Apr 29, 2016 04:21 AM EDT

Nordstrom's First Quarter 2016 Financial Results To Be Revealed Next Month

Nordstrom will be reporting the financial results of its first quarter for this year on May 12. The news comes after the company has recently eliminated about 400 jobs.

Business Wire reported that Nordstrom has announced on Thursday that it will be revealing its first quarter 2016 financial results on May 12, 2016. The company will wait until the financial markets close before revealing their results next month.

Afterwards, a conference call at 4:45 p.m. Eastern Daylight Time (EDT) will follow the announcement. Senior management will use this time to share their thoughts on the company's first quarter financial results as well as their plans and outlook for the rest of the year.

The 45-minute conference call will be via telephone and audio webcast. The Quarterly Earnings section in the company's official website will feature the slides that will be referenced during the call. The same section will show the speakers' remarks after the event.

Nordstrom's financial results for Q4 of 2015 saw an increase in the net sales by 5.2 percent. Last year, the retailer also gained market share for both its full-price and off-price businesses. It also opened its first international flagship store in Vancouver, B.C.

According to KKTV11, the company has opened its first store location in southern Colorado on Thursday, Apr. 28. The store, which opened at 9 a.m., can be found at Chapel Hills East, 7645 Academy Blvd N., in Colorado Springs.

Nordstrom has announced its plans to open three new full-line stores, 20 new Nordstrom Rack stores, one full-line store relocation and two Nordstrom Rack store relocations. The company will have Rack stores in Pennsylvania, Massachussetts, Florida, Hawaii, Louisiana, Michigan, Illinois, California and New York.

It was previously reported that Nordstrom has cut 400 jobs as part of its efforts to keep up with an evolving consumer base. The initial job cuts will be in currently open positions.

Moreover, employees who will be let go will get separation pay and benefits. The company has recently been focusing its resources on enterprise technology enhancements.

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