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SEATTLE , Nov. 26, 2024 /PRNewswire/ -- Nordstrom, Inc. (NYSE: JWN) today reported third quarter net earnings of $46 million , or earnings per diluted share ("EPS") of $0.27 , and earnings before interest and taxes ("EBIT") of $83 million . Excluding a charge related to accelerated technology depreciation, the Company reported adjusted EBIT of $97 million and adjusted EPS of $0.33 .[1] For the third quarter ended November 2, 2024, net sales increased 4.6 percent versus the same period in fiscal 2023, and total Company comparable sales increased 4.0 percent. Gross merchandise value ("GMV") increased 5.3 percent. Anniversary Sale timing, with one week shifting from the third quarter to the second quarter, had a negative impact of approximately 100 basis points on net sales compared with 2023. During the quarter, Nordstrom banner net sales increased 1.3 percent and comparable sales increased 4.0 percent. Net sales for Nordstrom Rack increased 10.6 percent and comparable sales increased 3.9 percent. "The continued sales growth across the company and strong gross margin in the third quarter indicate our team's focus and efforts are working," said Erik Nordstrom , chief executive officer of Nordstrom, Inc. "Our customers have a lot of choices, and our results give us encouragement that we're on the right path. Looking ahead, we'll continue to improve our shopping experience as we strive to maintain the positive momentum we've worked towards all year." In the third quarter, women's apparel and active had double-digit growth, and shoes, men's apparel and kids were up mid to high single-digits, versus 2023. Growth in women's apparel, shoes and men's apparel accelerated sequentially from the second quarter. "Our third quarter results demonstrate that our strategic focus on curating a compelling brand assortment is resonating with customers," said Pete Nordstrom , president of Nordstrom, Inc. "Our actions throughout this year have led to this moment, and we feel well-positioned for a successful holiday season and look forward to helping our customers celebrate the moments that matter. I'm grateful to our dedicated team for consistently delivering the high level of service our customers have come to expect from Nordstrom." As previously announced, the board of directors declared a quarterly cash dividend of $0.19 per share, payable on December 18, 2024, to shareholders of record at the close of business on December 3, 2024. THIRD QUARTER 2024 SUMMARY Total Company net sales increased 4.6 percent and comparable sales increased 4.0 percent compared with the same period in fiscal 2023. GMV increased 5.3 percent. The timing shift of the Anniversary Sale, with one day falling in the third quarter of 2024 versus eight days in 2023, had a negative impact on net sales of approximately 100 basis points compared with the third quarter of 2023. Nordstrom banner net sales increased 1.3 percent and comparable sales increased 4.0 percent compared with the same period in fiscal 2023. GMV increased 2.4 percent. The timing shift of the Anniversary Sale had a negative impact on Nordstrom banner net sales of approximately 200 basis points compared with the third quarter of 2023. Nordstrom Rack banner net sales increased 10.6 percent and comparable sales increased 3.9 percent compared with the same period in fiscal 2023. Digital sales increased 6.4 percent compared with the same period in fiscal 2023. The timing shift of the Anniversary Sale had a negative impact on Company digital sales of approximately 100 basis points compared with the third quarter of 2023. Digital sales represented 34 percent of total sales during the quarter. Gross profit, as a percentage of net sales, of 35.6 percent increased 60 basis points compared with 35.0 percent in the same period in fiscal 2023, primarily due to strong regular price sales. Ending inventory increased 5.9 percent compared with the same period in fiscal 2023, versus a 4.6 percent increase in sales. Selling, general and administrative ("SG&A") expenses, as a percentage of net sales, of 36.6 percent increased 25 basis points compared with 36.3 percent in the same period in fiscal 2023, primarily due to higher labor costs and a charge related to accelerated technology depreciation, partially offset by leverage on higher sales and improvements in variable costs across the business. Excluding the $14 million charge related to accelerated technology depreciation, adjusted SG&A expenses, as a percentage of net sales, were 36.2 percent. EBIT was $83 million in the third quarter of 2024, compared with $102 million during the same period in fiscal 2023. Adjusted EBIT of $97 million in the third quarter of 2024 excluded the accelerated technology depreciation. Adjusted EBIT of $77 million in the third quarter of 2023 excluded a favorable $25 million true-up related to the wind-down of Canadian operations.[2] Interest expense, net, of $26 million increased 8.8 percent compared with $24 million during the same period in fiscal 2023 primarily due to lower interest income. Income tax expense was $11 million , or 18.9 percent of pretax earnings, compared with income tax expense of $11 million , or 14.2 percent of pretax earnings, in the same period in fiscal 2023. The increase in the rate in the third quarter of fiscal 2024 was driven primarily by tax benefits in the third quarter of fiscal 2023 associated with the wind-down of Canadian operations. The Company ended the third quarter with $1.2 billion in available liquidity, including $397 million in cash. STORES UPDATE To date in fiscal 2024, the Company has opened 23 stores: The Company has also announced plans to open the following stores: The Company had the following store counts as of quarter-end: During the third quarter, the Company closed one Nordstrom Rack store. FISCAL YEAR 2024 OUTLOOK The Company updated its financial outlook for fiscal 2024, which reflects the estimated accelerated technology depreciation impacts expected in the fourth quarter of fiscal 2024: Revenue range, including retail sales and credit card revenues, of flat to 1.0 percent growth versus the 53-week fiscal 2023, which includes an approximately 135 basis point unfavorable impact from the 53rd week Comparable sales growth of 1.0 to 2.0 percent versus 52 weeks in fiscal 2023 EBIT margin of 3.0 to 3.4 percent of sales Adjusted EBIT margin of 3.6 to 4.0 percent of sales[3] Income tax rate of approximately 27 percent EPS of $1.40 to $1.70 , excluding the impact of share repurchase activity, if any Adjusted EPS of $1.75 to $2.05 , excluding the impact of share repurchase activity, if any[4] CONFERENCE CALL INFORMATION The Company's senior management will host a conference call to provide a business update and to discuss third quarter 2024 financial results and fiscal 2024 outlook at 4:45 p.m. EST today. To listen to the live call online and view the speakers' prepared remarks and the conference call slides, visit the Investor Relations section of the Company's corporate website at investor. nordstrom .com . An archived webcast with the speakers' prepared remarks and the conference call slides will be available in the Quarterly Results section for one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13750079, until the close of business on December 3, 2024. ABOUT NORDSTROM At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we're building on as we provide convenience and true connection for our customers. Our interconnected model enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it. Certain statements in this press release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words "will," "may," "designed to," "outlook," "believes," "should," "targets," "anticipates," "assumptions," "plans," "expects" or "expectations," "intends," "estimates," "forecasts," "guidance" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024, our Form 10-Q for the fiscal quarter ended May 4, 2024 , our Form 10-Q for the fiscal quarter ended August 3, 2024 and our Form 10-Q for the fiscal quarter ended November 2, 2024 , to be filed with the SEC on or about December 5, 2024 . In addition, forward-looking statements contained in this release may be impacted by the actual outcome of events or occurrences related to the Company's announcement of the exploration of possible avenues to enhance shareholder value, including consideration by a special committee of the board of directors of a proposal brought forward by members of the Nordstrom family to take the Company private. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances. In addition, the actual timing, price, manner and amounts of future share repurchases, if any, will be subject to the discretion of our board of directors, contractual commitments, market and economic conditions and applicable Securities and Exchange Commission rules. This earnings release includes references to websites, website addresses and additional materials, including reports and blogs, found on those websites. The content of any websites and materials named, hyperlinked or otherwise referenced in this earnings release are not incorporated by reference into this earnings release or in any other report or document we file with the SEC, and any references to such websites and materials are intended to be inactive textual references only. The information on those websites is not part of this earnings release.DTE Energy Co. stock rises Tuesday, still underperforms market
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Australian actor Ian Smith, , has filmed his last episode of the soap opera after revealing he was diagnosed with terminal cancer. or signup to continue reading cast and crew gave the 87-year-old actor a tearful farewell on his final day with the show's executive producer Jason Herbison saying Mr Smith is an "icon, a legend and ". Mr Smith, who is best known for playing Harold Bishop on the soap opera since 1987, has been diagnosed with a "very aggressive, non-fixable" lung cancer. "It isn't just my last day of , it's my last day at work," the actor said to 10 News First. "They expect me to die," he said. He has undergone rounds of immunotherapy and chemotherapy treatment for the pulmonary pleomorphic carcinoma. "I've really put my hand up just to be a guinea pig, I think, plus the fact that I don't want to die," he said. The actor said the death of his wife Gail Smith prepared him to face cancer. "I've seen so many deaths, at the age of 85 you've seen so many, I've seen some good ones and I've seen bad ones. I'm hoping I'll go the nice way." A Channel 10 spokesperson said Mr Smith had brought "joy, laughter and inspiration" to audiences around the world with his character Harold Bishop. "A cherished member of the family, Ian has been the heart and soul of the show since he first arrived on Ramsay Street in 1987," the spokesperson said. "Along with the cast and crew and all his fans from around the world, we will support Ian in any way we can during this difficult time." The final episodes featuring Harold Bishop are due to air in April 2025. Anna Houlahan reports on crime and social issues affecting regional and remote Australia in her role as national crime reporter at Australian Community Media (ACM). She was ACM’s Trainee of the Year in 2023 and, aside from reporting on crime, has travelled the country as a journalist for Explore Travel Magazine. Reach out with news or updates to anna.houlahan@austcommunitymedia.com.au Anna Houlahan reports on crime and social issues affecting regional and remote Australia in her role as national crime reporter at Australian Community Media (ACM). She was ACM’s Trainee of the Year in 2023 and, aside from reporting on crime, has travelled the country as a journalist for Explore Travel Magazine. Reach out with news or updates to anna.houlahan@austcommunitymedia.com.au DAILY Today's top stories curated by our news team. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Going out or staying in? Find out what's on. WEEKDAYS Sharp. Close to the ground. Digging deep. Your weekday morning newsletter on national affairs, politics and more. TWICE WEEKLY Your essential national news digest: all the big issues on Wednesday and great reading every Saturday. WEEKLY Get news, reviews and expert insights every Thursday from CarExpert, ACM's exclusive motoring partner. TWICE WEEKLY Get real, Australia! Let the ACM network's editors and journalists bring you news and views from all over. AS IT HAPPENS Be the first to know when news breaks. DAILY Your digital replica of Today's Paper. Ready to read from 5am! DAILY Test your skills with interactive crosswords, sudoku & trivia. Fresh daily! Advertisement AdvertisementARLINGTON, Va. , Nov. 26, 2024 /PRNewswire/ -- Yesterday, the family of Ethel Kennedy gathered at Arlington National Cemetery to honor and celebrate the extraordinary life of their matriarch. Surrounded by loved ones, Mrs. Kennedy was laid to rest alongside her husband, Senator Robert F. Kennedy , in a solemn ceremony that reflected her profound legacy of faith, compassion, and dedication to public service. Mrs. Kennedy, who passed away at the age of 96, was a beloved figure who left an indelible mark on her family and the world. As the mother of 11 children, grandmother to dozens, and a fierce advocate for social justice, she inspired generations with her tireless work for human rights and her unwavering belief in the power of community. She founded Robert F. Kennedy Human Rights in 1968. A moving video released by the Kennedy family today captures intimate moments from the gathering, showing family members united in remembrance and gratitude. In the video, members of the family share reflections on Mrs. Kennedy's lifelong commitment to carrying forward the ideals of equality and compassion. "We are deeply grateful for the outpouring of love and support during this time," the Kennedy family said in a statement yesterday. "Today, we come together to honor her extraordinary life and the enduring legacy she leaves behind. Her example will continue to guide and inspire us." As Mrs. Kennedy is laid to rest, the Kennedy family invites those who knew and admired her to reflect on her remarkable life and to honor her memory through acts of kindness and service. About Ethel Kennedy Ethel Skakel Kennedy (1928–2024) was a trailblazing advocate for social justice and the wife of Senator Robert F. Kennedy . Known for her enduring commitment to human rights and her devotion to family, she played a pivotal role in advancing causes related to civil rights, poverty, and education. View original content to download multimedia: https://www.prnewswire.com/news-releases/the-kennedy-family-honors-ethel-kennedy-at-arlington-national-cemetery-302316987.html SOURCE Robert F. Kennedy Human RightsThe prominent Illawarra men urging others to stand up against domestic violence
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