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NORDSTROM CFO ANNE BRAMMAN TO LEAVE THE COMPANY
FINANCE CHIEF WILL DEPART THE COMPANY ON DEC. 2 AFTER MORE THAN FIVE YEARS IN
THE ROLE
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NORDSTROM CFO ANNE BRAMMAN, CENTER, AT THE NEW YORK STOCK EXCHANGE IN OCTOBER
2019.
Photo: brendan mcdermid/Reuters
By
Jennifer Williams-Alvarez and
Suzanne Kapner
Updated Oct. 18, 2022 7:24 pm ET
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Nordstrom Inc.’s finance chief is stepping down as the retailer confronts
industrywide pressures including soft consumer spending and high inventory
levels.
The Seattle-based retailer said Monday evening that Anne Bramman will leave the
company effective Dec. 2 after more than five years as CFO. Nordstrom’s senior
vice president and chief accounting officer, Michael Maher, will serve as
interim finance chief.
Mr. Maher joined the company as controller in 2009. He held various finance
roles before taking on the chief accounting officer post in 2020, where he is
responsible for accounting, financial planning and analysis, business
development, treasury and investor relations.
Nordstrom didn’t immediately respond to a request to make Ms. Bramman and Mr.
Maher available for an interview. The company has begun an internal and external
search to permanently fill the finance executive position, it said.
“Anne’s leadership has been vital in helping us in many areas, particularly
navigating the numerous challenges of the last few years,” said Erik Nordstrom,
chief executive officer of Nordstrom Inc.
During the quarter ended July 30, Nordstrom reported profit of $126 million, up
from $80 million a year ago. Sales rose 12% from the previous year as the
company benefited from continued spending from higher-end customers. Revenue
increased to $4.10 billion, from $3.66 billion a year ago.
Nordstrom in August lowered its annual outlook, saying at the time that it
expected adjusted earnings per share of between $2.30 to $2.60 for the year,
down from a range of $3.20 to $3.50. Nordstrom reaffirmed its financial outlook
with the CFO announcement Monday.
Nordstrom is looking for ways to reduce its inventory levels, Mr. Nordstrom said
during an earnings call in late August. Merchandise inventory levels increased
9.9% from a year ago, to around $2.4 billion, although they were lower than the
previous quarter. “Managing our inventory levels conservatively will allow us to
be more agile in responding to a rapidly changing business environment,” said
Pete Nordstrom, the company’s chief brand officer.
The company is also facing a pullback in spending among shoppers at its
Nordstrom Rack discount chain, which targets lower-end consumers than its
flagship stores, according to Erik Nordstrom.
Nordstrom in September said that it had adopted a poison pill meant to prevent
outsiders from amassing a large stake in the business. The shareholder rights
plans make it more difficult for outsiders to build their stakes up in a company
beyond a certain point by triggering the option for others to buy more shares at
a discount.
The move came after El Puerto de Liverpool SAB, which operates high-end
department stores in Mexico, acquired a 9.9% stake in Nordstrom. With the
roughly $300 million investment, the Mexican company became Nordstrom’s
second-largest shareholder after the founding Nordstrom family. A securities
filing indicates this was a passive investment by El Puerto de Liverpool SAB.
Ms. Bramman’s successor should take a hard look at the company’s direction, said
Dylan Carden, a research analyst at financial-services firm William Blair & Co.
Nordstrom in the past has tried various avenues for expansion, for example with
the purchases of flash-sale website HauteLook in 2011 and online clothing
subscription service Trunk Club in 2014. But not all of its efforts have worked
out, Mr. Carden said, pointing to the $197 million write-down in 2016 of Trunk
Club, which the company said this year it was winding down.
“If you can kind of take a step back and say, ‘Okay, well, maybe it’s not just
about throwing capital down different alleyways and more about, kind of circling
wagons around the underlying value of the brand,’” Mr. Carden said. “I think
some of that kind of understanding of the company, that level of maturity, would
be extremely valuable.”
Write to Jennifer Williams-Alvarez at jennifer.williams-alvarez@wsj.com and
Suzanne Kapner at Suzanne.Kapner@wsj.com
Corrections & Amplifications
“Managing our inventory levels conservatively will allow us to be more agile in
responding to a rapidly changing business environment,” said Pete Nordstrom, the
company’s chief brand officer. An earlier version of this article incorrectly
attributed the comment to CEO Erik Nordstrom. (Corrected on Oct. 18)
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