Nordstrom beats holiday-quarter sales estimates; CFO jumps ship to Starbucks
(Reuters) - Department-store operator Nordstrom beat Wall Street expectations for quarterly comparable sales on Tuesday and announced the departure of Chief Financial Officer Cathy Smith, who will join Starbucks as its new finance chief.
Smith, 61, has been CFO at Nordstrom since 2023 and the company said it had initiated a search for her replacement.
The Nordstrom family teamed up with Mexican retailer Liverpool late last year to clinch a $4-billion deal to take the department-store chain private.
The company reported fourth-quarter comparable sales growth of 4.7%, compared with an estimate of 1.25%, according to data compiled by LSEG.
"Customers responded positively to the strength of our offering across both banners in the fourth quarter," said Chief Executive Officer Erik Nordstrom.
The company, which reported a net earnings increase of 23% to $165 million in the quarter ended February 1, said that it would not provide an annual forecast due to the pending transaction.
It was originally scheduled to report fourth-quarter results after markets close on Tuesday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
2 hours ago
- Miami Herald
UPS suddenly closing more stores amid chaotic new change, layoffs
It may not exactly seem like your routine errands are the backbone of modern civilization. And for the most part, that is a bit of an exaggeration. Related: Popular local Dairy Queen rival suddenly closing, no bankruptcy It's not like your weekly trip to Publix or Walgreens is holding up society like some kind of house of cards, and if you miss a week, it will all come crumbling down. But every one of us does our part. And that means our weekly runs to the grocery store, drugstore, dry cleaners, restaurant, or gas station do have an impact on both the local and broader economy. Which is part of the reason consumer spending matters. It's also why many economists bellyache over prices; a small percentage point up or down can have outsized impact on how the average consumer approaches shopping. Take eggs, for instance. As prices steadily climbed and supply dwindled over the past several months, some customers hoarded eggs for fear of a shortage. In turn, many supermarkets sold out of eggs entirely or put a limit on how many cases per customer were permitted for purchase. And prices continued to climb. It's a small way to represent just how much consumer spending matters — even if a lot of those changes take place in the margins. Consumer spending habits have changed Of course, changes in customer behavior goes both ways. In some cases, increased popularity and spending spike prices, squeezing supply. But in many cases, especially recently, a decrease in interest or shifts in routine have turned prices (and profits) ever-downward. More closings: Popular local Dairy Queen rival suddenly closing, no bankruptcyAnother big Mexican chain closing down restaurant, no bankruptcyPopular fast-food burger chain closes all restaurants in key area This is what has happened on many Main Streets across the U.S. As more of us shop online for our everyday needs, small mom-and-pop shops that cater to niche specialties — like carpets, auto parts, upholstery, crafts, or party supplies — suffer. Profits get smaller, and many stores have had to make the difficult decision to either scale down operations significantly to make ends meet — or shut down entirely. UPS makes a hard decision And sometimes, it's not just mom-and-pop shops that suffer. UPS (UPS) , a juggernaut in the U.S. shipping and fulfillment space, has weathered many changes over the past several years. The company used to work hand-in-glove with Amazon to get packages to their final destinations, but it has agreed to reduce its partnership and cut shipments by about 50% by mid-2026. Related: Subway owner makes major billion-dollar fast food acquisition It's also in the midst of modernizing its operations; it plans to close about 200 facilities around the U.S. by 2028, and intends to cut up to 20,000 jobs by the end of 2025. And now, UPS is closing three stores owned by one franchise in Pennsylvania. The UPS stores are located in: 62 Dallas Shopping Center, Dallas, Penn.1330 Main St., Dickson City, Penn.1114 Texas Palmyra Highway, Honesdale, Penn. A spokesperson said the closures are not related to the broader restructuring efforts. Rather, franchisee Dave McQueen said he was unable to sell his UPS stores and would be shuttering them in the next several weeks. A UPS store spokesperson added that the closures are 'due to the expiration of the franchise agreements, and the franchisee has elected not to renew.' The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
8 hours ago
- Yahoo
Trump says Musk to face 'very serious consequences' if he funds Democrats
By Nandita Bose BEDMINSTER, N.J. (Reuters) -Donald Trump said on Saturday there would be "serious consequences" if Elon Musk funds U.S. Democrats running against Republicans who vote for the president's sweeping tax-cut and spending bill and said his relationship with his billionaire donor is over. In a telephone interview with NBC News, Trump declined to say what those consequences would be, and went on to add that he had not had discussions about whether to investigate Musk. Asked if he thought his relationship with the Tesla and SpaceX CEO was over, Trump said, "I would assume so, yeah." "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. Musk and Trump began exchanging insults this week, as Musk denounced Trump's bill as a "disgusting abomination." Musk's opposition to the measure is complicating efforts to pass the bill in Congress, where Republicans hold a slim majority in the House of Representatives and Senate. The bill narrowly passed the House last month and is now before the Senate, where Trump's fellow Republicans are considering making changes. Nonpartisan analysts estimate the measure would add $2.4 trillion to the U.S. debt over 10 years. Trump said on Saturday he is confident the bill would get passed by the U.S. July 4 Independence Day holiday. "In fact, yeah, people that were, were going to vote for it are now enthusiastically going to vote for it, and we expect it to pass," Trump told NBC. Musk had deleted some social media posts critical of Trump, including one that signaled support for impeaching the president, appearing to seek a de-escalation of their public feud, which exploded on Thursday. Trump late on Friday suggested a review of federal government contracts held by Musk. People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump.
Yahoo
10 hours ago
- Yahoo
Property assessments are out. Here's how much home values went up in your area
Property values have increased again in Ada County, but not as fast as in previous years. In 2024, the median home value in Ada County increased by 5.3%, according to the Ada County Assessor's Office. That's just a smidgen more than the 5.03% increase in 2023, according to Chief Deputy Assessor Brad Smith. 'It's encouraging to see a more stable market after the erratic valuation swings of the past,' Smith said in an email. The latest annual property assessments have been mailed to homeowners. The assessed value is what the office believes each property could have sold for in the real estate market. The new median assessed value in Ada County is $480,000, up from about $455,000 last year. Home values have certainly been erratic. Residential assessments skyrocketed in the early 2020s, when for multiple years the median assessed value for Ada County homes jumped by close to 30%. Then in 2023, most residents saw their assessments decrease. Homeowners have until the fourth Monday in June to appeal their homes' assessed value. So far, after a historically low year in 2024, appeals and phone calls are up, according to the office. Some homeowners may not see much change in their new assessments. Star has the lowest median assessed value jump in Ada County, an increase of 1.6%. Values jumped by over 7% in the 2024 assessments. On the other hand, North Boise took the top spot this year with a 7% median increase. Northeast Boise followed close behind at 6.6%. That brings North Boise up to a median $668,000 and Northeast Boise to a whopping $729,000. Times have changed in the last decade. In 2015, Northeast Boise homes were valued at less than half of that, right around $300,000. Northeast Boise is not the highest-priced neighborhood in the county though. That distinction belongs to Eagle, at $803, two lowest-valued neighborhoods are Garden City and West Boise, which both come in at under $398,000. Commercial property values increased 1.3% this year, down from last year's growth of around 2.7%. Property values and property taxes are not the same thing, the Assessor's Office stresses. Just because home values go up, residents don't automatically pay more in taxes. Tax increases also depend on how much money is needed to pay for local-government budgets. Local governments are working now to develop their budgets for the fiscal year that begins Oct. 1. Only then are levy rates set and actual taxes on your home determined. Idahoans will receive property tax bills in November Payments are due in December. Assessments are public record, and homeowners can look them up at Ada property assessments are out. See how homes in your neighborhood are affected See where Canyon County homeowners' property values rose fastest in the new assessments
