Seattle-based fashion retailer Nordstrom (NYSE: JWN) announced on Tuesday the expansion of its Texas presence with a new 25,000 square-foot Nordstrom Rack store at Bandera Pointe in San Antonio. The location, managed by SITE Centers (NYSE:SITC), is a part of Nordstrom's broader Texas expansion plans that include Denton and Allen, aiming to offer unique products with up to 70 percent off across 22 Rack and 8 regular stores by fall 2024.
The new store is an integral part of the company's 'Closer to You' strategy, which leverages a digital-first platform to provide a cohesive shopping experience for customers. Nordstrom Rack, the off-price retail division of Nordstrom Inc . (NYSE:JWN), will offer up to 70% off on-trend apparel at the new location.
InvestingPro data indicates that Nordstrom currently has a market cap of 2350M USD and a P/E ratio of 73.32. The company's revenue for the second quarter of 2024 stands at 14.82B USD, which represents a -6.14% growth. Despite this, Nordstrom has been profitable over the last twelve months, according to InvestingPro Tips, and strong earnings are expected to allow management to continue dividend payments. The company's dividend yield as of 2023 stands at 5.03%.
In addition to its retail growth, Nordstrom continues to emphasize its commitment to the community. Since 2019, the company has donated over $1.7 million in partnership with Big Brothers Big Sisters of the United States. The recent announcement also highlighted an additional $1.7 million donation to the organization.
The expansion in Texas is expected to bring Nordstrom's total number of stores in the state to 30 by fall 2024. Carl Jenkins, a representative from Nordstrom, announced these plans as part of their ongoing efforts to increase their retail footprint and contribute meaningfully to the communities they serve.
However, it's worth noting that the company's stock price movements have been quite volatile, as per InvestingPro Tips. Over the last three months, the price has fallen significantly by -25.85%. Yet, the company's fair value, as estimated by InvestingPro, is 20.57 USD, which is higher than the current closing price of 15.11 USD. This suggests potential for growth in the near future.
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