4NameStudent NameAssignmentTextbook Case Analysis Exec.docx

4
Name:
Student Name
Assignment:
Textbook Case Analysis Executive Summary – Week
Date Submitted:
Course (include the section number:
MG495 Business Policy
Statement of Academic Integrity:
I certify that:
1. I prepared this document specifically for this class;
2. I am the author of this document;
3. I am fully disclosing and giving proper credit to any outside
assistance received in its preparation;
4. I cited sources of information (e.g., data, ideas, charts, etc.)
and used this material to support this document.
5. I did not receive any assistance / help / guidance from others.
Student’s Signature (type your full name):
Writing a Textbook Business Case Analysis Executive
SummaryComment by : To be eligible for grading:
the assignment must follow APA formatting,
Incorporate all prior feedback of APA/grammar errors
provide an opening,
employ discussion about the topics identified in the Syllabus
by using the to the headings provided (Synopsis of the Case,
Relevant Factual Information about the problem/decision the

organization faced, Explanation of relevant concepts, theories
and applications derived from the course materials,
Recommendations and alternative recommendations),
end with a conclusion,
Supply an APA formatted reference page
Contain appropriate in-text citation throughout
The length of the paper should not exceed three pages.
Student Name
Park University
Writing a Textbook Business Case Analysis Executive
SummaryComment by : This should be a restatement of your
paper’s title. See the sample page at p. 41 of the Publication
Manual
Only provide the page number in the right hand corner. Do not
provide a running header unless the item is for publication APA
rule 8.03. See the sample paper starting at p. 41 of the
Publication Manual
Double space, indent the first word of each paragraphs and use
12 point Times new Roman font justified to the left margin. See
rule 8.03 (APA, 2009).
APA does not permit the use of the word introduction as a level
heading (APA, 2009, Rule 3.03 p. 63) In fact, the opening does
not even carry a heading, except for a restatement of the paper’s
title. One is assumed by its placement at the beginning. Your
opening should provide specific and meaningful information
relevant to the business issue of the case. Appropriate in-text
citation must be provided. The executive summary should be
analytical in nature encompassing a forward thinking view.
Comment by :

Synopsis of the Case Comment by : Us the topic headings and
descriptions provided to draft the case analysis.
The content of the synopsis should present relevant background
facts about the case under examination. The information
provided should be supported by APA in-text citation. Provide
only facts related to the business aspects of the case. Discussion
of the background should be minimal (i.e., a paragraph, two at
most), but still analytical.
Relevant Factual Information about the Problem or Decision the
Organization Faced
State the precise problem or decision the organization faced.
The section should include information that addressed the
business issue under examination. This section should be no
longer than a single paragraph.
Explanation of Relevant Concepts, Theories and Applications
Derived from Course Materials
This section should be the bulk of your paper. Analysis of the
business problem or decision in light of the course concepts
must be presented, as well as the business lesson another
organization could learn from this situation. Besides citation to
the text, learners must conduct research in the University
library related to the top. Citing the textbook only is not enough
to demonstrate you understand and can apply the course
objectives. Here is where comparative and contrasting positions
should be considered and examples and illustrations provided.
Recommendations
Provide logical recommendations to address the business lesson
identified above. The recommendations need not to be specific
to the organization examined, but should consider how other
organizations, if similarly situated, could lessen the impact of
the problem or decision identified. Recall, that the organization
under examination has already moved pasted this problem so
any recommendations made, at this point, are fruitless. The
focus of this section should be on what other companies should
be aware of to address similar problems or decisions. Citation to

the textbook alone is insufficient for analysis in this section.
Learners should conduct research in the University’s library to
support their positions. Depth of scholarship is not
demonstrated by providing personal opinions alone, but by
using examples, analogies, comparison and illustrations from
the academic literature. Not only does this synthesize the
material to assist the reader’s understanding, it is an effective
way to present the academic sources and extend the discussion
of your ideas. This section should be a paragraph or two.
Alternative Recommendations
This section is not a continuation of the prior. Provide
suggestions for how to avoid the problem or decision the
examined organization faced. Analysis here should be may be
forward- thinking, predictive or, most likely, preventative in
nature but tied to the thesis statement. Again, opinion is
insufficient to provide the required academic analysis. Sources,
other than the text, must be provided to sustain the statements
made. This section should be a paragraph, at most.
Conclusion
End the assignment with a summary of the important points
made in the document. No new information may be presented.
Writing a conclusion can be done by rewording the opening or
reformulation the topic sentences of each paragraph to make a
summary for the reader. This section should be a paragraph, at
most.
ReferencesComment by : Please review reference list format
starting at page 180 of the Publication Manual. Like the other
portions of the paper, references should be double spaced;
however, second and subsequent lines of a source are indented.
The first line is not.

MBA 640 Module Three Executive Memo Guidelines and
Rubric
Overview: The executive memorandum assignment requires
your careful consideration of an appropriate, sensible
investment project for your chosen company.
Furthermore, this assignment will develop and demonstrate your
ability to find useful, authoritative information sources about
your selected company, its
industry, its economic environment, and the particular
investment opportunity.
Prompt: Write a memo about the expansion opportunity for
which you will request funding in your final project proposal.
This paper should be 1–2 pages long
and should include only a simple narrative description. You do
not need fancy formatting, numbers, tables, or graphs in this
document.
List your key information sources about the organization you
have chosen for your final project, explaining in one to two
sentences each how source is relevant to
your project. Your memo should identify the source (not just a
website address) plus, in general, describe what information
that source can reliably provide. Your
sources must be authoritative. The company’s own website is an

authoritative source for its own public financial and other
information, for example.
Serious business or economic sites, such as Bloomberg, or
industry trade journals can be authoritative sources for fairly
unbiased news about the organization or
its industry. Other reliable sources could educate you about the
business environment in your project’s target country (e. g., the
CIA World Factbook). Someone
you know who has worked for that organization or in that
industry could also be an excellent source of certain
information.
Specifically, the following critical elements must be addressed:
your expansion opportunity.
Describe the expansion project, the country in which the
expansion will take place, and the
reasoning behind this expansion into this country at this
particular time. In other words, why does this particular project
and country make sense for your
chosen company?
have chosen. Sources should provide an introductory,
authoritative, future-oriented
understanding of the company itself, the industry, technology,
customers, suppliers and competitors, and the economic
environment of the company and
of your proposed expansion. Sources could be published or
online; they could even include a person you know with
experience in that industry. The
sources will almost certainly include the company’s website;
you might also follow its Facebook and Twitter feeds.

information the source will provide. You will probably develop
more sources later in the course, but
these are meant to give you a solid start.
Guidelines for Submission: Your executive memo must be 1–2
pages long (excluding the reference page), doubled spaced,
written in 12-point Times New Roman
font. Your reference page should be in APA style.
http://www.bloomberg.com/
https://www.cia.gov/library/publications/the-world-factbook/
Rubric
Critical Elements Exemplary (100%) Proficient (90 %) Needs
Improvement (70%) Not Evident (0%) Value
Narrative
Overview
Meets “Proficient” criteria and
the overview exhibits insight and
detailed reasoning supported by
evidence
Provides a complete narrative
overview of an expansion project
and country and includes

reasoning
Provides a narrative overview of
an expansion project and country
but submission lacks details
and/or solid reasoning
Does not provide a narrative
overview of an expansion project
and country
25
Key Information
Sources
Meets “Proficient” criteria and
the sources reflect depth of
research and critical thinking
Provides key authoritative and
relevant information sources
related to the company, country,
and/or industry
Provides key information sources
related to the company, country,
and/or industry, but sources are
not authoritative and/or relevant
Does not provides key
information sources related to
the company, country, and/or
industry
25

Source Notes Meets “Proficient” criteria and
the notation are well-detailed
and exhibit depth of critical
thinking
Provides notations for each
source, noting the source’s
relevance and describing what
information the source will
provide
Provides notations for each
source, but the notations lack
detail, relevance, and/or logic
regarding information sources
will provide
Does not provides notations for
each source
25
Articulation of
Response
Submission is free of errors
related to citations, grammar,
spelling, syntax, and organization
and is presented in a professional
and easy-to-read format
Submission has no major errors
spelling, syntax, or organization

Submission has major errors
that negatively impact readability
and articulation of main ideas
Submission has critical errors
that prevent understanding of
ideas
25
Total 100%
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended February 2, 2019
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to___________
Commission file number 001-15059
NORDSTROM, INC.
(Exact name of registrant as specified in its charter)
Washington 91-0515058
State or other jurisdiction of
incorporation or organization
(I.R.S. Employer
Identification No.)
1617 Sixth Avenue, Seattle, Washington 98101
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (206) 628-
2111
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Common stock, without par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-
known seasoned issuer, as defined in Rule 405 of the Securities
Act. YES þ NO ¨
Indicate by check mark if the registrant is not required to file re
ports pursuant to Section 13 or Section 15(d) of the Act. YES ¨
NO þ

Indicate by check mark whether the registrant (1) has filed all re
ports required to be filed by Section 13 or 15(d) of the Securitie
s Exchange
Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and
(2) has been
subject to such filing requirements for the past 90 days. YES þ
NO ¨
Indicate by check mark whether the registrant has submitted ele
ctronically every Interactive Data File required to be submitted
pursuant to
Rule 405 of Regulation S-
T during the preceding 12 months (or for such shorter period tha
t the registrant was required to submit such files).
YES þ NO ¨
Indicate by check mark if disclosure of delinquent filers pursua
nt to Item 405 of Regulation S-
K is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive pr
oxy or information statements incorporated by reference in Part
III of this Form
10-K or any amendment to this Form 10-K. þ
Indicate by check mark whether the registrant is a large accelera
ted filer, an accelerated filer, a non-
accelerated filer, a smaller reporting
company, or emerging growth company. See the definitions of “
large accelerated filer,” “accelerated filer,” “smaller reporting c
ompany,” and
“emerging growth company” in Rule 12b-
2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ¨
Non-accelerated filer ¨ Smaller reporting company ¨
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the r

egistrant has elected not to use the extended transition period fo
r complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell compan
y (as defined in Rule 12b-2 of the Act). YES ¨ NO þ
As of August 3, 2018 the aggregate market value of the Registra
nt’s voting and non-voting stock held by non-
affiliates of the Registrant was
approximately $6.6 billion using the closing sales price on that
day of $50.58. On March 11, 2019, 155,002,755 shares of comm
on stock
were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 2019 Annual Meeting of
Shareholders scheduled to be held on May 23, 2019 are incorpo
rated into
Part III.
Nordstrom, Inc. and subsidiaries 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended February 2, 2019
or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to___________
Commission file number 001-15059
NORDSTROM, INC.
(Exact name of registrant as specified in its charter)
Washington 91-0515058
State or other jurisdiction of
incorporation or organization
(I.R.S. Employer
Identification No.)
1617 Sixth Avenue, Seattle, Washington 98101
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (206) 628-
2111
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
Common stock, without par value New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-
known seasoned issuer, as defined in Rule 405 of the Securities
Act. YES þ NO ¨
Indicate by check mark if the registrant is not required to file re
ports pursuant to Section 13 or Section 15(d) of the Act. YES ¨
NO þ
Indicate by check mark whether the registrant (1) has filed all re
ports required to be filed by Section 13 or 15(d) of the Securitie
s Exchange

Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and
(2) has been
subject to such filing requirements for the past 90 days. YES þ
NO ¨
Indicate by check mark whether the registrant has submitted ele
ctronically every Interactive Data File required to be submitted
pursuant to
Rule 405 of Regulation S-
T during the preceding 12 months (or for such shorter period tha
t the registrant was required to submit such files).
YES þ NO ¨
Indicate by check mark if disclosure of delinquent filers pursua
nt to Item 405 of Regulation S-
K is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive pr
oxy or information statements incorporated by reference in Part
III of this Form
10-K or any amendment to this Form 10-K. þ
Indicate by check mark whether the registrant is a large accelera
ted filer, an accelerated filer, a non-
accelerated filer, a smaller reporting
company, or emerging growth company. See the definitions of “
large accelerated filer,” “accelerated filer,” “smaller reporting c
ompany,” and
“emerging growth company” in Rule 12b-
2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ¨
Non-accelerated filer ¨ Smaller reporting company ¨
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the r
egistrant has elected not to use the extended transition period fo
r complying
with any new or revised financial accounting standards provided

pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell compan
y (as defined in Rule 12b-2 of the Act). YES ¨ NO þ
As of August 3, 2018 the aggregate market value of the Registra
nt’s voting and non-voting stock held by non-
affiliates of the Registrant was
approximately $6.6 billion using the closing sales price on that
day of $50.58. On March 11, 2019, 155,002,755 shares of comm
on stock
were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 2019 Annual Meeting of
Shareholders scheduled to be held on May 23, 2019 are incorpo
rated into
Part III.
[This page intentionally left blank.]
TABLE OF CONTENTS
Page
Forward-Looking Statements 4
PART I
Item 1. Business. 6
Item 1A. Risk Factors. 9
Item 1B. Unresolved Staff Comments. 14
Item 2. Properties. 14
Item 3. Legal Proceedings. 16
Item 4. Mine Safety Disclosures. 16

PART II
Item 5.
Market for Registrant’s Common Equity, Related Shareholder M
atters and Issuer Purchases of Equity Securities. 17
Item 6. Selected Financial Data. 19
Item 7.
Management’s Discussion and Analysis of Financial Condition
and Results of Operations. 20
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk. 34
Item 8. Financial Statements and Supplementary Data. 35
Item 9.
Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure. 63
Item 9A. Controls and Procedures. 63
Item 9B. Other Information. 65
PART III
Item 10.
Directors, Executive Officers and Corporate Governance. 65
Item 11. Executive Compensation. 65
Item 12.
Security Ownership of Certain Beneficial Owners and Managem
ent and Related Shareholder Matters. 65
Item 13.
Certain Relationships and Related Transactions, and Director In
dependence. 65
Item 14. Principal Accounting Fees and Services. 65
PART IV
Item 15. Exhibits, Financial Statement Schedules. 66
Exhibit Index 67
Signatures 72
Consent of Independent Registered Public Accounting Firm 73

TABLE OF CONTENTS
Page
PART I
Item 1. Business. 6
PART II
Item 5.
Item 7.
Item 7A.
Item 9.
PART III
Item 10.

Item 12.
Item 13.
dependence. 65
PART IV
Exhibit Index 67
Signatures 72
[This page intentionally left blank.]
TABLE OF CONTENTS
Page
PART I
Item 1. Business. 6
PART II
Item 5.

Item 7.
Item 7A.
Item 9.
PART III
Item 10.
Item 12.
Item 13.
dependence. 65
PART IV
Exhibit Index 67
Signatures 72

TABLE OF CONTENTS
Page
PART I
Item 1. Business. 6
PART II
Item 5.
Item 7.
Item 7A.
Item 9.
PART III
Item 10.
Item 12.

Item 13.
dependence. 65
PART IV
Exhibit Index 67
Signatures 72
FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-
looking statements within the meaning of Section 27A of the Se
curities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 19
34, as amended, which are subject to the “safe harbor” created b
y those
sections. Forward-
looking statements are based on our management’s beliefs and a
ssumptions and on information currently available to our
management. In some cases, you can identify forward-
looking statements by terms such as “may,” “will,” “should,” “c
ould,” “goal,” “would,”
“expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,”
“predict,” “potential,” “pursue,” “going forward,” and similar e
xpressions intended
to identify forward-
looking statements. These statements involve known and unkno
wn risks, uncertainties and other factors, which may cause

our actual results, performance, time frames or achievements to
be materially different from any future results, performance, tim
e frames or
achievements expressed or implied by the forward-
looking statements. We discuss many of these risks, uncertaintie
s and other factors in this
Annual Report on Form 10-
K in Item 1A: Risk Factors, including, but not limited to, our an
ticipated financial outlook for the fiscal year ending
February 1, 2020, our anticipated annual total sales rates, our an
ticipated new store openings in existing, new and international
markets, our
anticipated Return on Invested Capital, trends in our operations
and the following:
Strategic and Operational
•
timely and effective implementation of evolving our business m
odel and successful execution of our customer strategy to provid
e a
differentiated and seamless experience across all Nordstrom cha
nnels,
•
our ability to execute and manage the costs of our evolving busi
ness model, including the execution of new supply chain capabil
ities
and enhancement of existing ones, development of applications
for electronic devices, improvement of customer-
facing technologies,
timely delivery of products purchased digitally, enhancement of
inventory management systems, more fluid inventory availabilit
y
between our digital channels and retail stores through our local
market strategy, and greater consistency in marketing strategies,

•
our ability to respond to the business and retail environment, as
well as fashion trends and consumer preferences, including chan
ging
expectations of service and experience in stores and online,
•
our ability to properly balance our investments in existing and n
ew store locations, technology and supply chain facilities, espec
ially our
investments in our Nordstrom Men’s Store NYC and Nordstrom
NYC and our Los Angeles market integration,
•
successful execution of our information technology strategy, inc
luding engagement with third-party service providers,
• our ability to effectively utilize internal and third-
party data in strategic planning and decision making,
•
our ability to maintain or expand our presence, including timely
completion of construction associated with new, relocated and
remodeled stores, and Supply Chain Network facilities, all of w
hich may be impacted by third parties, consumer demand and ot
her
natural or man-made disruptions,
• efficient and proper allocation of our capital resources,
•
effective inventory management processes and systems, fulfillm
ent and supply chain processes and systems, disruptions in our s
upply
chain and our ability to control costs,
•
the impact of any systems or network failures, cybersecurity an
d/or security breaches, including any security breach of our syst

ems or
those of a third-
party provider that results in the theft, transfer or unauthorized
disclosure of customer, employee or Company
information or compliance with information security and privac
y laws and regulations in the event of such an incident,
•
our ability to safeguard our reputation and maintain relationship
s with our vendors and third-party service providers,
•
our ability to maintain relationships with and motivate our empl
oyees and to effectively attract, develop and retain our future le
aders,
•
our ability to realize the expected benefits, respond to potential
risks and appropriately manage costs associated with our progra
m
agreement with TD Bank, N.A. (“TD”),
•
the effectiveness of planned advertising, marketing and promoti
onal campaigns in the highly competitive and promotional retail
industry,
•
market fluctuations, increases in operating costs, exit costs and
overall liabilities and losses associated with owning and leasing
real
estate,
•
potential goodwill impairment charges, future impairment charg
es and fluctuations in the fair values of reporting units or of ass
ets in the
event projected financial results are not achieved within expecte
d time frames,

•
compliance with debt and operating covenants, availability and
cost of credit, changes in our credit rating and changes in intere
st rates,
•
the timing, price, manner and amounts of future share repurchas
es by us, if any, or any share issuances by us,
Economic and External
•
the impact of the seasonal nature of our business and cyclical cu
stomer spending,
•
the impact of economic and market conditions and the resultant
impact on consumer spending and credit patterns,
•
the impact of economic, environmental or political conditions in
the U.S. and countries where our third-party vendors operate,
•
weather conditions, natural disasters, health hazards, national se
curity or other market and supply chain disruptions, including t
he
effects of tariffs, or the prospects of these events and the resulti
ng impact on consumer spending patterns or information technol
ogy
systems and communications,
4
Legal and Regulatory
•
our compliance with applicable domestic and international laws,
regulations and ethical standards, including those related to
employment and tax, information security and privacy, consume
r credit and the outcome of any claims and litigation and resolut

ion of
such matters,
•
the impact of the current regulatory environment and financial s
ystem, health care and tax reforms,
•
the impact of changes in accounting rules and regulations, chan
ges in our interpretation of the rules or regulations, or changes i
n
underlying assumptions, estimates or judgments,
•
the impact of claims, litigation and regulatory investigations, in
cluding those related to information security, privacy and consu
mer credit.
Given these risks, uncertainties and other factors, you should no
t place undue reliance on these forward-
looking statements. Also, these
forward-
looking statements represent our estimates and assumptions onl
y as of the date of this filing. You should read this Annual Repo
rt
on Form 10-
K completely and with the understanding that our actual future r
esults may be materially different from what we expect. We
hereby qualify our forward-
looking statements by these cautionary statements. Except as re
quired by law, we assume no obligation to
update these forward-
looking statements publicly, or to update the reasons actual resu
lts could differ materially from those anticipated in
these forward-
looking statements, even if new information becomes available i
n the future.

All references to “Nordstrom,” “we,” “us,” “our,” or the “Comp
any” mean Nordstrom, Inc. and its subsidiaries.
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These st
atements are
based upon information available to us as of the filing date of th
is Annual Report on Form 10-
K, and while we believe such information forms
a reasonable basis for such statements, such information may be
limited or incomplete, and our statements should not be read to
indicate
that we have conducted an exhaustive inquiry into, or review of,
all potentially available relevant information. These statements
are inherently
uncertain and investors are cautioned not to unduly rely upon th
ese statements.
y those
sections. Forward-

xpressions intended
e frames or
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and the following:
•
e a
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ities

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ging
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ems or
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•
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•

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•
st rates,
•
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•
•
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•
•
•
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4
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ion of
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•
•
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•
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atements are
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ese statements.

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xpressions intended
e frames or
markets, our
and the following:
•
e a
nnels,

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ities
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•
ging
•
ially our
•
•

her
•
upply
•
ems or
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aders,
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•
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•
ets in the
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st rates,
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•
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•
•
•

he
ogy
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ion of
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•
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n
•
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forward-

rt
on Form 10-
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n the future.
atements are
indicate
are inherently
ese statements.

PART I
6
Item 1. Business.
DESCRIPTION OF BUSINESS
Founded in 1901 as a retail shoe business in Seattle, Nordstrom
later incorporated in Washington State in 1946 and went on to b
ecome one
of the leading fashion retailers based in the U.S. We aspire to b
e the best fashion retailer in a digital world by remaining focuse
d on our
customers, serving them through our three strategic pillars: prov
iding a compelling product offering, delivering outstanding serv
ices and
experiences and leveraging the strength of the Nordstrom brand.
We offer an extensive selection of high-quality brand-
name and private
label merchandise focused on apparel, shoes, cosmetics and acc
essories. No matter how customers choose to shop, we are com
mitted to
delivering the best possible service, product and experience, inc
luding alterations, dining and styling, to make shopping fun, per
sonalized
and convenient.
We invested early in our omni-
channel capabilities, integrating our operations, merchandising
and technology across our stores and online, in
both our Full-Price and Off-
Price businesses. Today, we have more than 60 combinations in
which merchandise is ordered, fulfilled and
delivered. Though this has enabled us to serve customers in mul
tiple ways, we are focused on providing a seamless experience f
or our

customer across stores and online. As a result of the evolution o
f our operations, our reportable segments have become progressi
vely more
integrated such that, in the first quarter of 2018, we changed our
reportable segments to one reportable segment to align with ho
w
management views the results of our operations. For more infor
mation about our business and our reportable segments, see Item
7:
and Results of Operations and Note 16: Segment Reporting in It
em 8.
As of March 18, 2019, our reportable segment, Retail, includes:
Full-Price
• 115 Nordstrom-branded full-line stores in the U.S.
• six full-line and six Rack stores in Canada
• Full-Price Nordstrom.com website and mobile application
• TrunkClub.com website and six Trunk Club clubhouses
• three Jeffrey boutiques
•
three Nordstrom Local neighborhood hubs (“Nordstrom Local”)
Our Full-Price operating segment integrates Nordstrom full-
line stores and Nordstrom.com to allow us to provide our custo
mers with a
seamless shopping experience. We engage with our customers o
n their terms, blurring the lines between the digital and in-
store experience.
Our customers can pick up online orders in our Nordstrom full-
line stores if inventory is available or it can be shipped to that l
ocation. Full-
Price also includes our full-
line and Rack stores in Canada. We include our Canada operatio
ns in Full-Price as this is how we view and

manage our operations internally. Trunk Club offers personalize
d styling services for men and women, which enables customers
to shop and
try on at home, paying only for what they decide to keep. Custo
mers may also choose to shop using these personalized styling s
ervices in-
person at our clubhouses. We provide customers with the same
quality merchandise available at Nordstrom full-
line stores and online.
Nordstrom Local is a retail concept that is focused on services,
providing customers convenient access to personal stylists, alter
ations, online
orders and more. Trunk Club stylists are able to meet customers
at select full-
line and Nordstrom Local locations. We also leverage the
expertise of our salespeople to enable customers to receive pers
onalized product recommendations on their mobile phones throu
gh our
digital Style Board selling tool. These capabilities allow us to b
etter serve customers across various channels and improve sales
.
Off-Price
• 239 Off-Price Nordstrom Rack stores in the U.S.
• Off-
Price Nordstromrack.com/HauteLook website and mobile applic
ation
• two Last Chance clearance stores
In Off-
Price, Nordstrom Rack and Nordstromrack.com purchase merch
andise primarily from the same vendors carried in our Full-Price
channel and also serve as outlets for clearance merchandise fro
m the Full-
Price channel. Nordstromrack.com/HauteLook offers both a
persistent selection of Off-

Price merchandise, as well as limited-
time flash sale events on fashion and lifestyle brands, and is int
egrated with
a single customer log-
in, shared shopping cart and streamlined checkout process. Nord
stromrack.com combines the technology expertise of
HauteLook with the merchant expertise of Nordstrom Rack.
FISCAL YEAR
We operate on a 52/53-
week fiscal year ending on the Saturday closest to January 31st.
References to 2018 and all years except 2017
within this document are based on a 52-
week fiscal year, while 2017 is based on a 53-week fiscal year.
RETURN POLICY
We have a fair and reasonable approach to returns, handling the
m on a case-by-
case basis with the ultimate objective of making our
customers happy. We have no formal policy on how long we acc
ept returns at our Nordstrom full-
line stores or Nordstrom.com. Our goal is to
take care of our customers, which includes making returns and e
xchanges easy, whether in stores or online, where we offer free
shipping on
purchases and returns. Trunk Club accepts returns within five d
ays of delivery, which are free for the customer if the items are
returned in the
box provided by Trunk Club with the original price tag and pack
aging. Our Nordstrom Rack stores and Nordstromrack.com/Haut
eLook
generally accept returns of apparel, footwear, accessories and H
auteLook home products up to 45 days from the date of purchas
e or date of
shipment with the original price tag and sales receipt. Off-
Price merchandise can be returned by mail or at any Nordstrom

Rack store
location.
SEASONALITY
Our business, like that of other retailers, is subject to seasonal f
luctuations. Our sales are typically higher during our Anniversa
ry Sale in July
and the holidays in the fourth quarter. Our Anniversary Sale shi
fted to the second quarter in 2018 compared with the second and
third
quarters in 2017. Results for any one quarter are not indicative
of the results that may be achieved for a full fiscal year.
LOYALTY PROGRAM
We evolved our customer loyalty program with the launch of Th
e Nordy Club in October 2018, which incorporates a traditional
point system
and the favorite benefits of our previous program, while providi
ng customers exclusive access to products and events, enhanced
services,
personalized experiences and more convenient ways to shop. Cu
stomers accumulate points based on their level of spending and
type of
participation. Upon reaching certain point thresholds, customers
receive Nordstrom Notes (“Notes”), which can be redeemed for
goods or
services offered at Nordstrom full-
line stores, Nordstrom.com, Nordstrom Rack and Nordstromrack
.com/HauteLook. Nordstrom cardmembers
can also earn rewards at Trunk Club. The Nordy Club member b
enefits will vary based on the level of customer spend, and inclu
de Bonus
Points days and shopping and fashion events.
We offer customers access to a variety of payment products and
services, including a selection of Nordstrom-

branded Visa® credit cards in
the U.S. and Canada, as well as a Nordstrom-
branded private label credit card for Nordstrom purchases. Whe
n customers use a Nordstrom-
branded credit or debit card, they also participate in The Nordy
Club and receive additional benefits, which can vary depending
on the level of
spend, including early access to the Anniversary Sale, Nordstro
m to You (an in-
home stylist) and incremental accumulation of points toward
Notes. See Note 3: Credit Card Receivable Transaction in Item
8.
COMPETITIVE CONDITIONS
We operate in a highly competitive business environment. We c
ompete with other international, national, regional and local ret
ailers,
including internet-based businesses, omni-
channel department stores, specialty stores, off-
price stores and boutiques, which may carry
similar lines of merchandise. Our specific competitors vary fro
m market to market. We believe the keys to competing in our in
dustry are what
will always matter most to our customers: providing compelling
product and outstanding service backed by people who care, bo
th digitally
and in stores. This includes serving customers on their terms, by
providing a seamless digital and physical experience, offering c
ompelling,
curated and quality products at multiple price points, and strate
gically partnering with relevant and limited distribution brands,
all in top
markets.
SUPPLY CHAIN NETWORK
Our “Supply Chain Network” consists of:

•
fulfillment centers that process and ship orders to our customers
, located in Cedar Rapids, Iowa; Elizabethtown, Pennsylvania; a
nd San
Bernardino, California,
•
distribution centers that process and ship merchandise to our sto
res and other facilities and
• future Omni-
channel centers that both fulfill customer orders and ship merch
andise to our stores. These will open in 2019 and include
large-scale centers and smaller local hubs (Local Omni-
channel Hub).
We have expanded our Supply Chain Network facilities and enh
anced our inventory management systems to support our omni-
channel
capabilities and provide greater access to merchandise selection
and faster delivery. We select locations and customize inventor
y allocations
to enable merchandise to flow more efficiently and quickly to o
ur customers.
Full-
Price online purchases are primarily shipped to our customers fr
om our Fulfillment Centers but may also be shipped from our N
ordstrom
full-line stores or Omni-channel centers. Full-Price in-
store purchases are primarily fulfilled from that store’s inventor
y, but when inventory is
unavailable at that store, it may also be shipped to our customer
s from our Fulfillment Centers, Omni-
channel centers, or from other
Nordstrom full-line stores. Off-

Price online purchases are shipped to our customers from our Fu
lfillment Centers. Both channels selectively
use vendor dropship to supplement their online offerings, which
are then shipped directly from the vendor to the end customer.
PART I
6
Item 1. Business.
ecome one
d on our
ices and
name and private
mitted to
sonalized
and convenient.

or our
vely more
w
7:
em 8.
Full-Price
•
mers with a
store experience.

ocation. Full-
to shop and
ervices in-
ations, online
at select full-
gh our
.
Off-Price
• Off-
ation
In Off-

m the Full-
egrated with
FISCAL YEAR
RETURN POLICY
m on a case-by-
shipping on
returned in the

eLook
e or date of
Rack store
location.
SEASONALITY
ry Sale in July
third
LOYALTY PROGRAM
point system
services,
type of
goods or

de Bonus
on the level of
m to You (an in-
8.
ailers,
dustry are what
th digitally
ompelling,

all in top
markets.
•
nd San
•
• future Omni-
channel Hub).
channel
y allocations
ur customers.
Full-
ordstrom

PART I
6
Item 1. Business.
ecome one
d on our
ices and
name and private
mitted to

sonalized
and convenient.
or our
vely more
w
7:
em 8.
Full-Price
•

mers with a
store experience.
ocation. Full-
to shop and
ervices in-
ations, online
at select full-
gh our
.

Off-Price
• Off-
ation
In Off-
m the Full-
egrated with
FISCAL YEAR
RETURN POLICY
m on a case-by-

shipping on
returned in the
eLook
e or date of
Rack store
location.
SEASONALITY
ry Sale in July
third
LOYALTY PROGRAM
point system
services,

type of
goods or
de Bonus
on the level of
m to You (an in-
8.
ailers,

dustry are what
th digitally
ompelling,
all in top
markets.
•
nd San
•
• future Omni-
channel Hub).
channel
y allocations

ur customers.
Full-
ordstrom
PART I
6
Item 1. Business.
ecome one
d on our
ices and

name and private
mitted to
sonalized
and convenient.
or our
vely more
w
7:
em 8.
Full-Price

•
mers with a
store experience.
ocation. Full-
to shop and
ervices in-
ations, online
at select full-

gh our
.
Off-Price
• Off-
ation
In Off-
m the Full-
egrated with
FISCAL YEAR
RETURN POLICY

m on a case-by-
shipping on
returned in the
eLook
e or date of
Rack store
location.
SEASONALITY
ry Sale in July
third
LOYALTY PROGRAM

point system
services,
type of
goods or
de Bonus
on the level of
m to You (an in-
8.

ailers,
dustry are what
th digitally
ompelling,
all in top
markets.
•
nd San
•
• future Omni-
channel Hub).

channel
y allocations
ur customers.
Full-
ordstrom
Our first large-scale Omni-
channel center in Riverside, California will open in late 2019 an
d will initially support our Full-Price customers in
the West Coast region. Off-
Price inventory and fulfillment will be added to this facility in t
he future. We also plan to open a smaller Local
Omni-

channel Hub in Torrance, California in 2019, which will support
the greater Los Angeles market as part of our new local market
strategy
and will have highly customized inventory that serves the specia
lized needs of that market.
INVENTORY
We plan our merchandise purchases and receipts to coincide wit
h expected sales trends. For instance, our merchandise purchase
s and
receipts increase prior to our Anniversary Sale, which has histor
ically extended over the last two weeks of July. We also purcha
se and
receive a larger amount of merchandise in the fall as we prepare
for the holiday shopping season (from late November through
December).
At Nordstrom Rack, we also invest in pack and hold inventory,
which involves the strategic purchase of merchandise from some
of our top
Full-
Price brands in advance of the upcoming selling seasons, to take
advantage of favorable buying opportunities. This inventory is
typically
held for six months on average.
In order to offer merchandise that our customers want, we purch
ase from a wide variety of high-
quality domestic and foreign suppliers. We
also have arrangements with agents and contract manufacturers t
o produce our private label merchandise. We expect our supplier
s to meet
our “Nordstrom Partnership Guidelines,” which address our cor
porate social responsibility standards for matters such as legal a
nd regulatory
compliance, labor, health and safety and the environment. This i
s available on our website at Nordstrom.com.

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