Month: March 2023

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Splatter-proof room, pots of human soup: The grisly murder of Hong Kong model Abby Choi

Splatter-proof room, pots of human soup: The grisly murder of Hong Kong model Abby Choi

By India Nowadays World Desk: Four men and women charged in connection with the killing of 28-year-outdated Hong Kong product Abby Choi appeared in court on Monday morning, soon after police observed components of her human body at a village house.

Hong Kong police mentioned on Sunday they had charged 3 adult males, aged 28-65, with murder, and a 63-yr-old lady with one particular depend of obstructing the situation.

All those charged with Choi’s killing integrated her ex-spouse, Alex Kwong, Kwong’s brother Anthony and their father Kwong Kau, police reported. All were denied bail, the courtroom ruled and adjourned the listening to of the case to May perhaps 8.

The grisly particulars of the case have sent shockwaves across a metropolis, typically regarded as a single of the most secure in the world, becoming widely mentioned on social media in mainland China and Taiwan as properly as in the information media throughout the planet.

Choi’s husband or wife, Tam Chuk Kwan, also recognised as Chris Tam, described her as a “type-hearted and excellent person who usually desired to support many others”.

“She supported me and liked me pretty much,” claimed Mr Tam by way of a loved ones close friend.

“She also introduced up four sweet and obedient little ones. It has been a blessing to be Abby’s loved ones or mate,” he was quoted by the Independent as expressing.

In pictures and videos posted to her Instagram account this February, Abby Choi poses on a balcony from the Paris skyline, dines with previous buddies at a deluxe Art Deco restaurant, and is chauffeured to a fashion occasion in which crowds of photographers wait around outdoors the location.

“From Hong Kong to the deal with of L’Officiel Monaco, my journey as a design and style icon proceeds. Grateful for this recognition and the ongoing aid together the way,” Choi wrote on 14 February, exhibiting herself on the include of a French style magazine.

Picture posted by Abby Choi on her Instagram

Choi’s mate Bernard Cheng instructed the Linked Push, “I haven’t imagined that a man or woman who’s so great, so entire of really like, so innocent, a particular person who does not do everything negative, will be killed like this. My coronary heart is nonetheless weighty. I are not able to snooze nicely.”

ABBY CHOI AND HER Relationship WITH Previous Husband

Choi and Alex Kwong ended up married in 2012, when she was only 18 a long time aged and he was roughly the similar age. They had two sons together, the elder of whom is now 10.

The pair divorced some time prior to 2016, and Choi went on to commence a partnership with Tam Chuk Kwan, whose father had established a properly-recognised everyday restaurant chain.

Even immediately after divorce, Choi preserved near ties to the Kwongs. Police say that she purchased a four-bed room, 1,820-sq.-foot luxury apartment for the family members and the two young children in Hong Kong’s distinctive Kandoorie Hill neighbourhood, as perfectly as serving to her previous brother-in-legislation invest in yet another house.

In accordance to Singapore newspaper The Straits Times, she at a single place ran a pancake stall with Anthony Kwong, who also served as her personalized driver.

Media studies said the model would from time to time go on holiday break journeys with Kwong and his household.

A DISPUTE Above Property

In accordance to the investigating officers, the relationship amongst Choi and Kwong began to sour previous yr, when Choi created plans to provide the Kandoorie Hill apartment. While paid for by Choi, it had been registered in the name of Alex Kwong’s father, Kwong Kau, allegedly in purchase to stay away from nearly $8m Hong Kong dollars (US$1m) in stamp duty.

Home finance loan documents claimed by the Hong Kong news web page HK01 clearly show that Kau acquired the flat in July 2019 for virtually HK$73m, and had compensated off the entire home loan by October that 12 months.

Even even though Choi promised to obtain the Kwongs a new property, her approach was satisfied with fierce resistance from Kau, a regulation enforcement supply advised the Early morning Put up.

In accordance to another regional newspaper, Oriental Day by day Information, the feud led Choi to consult with a law firm, who told her that as long as she could demonstrate that she paid out for the property, she could continue to obtain dollars from its sale.

It is not clear no matter whether or not the apartment was at any time offered.

Regardless, law enforcement allege that this was the spark for Kwong Kau to start out masterminding a plot from his former daughter-in-legislation.

ABBY CHOI’s Previous Spouse, Spouse and children PLOTTED HER MURDER

According to investigators in Hong Kong, the model’s former husband and two customers of his household were being plotting to murder her when she returned to Hong Kong. Officers assert the trio had rented an condominium in the village of Lung Mei Tsuen and turned it into a splatter-evidence physique disposal workshop the place areas of Choi’s corpse were being later discovered concealed in pots of soup.

Officials additional mentioned the equipment applied to dismember human bodies have been located in the flat, together with meat grinders, chainsaws, extended raincoats, gloves, and masks.

The suspects included the walls of the flat with a sail and place on encounter shields and raincoats so that they would not get bloodstained by dismembering the overall body.

Alex Kwong’s mom, 63-yr-previous Jenny Li Sui-heun, was also billed with perverting the course of justice for allegedly destroying proof.

WHAT Law enforcement Uncovered AT THE FLAT

When the law enforcement were educated of the murder, they frequented the villaged and identified a macabre butcher’s shop geared up with a meat grinder, an electrical observed, two sorts of chopper, a hammer, deal with shields, and black raincoats. They also located a handbag which belonged to Choi.

Cordons lines noticed outside the house a village property in which portion of Abby Choi’s body was observed in Hong Kong (Image: Reuters)

In the refrigerator, there had been two dismembered human legs, as effectively as two pots comprehensive of soup, containing carrots, environmentally friendly radishes, and minced meat that investigators suspected to be human remains.

When the soup was totally analysed later on at a law enforcement facility, a cranium and various ribs have been also located in it. The again of the cranium experienced a large hole in it, and investigators now imagine that this was the blow that killed Choi when she within the 7-seater auto.

Kau, Anthony, and Choi’s previous mom-in-regulation Jenny Li ended up swiftly arrested, but Alex Kwong was nowhere to be discovered, and a manhunt ensued.

HOW Police ARRESTED CHOI’s Previous IN-Laws

Kwong Kau is a former Hong Kong police sergeant who retired from the pressure in 2005, getting gained a medal for long assistance in 2001.

The Chinese-language newspaper Sin Chew Daily alleges that he was compelled to resign immediately after becoming accused of sexually assaulting a girl.

On Saturday 25 February, officers discovered that Choi’s previous father-in-legislation Kwong was allegedly scheduling to escape the metropolis by speedboat. He was intercepted at the Tung Chung Enhancement Pier on Hong Kong’s western island of Lantau, in close proximity to the worldwide airport.

Police excavate a landfill in the course of a search for the missing components Abby Choi’s body in Hong Kong (Picture: Reuters)

According to the Early morning Put up, Mr Kwong was arrested with HK$500,000 in dollars and several luxury watches value a complete of approximately HK$4m.

Law enforcement have given that arrested a 41-12 months-old yacht rental staff named Lam on suspicion of aiding Kwong’s flight, for an alleged cost of HK$100,000

That identical afternoon, about 100 law enforcement officers descended on a clifftop graveyard east of the metropolis centre known as Junk Bay Cemetery, which Kau and Anthony are suspected to have frequented on 22 February.

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Mar 4, 2023

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Exercise 1.5 times more effective than drugs for depression, anxiety

Exercise 1.5 times more effective than drugs for depression, anxiety

A man going on a morning run against a backdrop of high stairsShare on Pinterest
Working out may well give extra advantage as a first-line remedy for psychological health circumstances. Kay Nietfeld/photograph alliance through Getty Photographs
  • A huge new analysis of meta-scientific studies finds that workout is much more beneficial for situations this sort of as anxiousness and melancholy than typical psychotherapy or medicines.
  • The new review located that fundamentally all kinds of physical exercise generated significant mental overall health benefits.
  • Shorter, higher depth training packages generated the greatest effect.
  • Training provided the biggest psychological health and fitness reward to people today with depression, or who experienced been diagnosed with HIV and kidney illness, pregnant and postpartum women, and or else balanced grown ups.

An expansive assessment of current investigation concludes that physical exercise really should be seen as a to start with-decision therapy for folks residing with psychological health difficulties. The investigation distills the conclusions of virtually 100 meta-assessments of randomized managed trials.

Bodily activity is 1.5 times additional efficient at lessening mild-to-moderate signs and symptoms of melancholy, psychological tension, and nervousness than medication or cognitive conduct therapy, in accordance to the study’s direct writer, Dr. Ben Singh.

Whilst the benefit of bodily activity for individuals with despair and anxiousness is broadly recognized, it is not viewed as for running these situations as frequently as the study asserts it need to be.

All varieties of physical exercise can benefit mental health and fitness, the analyze found, although bigger-depth activities develop the strongest added benefits.

The research discovered that briefer physical exercise packages offer far more advantages than extended regimens. The benefits of actual physical exercise interventions diminished with longer-duration plans.

This usually means that individuals with psychological health and fitness challenges will need not commit to intense, prolonged-expression exercising to attain the maximum therapeutic reward.

The examine is posted in BJM Sports Medication.

The World Health Firm (WHO) reports that virtually a billion individuals globally are dwelling with a mental condition, most normally stress and anxiety issues and despair.

Approximately 301 million persons have an stress ailment, and this figure includes 58 million children and adolescents. There have been 280 million people living with despair.

Even though the most current mental overall health information from the WHO will come from 2019 right before the COVID-19 pandemic, the WHO’s original estimate for 2020 indicates an enhance in mental wellbeing issues of 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}–28{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

The examine encompassed 97 meta-testimonials of 1,039 randomized controlled trials involving 128,119 contributors.

Whilst this physique of research generally concluded that training developed effects very similar to these of psychotherapy and pharmacotherapy, versions in review methodologies built developing an over-all consensus a challenge.

The trials evaluated differing forms of work out, in varying dosages. They also involved unique populace subgroups, evaluating them to various regulate teams.

In the close, said Dr. Singh, “It confirmed exercise is an efficient way to address mental health and fitness difficulties — and can be even far more powerful than medication or counseling.”

Victoria University’s Professor Vasso Apostolopoulos, who was not concerned in the research, advised Clinical Information Now that there is a increasing human body of exploration supporting the advantages of work out on a range of mood states, which include anxiousness, pressure, and despair.

The result might manifest, she stated, “through physiological and biochemical mechanisms, including endorphins, mitochondria, mammalian target of rapamycin, neurotransmitters and the hypothalamic-pituitary-adrenal axis, and via the thermogenic hypothesis.”

The thermogenic speculation indicates that the maximize in overall body temperature that takes place with training may possibly lessen muscular stress and alter neuronal activity, hence lowering anxiety.

Prof. Apostolopoulos also pointed out that training has been revealed to decrease swelling “via quite a few different processes (swelling, cytokines, toll-like receptors, adipose tissue and by using the vagal tone), which can lead to much better health outcomes in folks suffering from temper disorders.“

“As a researcher, and seeing the constructive outcomes exercise has on general well being, in individual in psychological wellbeing, work out is a great choice or a complimentary insert-on remedy to present treatments.”
— Prof. Vasso Apostolopoulos

The assessment located that actual physical activity generated a median reduction in psychological overall health difficulties from 42{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 60{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Psychotherapy and pharmacotherapy manufactured a a lot scaled-down improvement, between 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 37{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

“We uncovered [that] accomplishing 150 minutes each individual 7 days of a variety of sorts of physical activity — such as brisk going for walks, lifting weights and yoga — substantially reduces despair, stress and anxiety, and psychological distress, in contrast to normal treatment, this kind of as medicines,” claimed Dr. Singh.

Exercise available the finest benefits, the evaluation concluded, to people today with depression, HIV and kidney ailment, pregnant and postpartum women of all ages, and usually wholesome grownups.

The research does not discover the added benefits workout could deliver throughout all stages of lifetime. However, it uncovered that it was powerful for everyone 18 and more mature, which includes more mature older people.

“Of take note, for folks who had been more mature than 45+ and/or de-conditioned, quite a few research confirmed that walking 20–40 minutes [each] working day was notably helpful for increasing despair and nervousness,” mentioned Dr. Singh.

The analyze confirms that exercise “should be a reputable 1st-line treatment for psychological health difficulties and not just an ‘added extra’ as it is often found in medicine,” reported Dr. Singh.

Due to the fact psychiatrists’ and psychologists’ know-how is in mental health and fitness, Dr. Singh and Prof. Apostolopoulos agreed that they must spouse with overall health specialists with knowledge of actual physical activity and work out to build a patients’ comprehensive therapy program.

“A remedy strategy may perhaps include things like a mixture of way of life ways, this kind of as training consistently, consuming a balanced diet, and socializing, alongside solutions these types of as psychotherapy and treatment.”
— Dr. Ben Singh

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Nordstrom Reports Fourth Quarter 2022 Earnings, Announces Wind-Down of Canadian Business

Nordstrom Reports Fourth Quarter 2022 Earnings, Announces Wind-Down of Canadian Business
  • Sales and earnings in line with updated fiscal 2022 outlook
  • Entering fiscal 2023 with healthier inventory position, down 15 percent from last year and comparable to 2019
  • Company provides fiscal 2023 outlook, including plans to wind down Canadian operations to drive profitable growth and enhance shareholder value

SEATTLE, March 2, 2023 /PRNewswire/ — Nordstrom, Inc. (NYSE: JWN) today reported fourth quarter net earnings of $119 million, or $0.74 per diluted share (“EPS”), and earnings before interest and taxes (“EBIT”) of $187 million, or 4.5 percent of sales, for the quarter ended January 28, 2023.

For the fiscal year ended January 28, 2023, net earnings were $245 million and diluted EPS was $1.51, with EBIT of $465 million, or 3.1 percent of sales. Excluding a gain on the sale of the Company’s interest in a corporate office building, Trunk Club wind-down costs and a supply chain technology and related asset impairment charge, all of which were reported in the first three quarters, adjusted EBIT was $502 million, or 3.3 percent of sales, and adjusted EPS was $1.69 for fiscal 2022.1

For the fourth quarter ended January 28, 2023, net sales decreased 4.1 percent versus the same period in fiscal 2021 and gross merchandise value (“GMV”) decreased 4.2 percent. Nordstrom banner net sales decreased 2.4 percent and GMV decreased 2.5 percent compared with the fourth quarter of 2021. Net sales for Nordstrom Rack decreased 8.1 percent.

“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 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,” said Erik Nordstrom, chief executive officer of Nordstrom, Inc. “As we enter fiscal 2023, we are focused on enhancing the customer experience, improving Nordstrom Rack performance, increasing inventory productivity and continuing to advance our supply chain optimization initiatives. We remain confident in the strength of our brands and our ability to drive profitable growth and deliver long-term value to our shareholders.”

In the fourth quarter, men’s apparel had the strongest growth versus 2021. For fiscal 2022, men’s apparel, shoes and women’s apparel had the strongest growth versus 2021.

“While the incremental markdowns in the second half impacted our margins, we are better positioned for a stronger 2023. Our actions have given us increased flexibility to react more quickly to changing customer demand and provide the newness and fashion our customers love,” said Pete Nordstrom, president and chief brand officer of Nordstrom, Inc. “We want to thank our teams for all their hard work helping our customers feel good and look their best.”

As previously announced on February 28, 2023, the board of directors declared a quarterly cash dividend of $0.19 per share to be paid to shareholders of record at the close of business on March 14, 2023, payable on March 29, 2023. During fiscal 2022, the Company repurchased 2.8 million shares of its common stock for $62 million under its existing $500 million share repurchase program. A total capacity of $438 million remains available under this share repurchase authorization.

FOURTH QUARTER 2022 SUMMARY

  • Total Company net sales in the fourth quarter decreased 4.1 percent compared with the same period in fiscal 2021. Full-year revenue for fiscal 2022, including retail sales and credit card revenues, increased 5.0 percent compared with fiscal 2021. GMV decreased 4.2 percent in the fourth quarter and increased 5.0 percent in fiscal 2022 when compared with the same periods in 2021.
  • For the Nordstrom banner, net sales in the fourth quarter decreased 2.4 percent compared with the same period in fiscal 2021. GMV decreased 2.5 percent and increased 6.9 percent in the fourth quarter and in the fiscal year, respectively, when compared with the same periods in 2021.
  • For the Nordstrom Rack banner, net sales decreased 8.1 percent compared with the same period in fiscal 2021. Eliminating store fulfillment for Nordstrom Rack digital orders in the third quarter negatively impacted fourth quarter Rack banner net sales by approximately 500 basis points.
  • Digital sales in the fourth quarter decreased 13.1 percent compared with the same period in fiscal 2021. Eliminating store fulfillment for Nordstrom Rack digital orders in the third quarter and sunsetting Trunk Club earlier in fiscal 2022 negatively impacted fourth quarter digital sales by approximately 500 basis points. Digital sales represented 40 percent of total sales during the quarter and 38 percent of sales for the fiscal year.
  • Gross profit, as a percentage of net sales, of 33.2 percent decreased 525 basis points compared with the same period in fiscal 2021 primarily due to higher markdown rates, as the Company prioritized rightsizing inventory levels in a highly promotional environment.
  • Ending inventory decreased 15.2 percent compared with the same period in fiscal 2021, versus a 4.1 percent decrease in sales.
  • Selling, general and administrative (“SG&A”) expenses, as a percentage of net sales, of 31.5 percent decreased 240 basis points compared with the same period in fiscal 2021, primarily due to supply chain expense efficiencies.
  • EBIT was $187 million in the fourth quarter of 2022, compared with $299 million during the same period in fiscal 2021, primarily due to higher markdowns, partially offset by supply chain expense efficiencies. EBIT was $465 million for fiscal 2022, and adjusted EBIT of $502 million excluded a gain on the sale of the Company’s interest in a corporate office building, wind-down costs related to Trunk Club and a supply chain technology and related asset impairment charge, all of which were reported in the first three quarters.2 EBIT margin was 4.5 percent of sales for the quarter, which was 235 basis points lower than the fourth quarter of 2021. EBIT margin and adjusted EBIT margin for the fiscal year were 3.1 percent and 3.3 percent, respectively.2
  • Interest expense, net, of $27 million decreased from $33 million during the same period in fiscal 2021, due to higher interest income and reduced credit facility borrowings.
  • Income tax expense during the fourth quarter was $41 million, or 25.2 percent of pretax earnings, compared with $66 million, or 24.8 percent of pretax earnings, in the same period of fiscal 2021. The full-year income tax rate was 27.2 percent.
  • The Company ended the year with $1.5 billion in available liquidity, including $687 million in cash and the full $800 million available on its revolving line of credit, and a leverage ratio of 3.1 times.

STORES UPDATE

During fiscal 2022, the Company opened three stores:

City

Location

Square Footage

(000s)

Timing of
Opening

ASOS | Nordstrom





Los Angeles, CA

The Grove

30

May 20, 2022

Nordstrom Rack





Phoenix, AZ

Desert Ridge Marketplace

24

October 27, 2022

Riverside, CA

Canyon Springs Marketplace

30

October 27, 2022

The Company has also announced plans to open or relocate the following stores:

City

Location

Square Footage

(000s)

Timing of
Opening

Nordstrom Rack





Birmingham, AL

The Summit (relocation from River Ridge)

27

Spring 2023

Los Angeles, CA

NOHO West

26

Spring 2023

Chattanooga, TN

The Terrace at Hamilton Place

24

Spring 2023

Wichita, KS

Bradley Fair

28

Spring 2023

Delray Beach, FL

Delray Place

26

Spring 2023

Clovis, CA

Clovis Crossing

31

Spring 2023

San Clemente, CA

San Clemente Plaza

32

Spring 2023

Las Vegas, NV

Best in the West

31

Spring 2023

Union Gap, WA

Valley Mall

28

Fall 2023

Olympia, WA

Cooper Point Marketplace

32

Fall 2023

Salem, OR

Willamette Town Center

25

Fall 2023

Anaheim Hills, CA

Anaheim Hills Festival

24

Fall 2023

Overland Park, KS

Overland Crossing

27

Fall 2023

San Luis Obispo, CA

SLO Promenade

24

Fall 2023

Allen, TX

The Village at Allen

29

Fall 2023

Visalia, CA

Sequoia Mall

29

Fall 2023

Pinole, CA

Pinole Vista Crossing

23

Fall 2023

Denton, TX

Denton Crossing

25

Fall 2023

Aurora, CO

Southlands

30

Fall 2023

Kennesaw, GA

Barrett Place

25

Spring 2024

The Company had the following store counts as of quarter-end:

January 28, 2023

January 29, 2022

Nordstrom


Nordstrom – U.S.

94

94

Nordstrom – Canada

6

6

Nordstrom Local service hubs

7

7

ASOS | Nordstrom

1

—

Nordstrom Rack


Nordstrom Rack – U.S.

241

240

Nordstrom Rack – Canada

7

7

Last Chance clearance stores

2

2

Total

358

356

Gross store square footage

27,571,000

27,555,000

During the fourth quarter, the Company closed one Nordstrom Rack store.

NORDSTROM WINDS DOWN CANADIAN OPERATIONS

As part of its initiatives to drive long-term profitable growth and enhance shareholder value, and after careful consideration of all reasonably available options, the Company also announced today it has decided to discontinue support for Nordstrom Canada’s business operations.3

“We regularly review every aspect of our business to make sure that we are set up for success,” said Erik Nordstrom. “We entered Canada in 2014 with a plan to build and sustain a long-term business there. Despite our best efforts, we do not see a realistic path to profitability for the Canadian business. We want to thank our team for their performance and dedication in serving customers in Canada. This decision will simplify our structure, intensify focus on our growth and profitability goals and position us to create greater value for our shareholders.”

Accordingly, Nordstrom Canada has commenced a wind-down of its operations, obtaining an Initial Order from the Ontario Superior Court of Justice under the Companies’ Creditors Arrangement Act (“CCAA”) earlier today to facilitate the wind-down in an orderly fashion.

Nordstrom Canada intends to wind down its Nordstrom and Nordstrom Rack stores across Canada, with the help of a third-party liquidator, and its Canadian e-commerce platform. The e-commerce platform will cease operations on March 2, 2023. The in-store wind-down is anticipated to be completed by late June 2023.

The Company expects that Nordstrom Canada will be deconsolidated from the Company’s financial statements as of the date of the CCAA filing. The Company expects to report approximately $300 million to $350 million of pre-tax charges related to the wind-down in the first quarter of fiscal 2023, driven primarily by the write-down of the Company’s investment in Nordstrom Canada. The wind-down is expected to result in an approximately $400 million decline in total Company net sales and a $35 million improvement in total Company EBIT in fiscal 2023, relative to fiscal 2022, excluding the aforementioned charges associated with the wind-down.

Nordstrom Canada operates six Nordstrom stores and seven Nordstrom Rack stores, as well as the Nordstrom.ca website, and employs approximately 2,500 people.

FISCAL YEAR 2023 OUTLOOK

The Company is providing the following financial outlook for fiscal 2023, which includes a 53rd week. The Company’s outlook also includes the anticipated impact of the wind-down of Canadian operations:

  • Revenue decline, including retail sales and credit card revenues, of 4.0 to 6.0 percent versus fiscal 2022, including an approximately 250 basis point negative impact from the wind-down of Canadian operations and an approximately 130 basis point positive impact from the 53rd week
  • EBIT margin (including the negative impact of charges related to the wind-down of Canadian operations) of 1.2 to 2.1 percent of sales
  • Adjusted EBIT margin (excluding charges related to the wind-down of Canadian operations) of 3.7 to 4.2 percent of sales4
  • Income tax rate of approximately 32 percent, including an approximately 500 basis point unfavorable impact from the one-time Canada charges
  • EPS (including the negative impact of charges related to the wind-down of Canadian operations) of $0.20 to $0.80, excluding the impact of share repurchase activity, if any
  • Adjusted EPS (excluding charges related to the wind-down of Canadian operations) of $1.80 to $2.20, excluding the impact of share repurchase activity, if any4

CONFERENCE CALL INFORMATION

The Company’s senior management will host a conference call to provide a business update and to discuss fourth quarter 2022 financial results and fiscal year 2023 outlook at 4:45 p.m. Eastern Standard Time today. To listen to the live call online and view the speakers’ prepared remarks and the conference call slides, visit the Investor Relations section of the Company’s corporate website at investor.nordstrom.com. An archived webcast with the speakers’ prepared remarks and the conference call slides will be available in the Quarterly Results section for one year. Interested parties may also dial 201-689-8354. A telephone replay will be available beginning approximately three hours after the conclusion of the call by dialing 877-660-6853 or 201-612-7415 and entering Conference ID 13735859, until the close of business on March 9, 2023.

ABOUT NORDSTROM

At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we’re building on as we provide convenience and true connection for our customers. Our digital-first platform enables us to serve customers when, where and how they want to shop – whether that’s in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it.

Certain statements in this press release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “targets,” “anticipates,” “assumptions,” “plans,” “expects” or “expectations,” “intends,” “estimates,” “forecasts,” “guidance” and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022, its Form 10-Qs for the fiscal quarters ended April 30, 2022, July 30, 2022 and October 29, 2022, and our Form 10-K for the fiscal year ended January 28, 2023, to be filed with the SEC on or about March 10, 2023. In addition, forward-looking statements contained in this release may be impacted by the actual outcome of events or occurrences related to the wind-down of business operations in Canada. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances. In addition, the actual timing, price, manner and amounts of future share repurchases, if any, will be subject to the discretion of our board of directors, contractual commitments, market and economic conditions and applicable Securities and Exchange Commission rules.





1Adjusted EBIT, adjusted EBIT margin and adjusted EPS are non-GAAP financial measures. Refer to the “Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT Margin and Adjusted EPS” section of this release for additional information as well as reconciliations between the Company’s GAAP and non-GAAP financial results.

2Adjusted EBIT and adjusted EBIT margin are non-GAAP financial measures. Refer to the “Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT Margin and Adjusted EPS” section of this release for additional information as well as reconciliations between the Company’s GAAP and non-GAAP financial results.

3Nordstrom Canada is comprised of Nordstrom Canada Retail, Inc., Nordstrom Canada Holdings, LLC and Nordstrom Canada Holdings II, LLC.

4Adjusted EBIT margin and adjusted EPS are non-GAAP financial measures. Refer to the “Fiscal Year 2023 Outlook – Adjusted EBIT Margin and Adjusted EPS” section of this release for additional information as well as reconciliations between the Company’s GAAP and non-GAAP financial expectations.

NORDSTROM, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited; amounts in millions, except per share amounts)


Quarter Ended

Year Ended

January 28, 2023

January 29, 2022

January 28, 2023

January 29, 2022

Net sales

$4,200

$4,382

$15,092

$14,402

Credit card revenues, net

119

104

438

387

Total revenues

4,319

4,486

15,530

14,789

Cost of sales and related buying and occupancy costs

(2,807)

(2,699)

(10,019)

(9,344)

Selling, general and administrative expenses

(1,325)

(1,488)

(5,046)

(4,953)

Earnings before interest and income taxes

187

299

465

492

Interest expense, net

(27)

(33)

(128)

(246)

Earnings before income taxes

160

266

337

246

Income tax expense

(41)

(66)

(92)

(68)

Net earnings

$119

$200

$245

$178






Earnings per share:




Basic

$0.75

$1.26

$1.53

$1.12

Diluted

$0.74

$1.23

$1.51

$1.10






Weighted-average shares outstanding:




Basic

160.1

159.5

160.1

159.0

Diluted

161.6

162.4

162.1

162.5






Percent of net sales:




Gross profit

33.2 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

38.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

33.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

35.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Selling, general and administrative expenses

31.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

34.0 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

33.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

34.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Earnings before interest and income taxes

4.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

6.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

NORDSTROM, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited; amounts in millions)


January 28, 2023

January 29, 2022

Assets

Current assets:

Cash and cash equivalents

$687

$322

Accounts receivable, net

265

255

Merchandise inventories

1,941

2,289

Prepaid expenses and other current assets

316

306

Total current assets

3,209

3,172



Land, property and equipment (net of accumulated depreciation of $8,289 and $7,737)

3,351

3,562

Operating lease right-of-use assets

1,470

1,496

Goodwill

249

249

Other assets

466

390

Total assets

$8,745

$8,869



Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$1,238

$1,529

Accrued salaries, wages and related benefits

291

383

Current portion of operating lease liabilities

258

242

Other current liabilities

1,203

1,160

Total current liabilities

2,990

3,314



Long-term debt, net

2,856

2,853

Non-current operating lease liabilities

1,526

1,556

Other liabilities

634

565



Commitments and contingencies




Shareholders’ equity:

Common stock, no par value: 1,000 shares authorized; 160.1 and 159.4 shares issued and outstanding

3,353

3,283

Accumulated deficit

(2,588)

(2,652)

Accumulated other comprehensive loss

(26)

(50)

Total shareholders’ equity

739

581

Total liabilities and shareholders’ equity

$8,745

$8,869

NORDSTROM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; amounts in millions)


Year Ended

January 28, 2023

January 29, 2022

Operating Activities

Net earnings

$245

$178

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization expenses

604

615

Asset impairment

80

—

Right-of-use asset amortization

185

175

Deferred income taxes, net

(83)

(11)

Stock-based compensation expense

59

79

Other, net

(46)

81

Change in operating assets and liabilities:

Accounts receivable, net

23

(10)

Merchandise inventories

265

(383)

Prepaid expenses and other assets

(24)

542

Accounts payable

(190)

(400)

Accrued salaries, wages and related benefits

(94)

31

Other current liabilities

44

112

Lease liabilities

(269)

(284)

Other liabilities

147

(20)

Net cash provided by operating activities

946

705



Investing Activities

Capital expenditures

(473)

(506)

Proceeds from the sale of assets and other, net

80

(15)

Net cash used in investing activities

(393)

(521)



Financing Activities

Proceeds from revolving line of credit

100

400

Payments on revolving line of credit

(100)

(400)

Proceeds from long-term borrowings

—

675

Principal payments on long-term borrowings

—

(1,100)

Change in cash book overdrafts

(14)

(32)

Cash dividends paid

(119)

—

Payments for repurchase of common stock

(62)

—

Proceeds from issuances under stock compensation plans

29

14

Tax withholding on share-based awards

(16)

(15)

Make-whole premium payment and other, net

(4)

(86)

Net cash used in financing activities

(186)

(544)



Effect of exchange rate changes on cash and cash equivalents

(2)

1

Net increase (decrease) in cash and cash equivalents

365

(359)

Cash and cash equivalents at beginning of year

322

681

Cash and cash equivalents at end of year

$687

$322

NORDSTROM, INC.
ADJUSTED EBIT, ADJUSTED EBITDA, ADJUSTED EBIT MARGIN
AND ADJUSTED EPS (NON-GAAP FINANCIAL MEASURES)
(unaudited; amounts in millions, except per share amounts)

The following are key financial metrics and, when used in conjunction with GAAP measures, we believe they provide useful information for evaluating our core business performance, enable comparison of financial results across periods and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. Adjusted earnings before interest and income taxes (“EBIT”), adjusted earnings before interest, income taxes, depreciation and amortization (“EBITDA”), adjusted EBIT as a percent of net sales (“adjusted EBIT margin”) and adjusted EPS exclude certain items that we do not consider representative of our core operating performance. The financial measure calculated under GAAP which is most directly comparable to adjusted EBIT and adjusted EBITDA is net earnings. The financial measure calculated under GAAP which is most directly comparable to adjusted EBIT margin is net earnings as a percent of net sales. The financial measure calculated under GAAP which is most directly comparable to adjusted EPS is earnings per diluted share.

Adjusted EBIT, adjusted EBITDA, adjusted EBIT margin and adjusted EPS are not measures of financial performance under GAAP and should be considered in addition to, and not as a substitute for, net earnings, net earnings as a percent of net sales, operating cash flows, earnings per share, earnings per diluted share or other financial measures performed in accordance with GAAP. Our method of determining non-GAAP financial measures may differ from other companies’ financial measures and therefore may not be comparable to methods used by other companies. The following is a reconciliation of net earnings to adjusted EBIT and adjusted EBITDA and net earnings as a percent of net sales to adjusted EBIT margin:

Quarter Ended

Year Ended

January 28, 2023

January 29, 2022

January 28, 2023

January 29, 2022

Net earnings

$119

$200

$245

$178

Income tax expense

41

66

92

68

Interest expense, net

27

33

128

246

Earnings before interest and income taxes

187

299

465

492

Supply chain impairment

—

—

70

—

Trunk Club wind-down costs

—

—

18

—

Gain on sale of interest in a corporate office building

—

—

(51)

—

Adjusted EBIT

187

299

502

492

Depreciation and amortization expenses

151

138

604

615

Amortization of developer reimbursements

(17)

(19)

(72)

(78)

Adjusted EBITDA

$321

$418

$1,034

$1,029






Net sales

$4,200

$4,382

$15,092

$14,402

Net earnings as a {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of net sales

2.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

4.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1.2 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

EBIT margin {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

4.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

6.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted EBIT margin {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

4.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

6.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

3.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

The following is a reconciliation of earnings per diluted share to adjusted EPS:

Quarter Ended

Year Ended

January 28, 2023

January 29, 2022

January 28, 2023

January 29, 2022

Earnings per diluted share

$0.74

$1.23

$1.51

$1.10

Supply chain impairment

—

—

0.44

—

Trunk Club wind-down costs

—

—

0.11

—

Gain on sale of interest in a corporate office building

—

—

(0.31)

—

Debt refinancing charges included within interest expense, net

—

—

—

0.54

Income tax impact on adjustments1

—

—

(0.06)

(0.13)

Adjusted EPS

$0.74

$1.23

$1.69

$1.51

1

The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate for the respective non-GAAP adjustment.

NORDSTROM, INC.
SUMMARY OF NET SALES
(unaudited; amounts in millions)

Our Nordstrom brand includes Nordstrom.com, Nordstrom U.S. stores, Canada, which includes Nordstrom.ca, Nordstrom Canadian stores and Nordstrom Rack Canadian stores, Nordstrom Local, ASOS | Nordstrom and, prior to October 2022, TrunkClub.com. Our Nordstrom Rack brand includes NordstromRack.com, Nordstrom Rack U.S. stores and Last Chance clearance stores. The following table summarizes net sales for the quarter and year ended January 28, 2023, compared with the quarter and year ended January 29, 2022:

Quarter Ended

Year Ended

January 28, 2023

January 29, 2022

January 28, 2023

January 29, 2022

Net sales:




Nordstrom

$2,955

$3,027

$10,279

$9,640

Nordstrom Rack

1,245

1,355

4,813

4,762

Total net sales

$4,200

$4,382

$15,092

$14,402






Net sales (decrease) increase:




Nordstrom

(2.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

23.3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

6.6 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

37.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Nordstrom Rack

(8.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

23.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

41.7 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Total Company

(4.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809})

23.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

4.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

39.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}






Digital sales as {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of total net sales1

40 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

44 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

38 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

42 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1

Sales conducted through a digital platform such as our websites or mobile apps. Digital sales may be self-guided by the customer, as in a traditional online order, or facilitated by a salesperson using a virtual styling or selling tool. Digital sales may be delivered to the customer or picked up in our Nordstrom stores, Nordstrom Rack stores or Nordstrom Local service hubs. Digital sales also includes a reserve for estimated returns.

NORDSTROM, INC.
FISCAL YEAR 2023 OUTLOOK – ADJUSTED EBIT MARGIN AND ADJUSTED EPS
(NON-GAAP FINANCIAL MEASURES)
(unaudited)

Our adjusted EBIT as a percent of net sales (“adjusted EBIT margin”) and adjusted EPS outlook for fiscal year 2023 excludes the impact from certain items that we do not consider representative of our core operating performance. These items include the wind-down of our Canadian operations in 2023.

The following is a reconciliation of expected net earnings as a percent of net sales to expected adjusted EBIT margin included within our Fiscal Year 2023 Outlook:

53 Weeks Ending February 3, 2024

Low

High

Expected net earnings as a {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of net sales

0.3 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

0.9 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Income tax expense

0.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

0.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Interest expense, net

0.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

0.8 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Expected EBIT as a {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of net sales

1.2 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

2.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}




Wind-down of Canadian operations

2.5 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

2.1 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Expected adjusted EBIT margin

3.7 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

4.2 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

The following is a reconciliation of expected EPS to expected adjusted EPS included within our Fiscal Year 2023 Outlook:

53 Weeks Ending February 3, 2024

Low

High

Expected EPS

$0.20

$0.80

Wind-down of Canadian operations

2.15

1.84

Income tax impact on adjustment

(0.55)

(0.44)

Expected adjusted EPS

$1.80

$2.20

NORDSTROM, INC.
ADJUSTED RETURN ON INVESTED CAPITAL (“ADJUSTED ROIC”)
(NON-GAAP FINANCIAL MEASURE)
(unaudited; dollar amounts in millions)

We believe that Adjusted ROIC is a useful financial measure for investors in evaluating the efficiency and effectiveness of the capital we have invested in our business to generate returns over time. In addition, we have incorporated it in our executive incentive measures, and we believe it is an important indicator of shareholders’ return over the long term. 

Adjusted ROIC is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, return on assets, net earnings, total assets or other GAAP financial measures. Our method of calculating a non-GAAP financial measure may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted ROIC is return on assets. The following shows the components to reconcile the return on assets calculation to Adjusted ROIC:

Four Quarters Ended

January 28, 2023

January 29, 2022

Net earnings

$245

$178

Income tax expense

92

68

Interest expense

138

247

Earnings before interest and income tax expense

475

493



Operating lease interest1

85

87

Adjusted net operating profit

560

580



Estimated income tax expense2

(152)

(159)

Adjusted net operating profit after tax

$408

$421



Average total assets

$9,069

$9,301

Average deferred property incentives in excess of ROU assets3

(197)

(232)

Average non-interest bearing current liabilities

(3,185)

(3,352)

Average invested capital

$5,687

$5,717



Return on assets

2.7 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1.9 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Adjusted ROIC

7.2 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

7.4 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

1

Operating lease interest is a component of operating lease cost recorded in occupancy costs. We add back operating lease interest for purposes of calculating adjusted net operating profit for consistency with the treatment of interest expense on our debt.

2

Estimated income tax expense is calculated by multiplying the adjusted net operating profit by the effective tax rate for the trailing twelve month periods ended January 28, 2023 and January 29, 2022. The effective tax rate is calculated by dividing income tax expense by earnings before income taxes for the same trailing twelve month periods.

3

For leases with property incentives that exceed the ROU assets, we reclassify the amount from assets to other current liabilities and other liabilities on the Consolidated Balance Sheets. The current and non-current amounts are used to reduce average total assets above, as this better reflects how we manage our business.

NORDSTROM, INC.
ADJUSTED DEBT TO EBITDAR (NON-GAAP FINANCIAL MEASURE)
(unaudited; dollar amounts in millions)

Adjusted debt to earnings before interest, income taxes, depreciation, amortization and rent (“EBITDAR”) is one of our key financial metrics and we believe that our debt levels are best analyzed using this measure, as it provides a reflection of our creditworthiness which could impact our credit ratings and borrowing costs. This metric is calculated in accordance with the updates in our new Revolver covenant and is a key component in assessing whether our revolving credit facility is secured or unsecured, as well as our ability to make dividend payments and share repurchases. Our goal is to manage debt levels to achieve and maintain investment-grade credit ratings while operating with an efficient capital structure.

Adjusted debt to EBITDAR is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, debt to net earnings, net earnings, debt or other GAAP financial measures. Our method of calculating a non-GAAP financial measure may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Adjusted debt to EBITDAR is debt to net earnings. The following shows the components to reconcile the debt to net earnings calculation to Adjusted debt to EBITDAR:

January 28, 2023

Debt

$2,856

Operating lease liabilities

1,784

Adjusted debt

$4,640


Four Quarters Ended January 28, 2023

Net earnings

$245

Income tax expense

92

Interest expense, net

128

Earnings before interest and income taxes

$465


Depreciation and amortization expenses

604

Operating lease cost1

280

Amortization of developer reimbursements2

72

Other Revolver covenant adjustments3

61

Adjusted EBITDAR

$1,482


Debt to Net Earnings

11.6

Adjusted debt to EBITDAR

3.1

1

Operating lease cost is fixed rent expense, including fixed comment area maintenance expense, net of developer reimbursement amortization.

2

Amortization of developer reimbursements is a non-cash reduction of operating lease cost and is therefore added back to operating lease cost for purposes of our Revolver covenant calculation.

3

Other adjusting items to reconcile net earnings to Adjusted EBITDAR as defined by our Revolver covenant include interest income, certain non-cash charges and other gains and losses where relevant. For the four quarters ended January 28, 2023, other Revolver covenant adjustments primarily included costs associated with a supply chain technology and related asset impairment and the wind-down of Trunk Club, partially offset by a gain on sale of the Company’s interest in a corporate office building.

NORDSTROM, INC.
FREE CASH FLOW (NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)

Free Cash Flow is one of our key liquidity measures and, when used in conjunction with GAAP measures, we believe it provides investors with a meaningful analysis of our ability to generate cash from our business.

Free Cash Flow is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, operating cash flows or other financial measures prepared in accordance with GAAP. Our method of calculating a non-GAAP financial measure may differ from other companies’ methods and therefore may not be comparable to those used by other companies. The financial measure calculated under GAAP which is most directly comparable to Free Cash Flow is net cash provided by operating activities. The following is a reconciliation of net cash provided by operating activities to Free Cash Flow:

Year Ended

January 28, 2023

January 29, 2022

Net cash provided by operating activities

$946

$705

Capital expenditures

(473)

(506)

Change in cash book overdrafts

(14)

(32)

Free Cash Flow

$459

$167

SOURCE Nordstrom, Inc.

Posted on

Embark Technology shuts down | Automotive News

Embark Technology shuts down | Automotive News

Self-driving truck enterprise Embark Know-how is shutting down.

The corporation announced its closure Friday in an email from CEO Alex Rodrigues to Embark workers.

This is the second current major failure of autonomous technological know-how business. Argo AI Inc. folded in October right after its key backers Ford Motor Co. and Volkswagen determined to pull the plug on the autonomous auto technological innovation startup.

Rodrigues cited an inability to increase money and delays in “the prospect of scaled industrial deployment” of autonomous trucking for the closure.

“I am producing to you nowadays with a major heart. The very last nine months have been tough for the autonomous trucking business, and for Embark — the funds markets have turned their backs on pre-earnings firms,” Rodrigues said.

“In hard times, it is the total firm’s task to be adaptable and optimistic in pursuing a from time to time-altering course — and it is the work of the CEO to navigate the troubles and make sure individuals instructions ultimately get the group to the other facet. You held up your stop of that bargain, I was not equipped to maintain up mine — for that I am profoundly sorry,” he wrote.

The company is laying of 70 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of its workforce and shuttering workplaces in Southern California and Houston. The remaining 30 percent will stay on to execute the San Francisco company’s wind down and sale of property.

The firm claimed in an SEC doc submitted Friday that its steps have an affect on 230 workers. But it did not deliver a range for its complete employment. The organization shown its headcount at 251 in a November SEC document.

Employees will be paid as a result of June 2. Clinical gains will go on until Aug. 31.

Embark’s prior community announcement centered on growing its footprint.

A year back, the firm mentioned it has partnered with serious estate expense agency Alterra House Team to identify places across the Sun Belt that could be used as transfer points for autonomous trucking.

Embark and other self-driving technological innovation businesses have labored on a business product the place human drivers would shuttle freight to highway adjacent hubs. An autonomous truck would then travel the freight hundreds of miles on a digitally mapped interstate to an additional hub, the place a human would yet again get the wheel for shipping and delivery.

Embark formerly mentioned the procedure would be in spot subsequent calendar year, but technical hurdles have stretched out the timeline for the business enterprise.

Embark also has engaged in intensive screening of robotic trucks in snowy situations, amongst the most difficult of autonomous driving responsibilities.

Posted on

What’s the ideal amount of clothing in a sustainable wardrobe?

What’s the ideal amount of clothing in a sustainable wardrobe?

Our planet is changing. So is our journalism. This weekly newsletter is part of a CBC News initiative entitled “Our Changing Planet” to show and explain the effects of climate change. Keep up with the latest news on our Climate and Environment page.

Sign up here to get this newsletter in your inbox every Thursday.

This week:

  • A sustainable wardrobe contains this much clothing, report says
  • Speedy construction with mass timber
  • Why there’s been a drought of hydropower in Alberta

Why this group thinks you can — and should — only have 85 items of clothing

(Paula Duhatschek/CBC)

How many pieces of clothing do you think you have in your wardrobe? In today’s world of fast fashion, easy online shopping and ever-changing trends, chances are it’s way too many.

Now, a new report from a Berlin sustainability think-tank, the Hot or Cool Institute, lays out how many items of clothing the average person in a four-season G20 country such as ours really needs: 85 (keep in mind that includes coats and shoes, but not underwear and accessories). 

Going by the institute’s math, that works out to about 23 outfits total, which they say can include one to four pieces of clothing.

The report notes we need to drastically reduce our clothing consumption if we’re going to meet the 1.5 C target of the Paris Agreement.

“Current trends in fashion consumption, in particular fast fashion, cannot be maintained if we aim to achieve a fair and just transition to climate neutrality,” the authors say.

That number 85 falls within what the institute calls a “fair consumption space,” defined as “a space where consumption levels stay below environmentally unsustainable levels yet above sufficiency levels that allow individuals to fulfil their basic needs.” 

It assumes the average person needs workwear, home wear, sports and activewear, festive occasion outfits and outdoor clothing, and all 85 items are actually in use. It also requires a reduced carbon footprint — such as avoiding excessive laundry and impulse shopping, extending the life of your garments through mending and buying second-hand or swapping.

When you consider that the average person in North America purchases 37 kilograms of clothing per year, according to Katherine White, a professor of marketing and behavioural science at the University of British Columbia, it’s safe to say many of our wardrobes far exceed the recommendations.

“The average North American buys way too much clothing,” White told CBC News.

“Part of this is driven by the fact that we are constantly bombarded with advertising messages to buy more stuff. The system is set up to remind, reinforce and reward us for making repeated consumption choices with short-term hedonic payoffs.”

Advocates have been saying this needs to change for years. A recent study found that Ontarians generate 500 million kilograms of textile waste a year — and that 86 per cent of those materials have reuse or recycling potential.

The textile and clothing industry is also responsible for two to eight per cent of the world’s greenhouse gas emissions, according to the United Nations Alliance for Sustainable Fashion,  and textiles account for about nine per cent of annual microplastic losses to the oceans. 

So, with that in mind, how can you cut down on your own clothing consumption?

First, think of it in terms of pieces, not outfits, said Erin Polowy, the founder and editor of Canadian clothing sustainability website My Green Closet. With careful planning, you can have a diverse and fashionable wardrobe with very few pieces in it, she said — even fewer than the 85 suggested in the report.

“I can make 40 or 50 outfits from my roughly 33-item wardrobe that I do every season,” she told CBC News.

“There’s a lot of creativity that comes with constraint.”

In a recent YouTube video, for instance, Polowy shows viewers her winter capsule wardrobe — a curated collection of a limited amount of clothing that she mixes and matches — which contains just 28 items to get her through an Edmonton winter.

Pay careful attention to what you actually wear day-to-day, Polowy suggests, and build a wardrobe around a few quality, staple pieces that you love. When you are looking to add new pieces, shop second-hand, try to avoid impulse purchases and choose more sustainable clothing brands.

— Natalie Stechyson

Reader feedback

Helen Prolas:

“Glad to see that someone is finally talking about the environmental cost of this war. Thank you for your wonderful reporting!”

Onni Milne:

“I send this message to respond to your article about Ukraine wanting to charge Russia for environmental damages as a result of their war destruction in Ukraine. There is a growing movement to create a new international ecocide law to be administered by the International Criminal Court in The Hague. My understanding is that ecocide is being discussed at high levels at the United Nations [General] Assembly. Many thought genocide would never be codified as an international crime. It is now. Ecocide is next on the list to ensure that perpetrators are held to account for the destruction they create.”

Old issues of What on Earth? are right here. 

CBC News has a dedicated climate page, which can be found here.

Also, check out our radio show and podcast. Solar radiation modification sounds like science fiction: speculative technology to reflect sunlight and cool the Earth. This week, find out why the United Nations says the world needs more research and regulations before it becomes a reality.  What On Earth airs on Sundays at 11 a.m. ET, 11:30 a.m. in Newfoundland and Labrador. Subscribe on your favourite podcast app or hear it on demand at CBC Listen.

The Big Picture: Speedy construction with mass timber

We’ve written before about the trend of building multi-storey buildings with mass timber. The wood stores carbon in the building and reduces the need for carbon-intensive steel and concrete. But another benefit touted by proponents is how fast you can build with mass timber – something many of them have demonstrated with time-lapse videos like this one. This shows part of the construction of YW Kitchener-Waterloo’s 41-unit supportive housing building for women. It was fully assembled in just 20 days, and residents were able move in last spring. You can learn more about the building and its construction in this video from Element5, the Ontario-based company that produced the prefabricated mass timber.

— Emily Chung

An animated GIF shows a four-storey mass timber building being constructed.
(Element5 Limited Partnership/CBC)

Hot and bothered: Provocative ideas from around the web

Hydro used to generate half of Alberta’s power. Why is there so little now?

A dam in Kananaskis Alta. runs with the Rocky Mountains in the background.
The Kananaskis Hydro Facility was TransAlta’s second power plant built in 1913. (TransAlta)

More than half of Canada’s electricity is generated from hydro sources, with 632.2 terawatt hours produced as of 2019. That makes it the fourth-largest installed capacity of hydro power in the world. 

But in Alberta, it’s a different story.

Currently, hydro power contributes between three and five per cent of Alberta’s generation capacity, while fossil fuels make up about 89 per cent.

So why is it that a province so rich in mountains and rivers has so little hydro power?

Hydro power didn’t always make up such a small sliver of Alberta’s electricity generation. Hydro installations began in the early 20th century as the province’s population exploded. 

Grant Berg looks after engineering for hydro for TransAlta, Alberta’s largest producer of hydro power, with 17 facilities across the province.

“Our first plant was Horseshoe, which started in 1911 that we formed as Calgary Power,” he said. 

“It was really in response to the city of Calgary growing and having some power needs.”

By the 1950s, around half of the province’s installed capacity was hydro power.

“Definitely Calgary power was all hydro until the 1950s,” said Berg. 

Despite the current low numbers in hydroelectricity, Alberta does have potential. 

According to a 2010 study, there are approximately 42,000 gigawatt hours per year of remaining developable hydroelectric energy potential at identified sites. 

An average home in Alberta uses around 7,200 kilowatt hours of electricity per year, meaning that the hydro potential could power 5.8 million homes annually. 

“This volume of energy could be sufficient to serve a significant amount of Alberta’s load and therefore play a meaningful role in the decarbonization of the province’s electric system,” the Alberta Electric System Operator said in its 2022 Pathways to Net-Zero Emissions report.

Much of that potential lies in northern Alberta, in the Athabasca, Peace and Slave river basins.

The AESO report says that despite the large resource potential, Alberta’s energy-only market framework has attracted limited investment in hydroelectric generation. 

So why does Alberta leave out such a large resource potential on the path to net zero?

The government of Alberta responded to that question in a statement. 

“Hydro facilities, particularly large scale ones involving dams, are associated with high costs and logistical demands,” said the Ministry of Affordability and Utilities. 

“Downstream water rights for other uses, such as irrigation, further complicate the development of hydro projects.”

The ministry went on to say that wind and solar projects have increased far more rapidly because they can be developed at relatively lower cost and shorter timelines, and with fewer logistical demands.

Braden said hydro power still has a part to play in Alberta, even with its smaller contributions to the future grid. 

“It’s one of those things that, you know, the wind doesn’t blow or the sun doesn’t shine, this is here. The way we manage it, we can really support that supply and demand,” he said.

— Christy Climenhaga

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Insomnia linked to greater risk of heart attack

Insomnia linked to greater risk of heart attack

  • Sleeplessness will involve possessing issues falling asleep or remaining asleep.
  • Info from a modern overview located that sleeplessness and receiving only five hours of rest or a lot less at night are related with an amplified possibility for coronary heart attack.
  • No matter of specifics, persons can get ways to get a good night’s sleep and strengthen sleeplessness.

As study progresses, professionals are discovering more and extra good reasons for people today to prioritize slumber. One particular place of fascination is how the slumber disorder insomnia boosts the hazard for other well being problems.

A​ the latest critique published in Scientific Cardiology examined how sleeplessness improves the hazard of a coronary heart assault. The assessment observed that individuals with insomnia were 69{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} additional probable to practical experience coronary heart attacks. Researchers advise that sleeplessness need to be tackled as an critical heart assault possibility element.

Insomnia takes place when individuals have trouble slipping asleep or keeping asleep. Continual insomnia happens when the problem lasts for 3 months or additional. Numerous factors can enhance someone’s risk for sleeplessness, these as higher-tension ranges or long-term soreness.

W​hen persons do not get enough snooze, it can direct contribute to a wide variety of disagreeable symptoms and enhance the chance for unique wellness difficulties. Non-review creator Dr. Harneet Walia, director of Rest Drugs and Ongoing Advancement at Baptist Overall health Miami Cardiac & Vascular Institute, spelled out to Health care Information Now:

“Insomnia is related with impairment in good quality of lifestyle ranging from exhaustion, sleepiness, temper adjustments, enhanced absenteeism, and lower interest. They may perhaps also have lessened cognitive function. There are studies to advise that insomnia is involved with cardiovascular and metabolic threat this kind of as high blood stress, heart assault and diabetes.”

N​on-research writer Dr. Wafi Momin, a cardiologist with UTHealth Houston Heart & Vascular and Memorial Hermann, even further observed the following reasons for a very good night’s rest:

“Sleep is important in aiding the body maintenance alone. Having at least 7 hours of sleep each and every night time allows your body recover and makes it possible for you to operate commonly the adhering to working day. Common, dependable slumber also can help regulate blood stress, sugar levels, as very well as weight. These health and fitness complications are connected to coronary heart disorder such as heart assault and stroke, so acquiring a lot of snooze and regulating these danger components can be of a great deal help.”

This distinct systematic evaluation and meta-assessment seemed at the affiliation concerning sleeplessness and the incidence of coronary heart assault, also termed myocardial infarction (MI). It provided managed observational research about heart attacks in individuals eighteen or more mature.

Researchers provided 9 studies in their analysis and research, including 153,881 persons with insomnia and 1,030,375 people today who did not have sleeplessness. Scientific tests came from six distinct international locations, making it possible for for range in facts assortment.

T​he results of the examine uncovered that folks with insomnia have been at a substantially larger hazard for coronary heart assault than individuals who did not have insomnia. Persons with sleeplessness ended up 69{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} extra probable to expertise a heart attack.

In addition, getting 5 or much less hours of slumber at night was associated with a significantly bigger risk for heart attack than acquiring in between 7 and eight hrs of snooze. Folks who bought five or less several hours of snooze every single night time were 56{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} additional very likely to encounter a heart attack than all those who obtained among seven and eight hours of rest at evening.

Review author Dr. Hani Aiash, Ph.D. mentioned the vital results of the exploration to MNT:

“Our effects have shown that sleeplessness increases the possibility of MI by 69{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, subsequently, patients need to be educated about the worth of slumber, and rest must be integrated into principal cardiovascular avoidance recommendations.”

Scientists located that the risk for coronary heart attack was bigger among ladies with sleeplessness. Nonetheless, the possibility affiliation was nevertheless current throughout important subgroups dependent on intercourse, co-comorbidities, and age. The success indicate that sleeplessness is a major danger aspect that all grown ups really should acquire significantly.

Scientists concluded that men and women should really handle sleeplessness as a different threat factor for coronary heart assault. With this in brain, individuals can consider steps to deal with insomnia and therefore lower their heart assault threat.

T​his particular review did have certain limits. To start with, there was sizeable variation among the experiments that researchers included in their overview. For instance, there was variation concerning sample dimensions and research length.

Second, most of the studies relied on knowledge from questionnaires, which can raise the risk of bias and glitches. Scientists only involved papers penned in English, which limitations the study’s findings.

​Dr. Aiash, Ph.D. noted the pursuing places for ongoing investigation:

“I consider we must investigate the romantic relationship amongst the length of insomnia and the subsequent danger of MI. (Will staying an insomniac for extended durations final result in larger threat? What is the minimum period of condition i.e., insomnia that results in an improved danger of MI?).”

“Additionally, 96{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of our patient inhabitants did not have prior assaults of MI and the other 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} ended up accounted for. Would prior coronary heart assaults end result in a higher hazard of recurrence amongst insomniacs in contrast to insomniacs who did not endure from coronary heart assaults prior to?”

The study highlights the significance of controlling insomnia. D​r. Aiash, Ph.D., mentioned that it’s vital to choose insomnia very seriously. He spelled out that folks should “Consider insomnia as a modifiable possibility component for MI. [It] should be treated as Diabetic issues or Hypertension to reduce the incidence of MI. It is important that clinicians teach the sufferers about the relevance of rest in protecting a wholesome heart and persuade correct sleep cleanliness.”

To regulate sleeplessness, medical practitioners might stimulate individuals to modify specified way of life behavior, like limiting electronics in advance of mattress or limiting caffeine ingestion to particular occasions of the working day. These adjustments can be utilized in conjunction with cognitive behavioral remedy and relaxation techniques.

D​r. Walia famous a couple of vital actions in sleep cleanliness:

  • preserve a common rest and wake schedule each working day, which include the weekends.
  • avoid electronics in the evening
  • avoid caffeine afterwards in the day
  • prevent having extensive naps late in the working day
  • preserve a conducive slumber natural environment
  • actual physical action and physical exercise during the day boost slumber

S​he more extra that “if a person continues to battle with insomnia, they must search for medical attention, as there might be other slumber or medical or psychiatric issues leading to sleeplessness.”