstrom Inc. announced consolidated unaudited earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported net sales of $3,115 million against $2,837 million a year ago. Earnings before interest and income taxes was $245 million against $265 million a year ago. Net earnings were $128 million against $140 million a year ago. Earnings per basic and diluted share were $0.66 against $0.72 a year ago. Net cash provided by operating activities was $208 million against $217 million a year ago. Capital expenditures was $259 million against $174 million a year ago. Return on assets was 7.8% against 8.6% a year ago.
The company's annual earnings per diluted share expectations are unchanged for 2015, incorporating first quarter results and the impact of share repurchases in the first quarter. Nordstrom's expectations for fiscal 2015, net sales of 7% to 9% increase, comparable sales of 2% to 4% increase, gross profit (%) is to 15 basis point decrease, earnings per diluted share (excluding the impact of any future share repurchases) is to be between from $3.65 to $3.80. The company previously shared with this year's CapEx plan of $1.2 billion or 8% of sales. As company has stated, the company expects 2015 to be the peak investment year due to the concurrent timing of multiple growth initiatives. This includes Canada, Manhattan, several remodels and a third fulfillment center. The company expects CapEx in subsequent years to normalize below planned average of 0.5% of sales.
Earnings per diluted share growth in the second quarter is expected to be below the full-year outlook range of a 2% decrease to a 2% increase, primarily due to the ongoing entry into Canada and the acquisition of trunk club in the third quarter 2014.
Nordstrom Inc. Plans to Open Full-Line Store
May 14 15
For 2015, the Nordstrom Inc. announced plans to open a full-line store in Norwalk, Connecticut in 2018 and Nordstrom Rack stores in Virginia Beach, Virginia, Novi, Michigan and Pittsburgh, Pennsylvania in 2016.
Nordstrom, Inc. Approves Quarterly Dividend, Payable on June 12, 2015
May 5 15
Nordstrom Inc. announced that its board of directors approved a quarterly dividend of 37 cents per share payable on June 12, 2015, to shareholders of record at the close of business on May 29, 2015.
Nordstrom Inc. Announces Co-Presidents Appointments
May 5 15
Nordstrom Board of Directors announced the appointment of Blake Nordstrom, Pete Nordstrom and Erik Nordstrom as co-presidents of Nordstrom Inc. The three executives retain their current roles and responsibilities and will continue to serve on the Nordstrom Board of Directors where they are engaged in the long-range strategic plans for the company. There will be no change to their annual compensation. In 2000, Blake Nordstrom was named president, Nordstrom Inc. supporting all business operations; Pete Nordstrom was named executive vice president, Nordstrom Inc. and president of merchandising and marketing; and Erik Nordstrom was named executive vice president, Nordstrom Inc. and president of stores. In 2014, Erik Nordstrom was named executive vice president, Nordstrom Inc. and president of Nordstrom.com. Blake joined the Board of Directors in 2005. His brothers Pete and Erik joined the Nordstrom Board of Directors in 2006.