Home Report: Nordstrom Family May Take Eponymous Retail Operation Private
March 20, 2024

Report: Nordstrom Family May Take Eponymous Retail Operation Private

Posted In: Retail Articles

The Nordstrom family may be moving to take their namesake company private after beating Wall Street in the fourth quarter.

The Reuters news service reported that Nordstrom has contacted investment banks Morgan Stanley and Centerview Partners to query private equity firms about a deal.

The buyout bid, if the Nordstrom family pursues it, followed efforts by Arkhouse Management and Brigade Capital Management to take Macy’s private, with one reason they gave for doing so being its potentially better prospects outside the public company arena.

Early in March, Nordstrom posted financial results, including net earnings for the 14-week fourth quarter of $134 million, or 82 cents per diluted share, versus $119 million, or 74 cents per diluted share, in the period in the year before. Adjusted for one-time events, earnings per diluted share were 96 cents versus 74 cents in the year-previous quarter.

Nordstrom exceeded a MarketBeat-published analyst consensus estimate that called for earnings of 90 cents per adjusted diluted share and revenues of $4.38 billion.

The company operates 93 Nordstrom department stores, 258 off-price Nordstrom Rack operations, six Nordstrom Local service hubs, and two Last Chance clearance centers.

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