Keeping pace with its domestic store growth endeavors, Nordstrom Inc. JWN announced plans to introduce a Nordstrom Rack in Bridgewater, New Jersey. Notably, this will mark Nordstrom’s eight Rack store in New Jersey, where it currently operates five full-line outlets.
Spread over 36,000 square feet, the new Rack store is slated to open doors at Chimney Rock Crossing in 2018. The new Rack store will be housed just off route 22, and will join Whole Foods Market, Inc. WFM, Saks Off Fifth and Container Store, among others.
Being the off-price retail segment of the company, Nordstrom Rack offers fashion-savvy customers a wide range of on-trend apparel, footwear and other accessories at discounted prices. These Racks usually keep items from the main Nordstrom stores and its online store, Nordstrom.com. Moreover, these stores stack products from other major brands sold by the company.
Nordstrom currently operates 349 outlets across 40 states. Its portfolio includes 123 full-line stores across the U.S., Puerto Rico and Canada, two Jeffrey boutiques, 215 Nordstrom Racks and two clearance stores.
Notably, the company, with its solid brand image, amendments to the operating model for cost savings, and continuous store expansion, is well poised to deliver on its long-term goals.
Nordstrom also has an impressive stock price record, which is evident from its outperformance of the Zacks Categorized Retail – Apparel/Shoe industry. As a matter of fact, this Zacks Rank #2 (Buy) stock has soared 41.9% year-to-date, compared with the industry’s growth of 13.3% over the same time frame.
Other Stocks to Consider
Investors can also count on other well ranked stocks like The Children's Place, Inc. PLCE, with a Zacks Rank #1 (Strong Buy) and Chico's FAS Inc. CHS with a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Children's Place, in the trailing four quarters has an average positive earnings surprise of 36.3%. The stock, with a long-term growth rate of 10.3%, has seen positive estimate revisions in the last 30 days.
Chico's FAS, with a long-term earnings per share growth rate of 12.4%, has topped earnings consecutively in the last two quarters. Moreover, the company’s positive estimate revisions for the current fiscal over the past 30 days bode well.
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