Buyout Firm Sycamore Vies to Take Nordstrom Private, Sources Say
Nordstrom shares rose 6 percent on the news, giving the company a market value of about $3.3 billion.
The meeting will include CEOS from Target, Gap and J.C. Penney, according to those familiar with attendees.
The sales forecast cut highlights the struggle chief executive officer Marvin Ellison’s faces in trying to rebuild J.C. Penney’s standing.
J.C. Penney Co. shares tumbled the most in six months after first-quarter sales growth trailed analysts’ estimates, raising doubts about the department store chain’s attempted turnaround.
J.C. Penney Co. shares jumped as much as 8.4 percent after Piper Jaffray Cos. predicted that sales will rebound this quarter, helped by warmer weather and an improved assortment of kids’ clothing.
Nordstrom shares rose 6 percent on the news, giving the company a market value of about $3.3 billion.
A double-digit decline was attributed to the brand’s distribution changes.
Spatch will debut on May 4 with a nine-piece collection of skin-perfecting products designed for professional and consumer use.
The Danish company, which makes more pieces of jewellery than any other in the world, said organic sales are projected to rise 8-10 percent this year.
Despite a brief uptick in sales, up 24 percent between 2021 and 2022, the brand’s growth has stalled.
The move comes as System owner Mike Obenson aims to turn what began as a bi-annual print title into a global media brand with a stronger digital offering.
Former Under Armour COO Colin Browne has been appointed to lead the industry organisation formerly known as the Sustainable Apparel Coalition.
The company also beat Wall Street targets for third-quarter results, hinting at a recovery in demand for beauty and cosmetic products in the US after a long bout of inflation.