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    Nordstrom Inc (JWN)

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    Business Description

    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.

    1. 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.
    2. 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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Erik B. NordstromChief Executive Officer2020Erik B. Nordstrom has been with Nordstrom for over 40 years, holding various leadership roles. He became CEO in 2020 and has driven investments in blending digital and physical retail experiences.
    Cathy R. SmithChief Financial OfficerMay 29, 2023Cathy R. Smith joined Nordstrom as CFO in May 2023, bringing over 30 years of financial leadership experience, including roles at Bright Health Group, Target Corporation, and Express Scripts.
    Peter E. NordstromPresident & Chief Brand Officer2020Peter E. Nordstrom has been with Nordstrom since 1978. He became President & Chief Brand Officer in 2020 after serving as Co-President and holding other merchandising and store leadership roles.
    Kenneth J. WorzelChief Customer OfficerApril 2022Kenneth J. Worzel joined Nordstrom in 2010 and became Chief Customer Officer in April 2022. He previously served as COO, Chief Digital Officer, and President of Nordstrom.com.
    Jason MorrisChief Technology and Information OfficerMay 2023Jason Morris joined Nordstrom as Chief Technology and Information Officer in May 2023. He previously held senior technology roles at Walmart, including SVP of Enterprise Business Services.
    Fanya ChandlerPresident, Nordstrom StoresSeptember 2023Fanya Chandler has been with Nordstrom since 1991. She became President of Nordstrom Stores in September 2023 after holding various leadership roles, including SVP of the Southwest Region.
    Alexis DePreeChief Supply Chain OfficerJanuary 2020Alexis DePree joined Nordstrom as Chief Supply Chain Officer in January 2020. She previously held leadership roles at Amazon, Target, and Dell Technologies.
    Gemma LionelloPresident, Nordstrom RackSeptember 2023Gemma Lionello has been with Nordstrom since 1988. She became President of Nordstrom Rack in September 2023 after holding leadership roles in regional management and merchandising.
    James F. Nordstrom, Jr.Chief Merchandising OfficerSeptember 2023James F. Nordstrom, Jr. has been with Nordstrom since 1986. He became Chief Merchandising Officer in September 2023 after serving as Chief Stores Officer and holding other merchandising and store leadership roles.

    Questions to Ask Management

    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMay 2022
    End Date/DurationNo expiration
    Total Additional ($M)500
    Remaining ($M)438 as of 2024-11-02
    DetailsNo shares repurchased during the nine months ended November 2, 2024