We inform you that on this website we use our own and third-party cookies to collect information about its use, improve our services and, where appropriate, display advertising by analyzing your browsing habits. You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. You can also get more information about our cookie policy here.

The global fashion business journal

Mar 29, 202410:41am

Nordstrom has a new CEO following decrease in sales by 2.2% in 2019

The department store chain will go from having two presidents to a single CEO, Erik Nordstrom.

Mar 4, 2020 — 4:21pm
MDS
Save

Nordstrom has a new CEO following decrease in sales by 2.2% in 2019

 

 

Nordstrom finds a new pilot. The US department store chain will go from having two presidents to a single CEO. The announcement made coinciding with the presentation of the annual results of 2019, in which the group saw sales results decrease by 2.2% and its profit by 24.1%.

 

Erik Nordstrom, until now co-president of the company, will become sole CEO. Peter Nordstrom, who shared the presidency, has been named president of the chain and brand director. These new positions reflect the current responsibilities of the two managers.

 

“These titles help clarify our respective roles, as we strive to maximize our impact both as individual leaders,” Erik Nordstrom said in a statement. “Pete and I continue to be partners in ensuring Nordstrom’s success, and we are both focused on executing our long-term plan,” concluded the new CEO of department stores.

 

The reshuffling in its board simultaneously occurs at the time at which the financial results of 2019 are published. Last year, Nordstrom saw a 2.2% decline in its net sales (closed on February 1, 2020), to 15.3 billion of dollars. In this same period, the company’s net earnings also decreased by 24.1%, to 496 million dollars.

 

 

 

 

The company has highlighted that in 2019 it accelerated its strategy to five top markets; in New York, Los Angeles, Chicago, Dallas and San Francisco. In this context, Nordstromincreased profitability during the second half of the year,” said the company in their report. “Our 2019 results reflected the accelerated roll out of our market strategy, our strength of Nordstrom Rack’s execution,” the group said in a statement. Looking ahead to 2020, Nordstrom intends to rely on digitalization to boost sales and profit growth. Sales through the online platform amounted to 9% and accounted for 35% of the total revenue of the group in 2019. 

Advertising
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...