Department stores face another squeeze. This time, with store credit card revenue [CNBC]
Nordstrom, Inc. (JWN)
Last nordstrom, inc. earnings: 3/3 04:05 pm
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Source: CNBC
Starting this spring, though, those cards will become less lucrative. Late fees for customers will be capped at $8 , down from an industry average of around $32, under a new rule from the Consumer Financial Protection Bureau. The change faces legal challenges, but is scheduled to take effect on May 14 The new rule will benefit customers with overdue balances, but will take a bite out of retailers' highly profitable business of making money from customers' credit card swipes and the interest or late fees that get tacked onto their unpaid balances. Specialty retailers with store cards, such as Gap, will feel the pinch, but it'll be the most significant at department stores since their revenue is already under pressure, according to Jane Hali, CEO and retail analyst at equity research firm Jane Hali & Associates. “We are talking about an area of weakness, so any cut in revenue is going to be more important to them than another area of retail,” she said. For fiscal year 2023, cre
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JWN
News
- Nordstrom, Inc. (NYSE: JWN) had its price target raised by analysts at JPMorgan Chase & Co. from $15.00 to $17.00. They now have an "underweight" rating on the stock.MarketBeat
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- Nordstrom to Report First Quarter 2024 Financial Results on May 30 [Yahoo! Finance]Yahoo! Finance
JWN
Earnings
- 3/5/24 - Beat
JWN
Sec Filings
- 4/25/24 - Form SC
- 4/18/24 - Form 8-K
- 4/18/24 - Form SC
- JWN's page on the SEC website