ugg uk sale Stock and sales down but shareholders love those Nordstrom brothers
“And I want you to realize that we’re in the older age group and she then did something very unusual. She went to a Talbots store and found the same manufacturer and the same size and tried that on and had a better fit. Now the lesson I think that we’re trying to let you know about is that you don’t want to forget about your older customer, because we’ve been customers for many years and sometimes our height seems to decrease our body shape changes a little bit and we would really like to go to Nordstrom and be well served, so I’m making a suggestion that you don’t forget about this age group.”
Shareholder meetings in the Seattle region usually draw large gatherings of local investors, many of whom began buying stock in the region’s major firms decades ago. Each shareholder meeting reflects upon the company that hosts it at Starbucks, for example, free coffee is provided. Nordstrom puts stylish outfits on display.
Shareholders Don and , of Kenmore, said that they try to attend as many shareholder meetings as they can. They’ve held Nordstrom stock for 15 to 20 years. They’ve been married for 61 years.
“We really think Nordstrom’s doing a great job,” Mary Moore said. “We like to invest in local companies.”
If Nordstrom shareholders were forgiving of the company on Tuesday, it’s probably because they know that the larger economic factors affecting Nordstrom’s sales are not the retailer’s fault.
“My first shareholder meeting that I attended was 30 years ago. I was at ,” Blake Nordstrom told the crowd.
“We don’t have door counters, but if you visit our stores, I think it’s fair to say it’s a little quieter than in the past,” Nordstrom said. “We’re not economists, we don’t know when this thing is going to turn around. It appears to us that this hand we were dealt with might be here for a while.”
Analysts have predicted that shopping behavioral changes will last beyond the recession.
Nordstrom lowered expenses in 2008 by about $130 million, and lowered inventory per square foot by 12 percent. The company reduced its store remodels from six per year to two.
Sales people, who work on commission, saw on average a 1.7 percent increase in earnings last year.
“It’s really important that our best people are making money and have the opportunity to shine,” Blake Nordstrom said.
And, there’s always customer service.
“This company was founded in 1901 just a couple of blocks from here. I submit those values, those qualities of being on your hands and knees as a shoe merchant taking care of your customer,
still apply today,” Blake Nordstrom said.
When it came time to talk about the company stock, Nordstrom said, to laughter, “There’s been some ups and downs.”
He pointed out that there has been a 77 percent increase from 2000 until now. The stock closed at $22.93 on Tuesday. In 2007, the stock had been trading above $50 per share.
Nordstrom’s business is heavily dependent upon the popularity of the luxury brands it sells. This year, Jimmy Choo and Ugg won Nordstrom “partners in excellence” awards.
(Last year, Tory Burch and Juicy Couture won.)
Jimmy Choo has been selling shoes, handbags and sunglasses at Nordstrom since 2001. From 2005 to 2008, its business grew more than 600 percent, Pete Nordstrom said.
“They are by far our top performing luxury designer vendor across all categories,” he said.
Jimmy Choo CEO told the audience, “We are so thrilled to win this award.”
Ugg, which makes comfortable boots, is also a major sales driver for Nordstrom. The company won the same award in 2006.
Ugg is Nordstrom’s No. 1 vendor. Nordstrom sold 1 million pairs of Uggs in November and December. In December, those sales translated to 22,000 pairs per day, or 1,800 pairs per hour, or 30 pairs per minute, Pete Nordstrom said.