Nordstrom shareholder's meeting reviews initiative for 2006
24 May '06
2 min read
Seattle-based Nordstrom Inc, a leading fashion specialty retailer, held its annual shareholder meeting in the Downtown Seattle store. The meeting recapped the company's 2005 performance and reviewed initiatives for 2006.
The retirements of Nordstrom third generation leaders Bruce Nordstrom and John Nordstrom were also highlighted as part of this year's event.
During the meeting, company president Blake Nordstrom announced the board of directors authorized a $1 billion share repurchase program. The prior $500 million authorization was completed during the first quarter of 2006.
The shares are expected to be acquired through open market transactions during the next 18 to 36 months. The actual number and timing of share repurchases will be subject to market conditions and applicable SEC rules.
"The company just completed another quarter with improved operating performance, and we remain in a position of financial strength and flexibility," said Blake Nordstrom, president of Nordstrom Inc. "This share repurchase program reflects the continued confidence the board has in our business and our ongoing commitment to return value to shareholders."
Along with Bruce and John's retirement, Alfred Osborne, director of the Harold Price Center for Entrepreneurial Studies and senior associate dean at the Anderson Graduate School of Management at UCLA, also retired after serving 19 years on the board.
In addition to the election of the board members, the shareholders approved two more proposals including an amendment to the employee stock purchase plan and confirmation of the company's independent registered public accounting firm Deloitte & Touche.
Nordstrom Inc is one of the nation's leading fashion specialty retailers, with 156 US stores located in 27 states. Founded in 1901 as a shoe store in Seattle, Nordstrom operates 99 Full-Line Stores, 49 Nordstrom Racks, five Faconnable boutiques, one freestanding shoe store and two clearance stores. Nordstrom also operates 34 Faconnable boutiques in Europe.
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