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Nordstrom, Inc. (NYSE: JWN) is a leading fashion retailer founded in 1901, specializing in high-quality brand-name and private-label merchandise. The company operates through an integrated network of physical stores and digital platforms, offering apparel, shoes, beauty products, accessories, and home goods. Nordstrom serves customers through its full-price and off-price retail banners, providing personalized services and a seamless shopping experience across channels.
- Nordstrom - Operates full-price retail stores, including Nordstrom U.S. stores, Nordstrom.com, and Nordstrom Local, offering a wide range of high-quality merchandise such as apparel, shoes, beauty products, accessories, and home goods.
- Nordstrom Local - Smaller service-oriented locations providing personal styling, alterations, order pickup, and returns.
- Nordstrom Rack - Functions as an off-price retailer with Nordstrom Rack U.S. stores, NordstromRack.com, and Last Chance clearance stores, offering discounted merchandise, including clearance items from Nordstrom and products sourced directly from vendors.
- You mentioned that shrink remains at all-time highs impacting margins; what specific measures are you implementing to address shrink, and when do you expect to see meaningful improvements?
- Inventory levels are slightly higher than desired due to slower sales in seasonal categories; how confident are you in your ability to manage inventory risk and avoid excessive markdowns, especially with the holiday season underway?
- Considering the noticeable sales decline starting at the end of October, can you elaborate on the factors contributing to this slowdown and how you plan to mitigate potential headwinds in the fourth quarter?
- With SG&A expenses impacted by higher labor costs and charges related to accelerated technology depreciation, what steps are you taking to control operating expenses, and how should we think about SG&A leverage moving forward?
- Credit card revenues declined modestly due to higher losses; how are you addressing the increased credit risk in your portfolio, and what impact do you anticipate this will have on earnings and customer financing options?