8-K
filed March 2, 2023, 6:59 PM ET
CIK 0000072333
other material
confidence high
sentiment negative
materiality 0.80
NORDSTROM INC: restructuring charge — Nordstrom to wind down Canadian operations, expects $300-350M Q1 charges; Q4 EPS $0.74
NORDSTROM INC
- Canada wind-down: filed for CCAA protection; expects $300-350M pre-tax charges in Q1 2023, mostly non-cash.
- Q4 net earnings $119M, diluted EPS $0.74; net sales down 4.1% YoY to $4.2B.
- Full-year adjusted EBIT $502M (3.3% of sales), adjusted EPS $1.69; revenue up 5%.
- Quarterly dividend $0.19/share, payable March 29, record March 14; $438M remaining buyback capacity.
- Credit agreement amended to remove Canadian entities as loan parties; NCRI deconsolidated.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
NORDSTROM INC reported quarter ended January 28, 2023 results: net income $119 million, EPS $0.74 per diluted share.
- Period
- quarter ended January 28, 2023
- Net income
- $119 million
- EPS
- $0.74 per diluted share
- Result
- reported results
Exact text from the filing
Nordstrom, Inc. (NYSE: JWN) today reported fourth quarter net earnings of $119 million, or $0.74 per diluted share (“EPS”), and earnings before interest and taxes (“EBIT”) of $187 million, or 4.5 percent of sales, for the quarter ended January 28, 2023.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
NORDSTROM INC reported fiscal year ended January 28, 2023 results: net income $245 million, EPS $1.51 per diluted share.
- Period
- fiscal year ended January 28, 2023
- Net income
- $245 million
- EPS
- $1.51 per diluted share
- Result
- reported results
Exact text from the filing
For the fiscal year ended January 28, 2023, net earnings were $245 million and diluted EPS was $1.51, with EBIT of $465 million, or 3.1 percent of sales.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
NORDSTROM INC amended First Amendment with Wells Fargo Bank, National Association, as administrative agent (effective 2023-03-01).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association, as administrative agent
- Effective
- 2023-03-01
Exact text from the filing
On March 1, 2023, Nordstrom, Inc., the Guarantors party thereto, the Lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (the “Agent”) entered into a First Amendment (the “Amendment”) to the Revolving Credit Agreement originally dated as of May 6, 2022 (the “Credit Agreement”)
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
NORDSTROM INC announced a restructuring with charges of approximately $300 million to $350 million affecting Nordstrom Canada.
- Type
- restructuring
- Charge
- approximately $300 million to $350 million
- Affected area
- Nordstrom Canada
Exact text from the filing
Nordstrom expects to incur pre-tax charges of approximately $300 million to $350 million in the first quarter of 2023, the substantial majority of which are anticipated to be non-cash charges, including an estimate for the impairment of the Nordstrom Canada investment and an estimate of certain claims that may be asserted against Nordstrom or its subsidiaries as a result of the wind-down of Nordstrom Canada’s operations.
View on SEC.gov
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