Nordstrom, Inc. Plans to Open Full-Line Store in the New Regional Shopping Center in Norwalk
Feb 26 15
Nordstrom Inc. announced plans to open a full-line store in the new regional shopping center in Norwalk, Conn. being developed by General Growth Properties. The three-level, approximately 150,000 square-foot store is scheduled to open in fall 2018 and will be the company's second full-line store in the state. The company opened its first Nordstrom in Connecticut in 1997 near Hartford at Westfarms Mall in Farmington. Located just off I-95 at the intersection of West Avenue and North Water Street in the Reed Putnam Urban Renewal area (95/7), Nordstrom will be an anchor tenant of GGP's new, 700,000+-square-foot enclosed regional retail center. In addition, the company also operates a Nordstrom Rack nearby at West Farm Shopping Center in Farmington, Conn.
Nordstrom Inc. Announces Expansion Plans
Feb 19 15
Nordstrom Inc. announced that number of growth initiatives planned in support of efforts to improve the customer experience, including ongoing expansion in Canada, with a store opening in Ottawa in the spring and Vancouver in the fall. In the U.S., the company plans to expand retail presence with 3 new full-line stores in Puerto Rico, Minneapolis and Milwaukee. The company also plans to open 27 Rack stores this year and roughly 25 in 2016.
Nordstrom Inc Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended January 31, 2015; Provides Earnings Guidance for the Year 2015
Feb 19 15
Nordstrom Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended January 31, 2015. For the quarter, the company reported net sales of $3,938 million against $3,614 million a year ago. Total revenues were $4,043 million against $3,711 million a year ago. Earnings before interest and income taxes were $465 million against $487 million a year ago. Earnings before income taxes were $431 million against $437 million a year ago. Net earnings were $255 million or $1.32 per diluted share against $268 million or $1.37 per diluted share a year ago.
For the year, the company net sales of $13,110 million against $12,166 million a year ago. Total revenues were $13,506 million against $12,540 million a year ago. Earnings before interest and income taxes were $1,323 million against $1,350 million a year ago. Earnings before income taxes were $1,185 million against $1,189 million a year ago. Net earnings were $720 million or $3.72 per diluted share against $734 million or $3.71 per diluted share a year ago. Net cash provided by operating activities was $1,220 million against $1,320 million a year ago. Capital expenditures were $861 million against $803 million a year ago. EBITDAR was $1,980 million against $1,937 million a year ago. Return on invested capital for the 12 months ended January 31, 2015 was 12.6% compared with 13.6% in the prior 12-month period. This decrease reflected the acquisition of Trunk Club in addition to ongoing store expansion and increased technology investments.
In fiscal 2015, the Company's capital expenditures, net of property incentives, are expected to be approximately $1.2 billion, compared with $751 million in fiscal 2014. The increase relates to store expansion, including Canada and Manhattan, and ongoing investments to improve the customer experience through store remodels and a third fulfillment center expected to open in the second half of 2015. In 2015, Nordstrom plans to continue to invest and build upon its foundation for achieving sustainable growth in sales, earnings and ROIC. The Company expects its ongoing expansion into Canada to continue to be dilutive to earnings due to infrastructure and pre-opening costs. The estimated loss before interest and taxes for Canada is expected to be approximately $60 million in fiscal 2015, compared with a loss before interest and taxes of $32 million in fiscal 2014. The Company estimates $30 million in expenses associated with initiatives to enable growth, including an additional fulfillment center and an expansion of the Nordstrom Rewards loyalty program, both planned in the second half of 2015. The Company expects an estimated loss before interest and taxes of approximately $30 million related to Trunk Club, compared with a loss before interest and taxes of approximately $25 million in fiscal 2014. Net sales expect to increase 7% to 9%. Comparable sales expect to increase 2% to 4%. Earnings per diluted share, excluding the impact of any future share repurchases to be $3.65 to $3.80. Due to the ongoing growth initiatives, depreciation and amortization expense is expected to increase by approximately 15% and rent expense is expected to increase by approximately 35%. Interest expense is expected to be consistent with fiscal 2014. The effective tax rate is expected to be in-line with historical rates. Earnings per diluted share growth in the first half of fiscal 2015 is expected to be below the full-year outlook range of a 2% decrease and 2% increase, primarily due to store pre-opening expenses and the full year impact of the Trunk Club acquisition.