Nordstrom Announces Dividend Increase

Nordstrom, Inc. (NYSE: JWN) has announced that its board of directors approved a quarterly dividend of 19 cents per share, payable on June 19, 2024, to shareholders of record at the close of business on June 4, 2024.

In the most recent period, Nordstrom's revenue increased by 10% to $4.15 billion, up from $3.78 billion in the previous period. The company's net income also saw a significant rise, reaching $210 million, up from $141 million in the prior period. This represents a 49% increase in net income.

Nordstrom's gross margin for the current period stands at 35.2%, compared to 33.9% in the previous period, marking a 1.3 percentage point increase.

The company's operating expenses as a percentage of revenue decreased to 29.8% from 31.5% in the prior period, indicating a 1.7 percentage point improvement in operating efficiency.

Furthermore, Nordstrom's earnings per share (EPS) for the current period came in at $1.30, a notable increase from the previous period's $0.87 EPS, representing a 49% surge.

Nordstrom's board of directors also authorized a share repurchase program of up to $500 million, demonstrating confidence in the company's financial position and future prospects. The market has reacted to these announcements by moving the company's shares 0.1% to a price of $21.54. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.