Profile: Nordstrom Inc (JWN.N)
Nordstrom, Inc., incorporated on September 28, 1946, is a fashion specialty retailer, with 225 the United States stores located in 30 states as of March 16, 2012. The Company operates in two segments: Retail and Credit. As of March 16, 2012, the Retail segment includes its 116 Nordstrom branded full-line stores and its online store at www.nordstrom.com, its 105 off-price Nordstrom Rack stores and its other retail channels, including its online private sale subsidiary HauteLook, its two Jeffrey boutiques, one philanthropic treasure&bond store and one clearance store that operates under the name Last Chance. The Company’s Credit segment includes its wholly owned federal savings bank, Nordstrom fsb, through which it provides a private label credit card, two Nordstrom VISA credit cards and a debit card.
On March 23, 2011, the Company acquired 100% interest in HauteLook, Inc., an online private sale retailer. During the fiscal year ended January 28, 2012 (fiscal 2011), it opened treasure&bond, a philanthropic store in New York. During fiscal 2011, it opened three Nordstrom full-line stores (Newark, Delaware; Nashville, Tennessee, and Saint Louis, Missouri), opened 18 Nordstrom Rack stores (Aventura, Florida; Austin, Texas; Arlington, Texas; Fremont, California; Charlotte, North Carolina; Lakewood, Colorado; Cherry Hill, New Jersey; Washington, D.C.; Annapolis, Maryland; Redondo Beach, California; West Covina, California; Burlington, Massachusetts; Indianapolis, Indiana; Tigard, Oregon; Lenexa, Kansas; Sugar Land, Texas; Tucson, Arizona, and National City, California), and relocated two Nordstrom Rack stores (Boulder, Colorado and Henderson, Nevada). As of January 28, 2012, it opened one Nordstrom Rack store (Orange, California) and relocated one Nordstrom Rack store (Seattle, Washington).
Through the Company’s multiple retail channels, it offers its customers a range of brand names and private label merchandise focused on apparel, shoes, cosmetics and accessories. Online purchases are primarily shipped to its customers from its Cedar Rapids fulfillment center, but may also be shipped from its Nordstrom full-line stores. Its customers also have the option to pick up online orders in its Nordstrom full-line stores if inventory is available at that location. The Nordstrom Rack stores purchase brand merchandise directly from vendors and also serve as outlets for clearance merchandise from its Nordstrom stores.
The Company also owns six merchandise distribution centers (Portland, Oregon; Dubuque, Iowa; Ontario, California; Newark, California; Upper Marlboro, Maryland, and Gainesville, Florida) and own one fulfillment center on leased land (Cedar Rapids, Iowa), which are utilized by its Retail segment. It also leases an office building in the Denver, Colorado metropolitan area for its Credit segment.
The Company’s credit and debit cards feature a shopping-based loyalty program. In Credit segment, it generates revenues through finance charges and other fees on these cards. The Company’s Nordstrom private label credit and debit cards can be used only in Nordstrom stores and on its Website, while its Nordstrom VISA cards also may be used for purchases outside of Nordstrom. Cardholders participate in the Fashion Rewards program, through which they accumulate points based on their level of spending (generally two points per dollar spent at Nordstrom and one point per dollar spent outside of Nordstrom). Upon reaching two thousand points, customers receive twenty dollars in Nordstrom Notes, which can be redeemed for goods or services in its stores or online.
1617 SIXTH AVENUE
SEATTLE WA 98101-4407