Nordstrom Closing Canada Stores

Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.

Today we're in the thick of earnings season. Nordstrom, Macy's and Ferragamo all reported today. Plus, Lucchese gives an update on its business as it opens its 20th store.

Let's get into it.

Nordstrom Closing Canada Stores, Reports Q4 Earnings Decline

Nordstrom Inc., impacted by steeper markdowns and macro-economic headwinds, reported fourth declines on the both the top and bottom lines and announced that it was pulling out of Canada.

Fourth quarter net earnings declined to $119 million, or $0.74 a diluted share, from $200 million in the year-ago quarter. Net sales in the quarter dipped 4.1% to $4.2 billion from $4.38 billion in the year-ago period.

“We took decisive actions to right-size our inventory as we entered the new year, positioning us for greater agility amidst continuing macroeconomic uncertainty. We also made the difficult decision decision to wind down operations in our Canadian business. This will enable us to simplify our operations and further increase our focus on driving long-term profitable growth in our core U.S. business,” CEO Erik Nordstrom said in a statement.

Macy’s Fourth Quarter Results Down, Outlook is Mixed

Navigating through a “volatile” 2022, Macy’s Inc. reported fourth-quarter top and bottom-line declines compared to last year, but the figures beat Wall Street estimates, sparking a pre-market lift in the share price.

In addition, Macy’s most recent top and bottom line figures exceeded the 2019 pre-pandemic period. Macy’s shares were up 5%, or $1.02, to $21.45 around 8 a.m. Thursday in pre-market trading.

“We successfully navigated 2022 from a position of financial and operational strength. Despite an increasingly volatile macroeconomic climate, through the ongoing execution of our Polaris strategy, we remained agile, pivoted to meet customer demand and elevated our approach to inventory management,” said Jeff Gennette, chairman and CEO of Macy’s Inc.

Lucchese Opens Houston Area Store as Company Continues Retail Expansion Plans

Just months after opening a store in Midland, Texas,  Lucchese Bootmaker  is full speed ahead on its retail expansion plans with the opening of its 20th store this week.

Located inside the Baybrook Mall in the Houston suburb of Friendswood, Texas, the new 4,000-square-foot store features an extensive selection of men’s and women’s cowboy boots, casual footwear, accessories, leather goods and apparel. This location also feature’s Lucchese’s first-ever custom hat bar.

According to the 140-year-old company, this store opening comes as it has doubled down on its direct-to-consumer business after the pandemic. Since the COVID-related shutdowns of 2020, Lucchese has made significant investments in improving its digital footprint by upgrading its e-commerce and expanding its marketing and activation initiatives.

Need more shoe news?

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