nordstrom 2004_AR

esigner creator event planner web designer housekeeper salesperson tailor alterations store manager operator
shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager
esperson tailor alterations store manager operator department manager café nordstrom server chef visual merc
bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager desi
anager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper bea
onal merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sa
er concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espr
reator event planner web designer housekeeper salesperson tailor alterations store manager operator departmen
valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional m
ilor alterations store manager operator department manager café nordstrom server chef visual merchandiser con
buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator e
ordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet s
visional merchandise manager designer salesperson event planner web designer housekeeper salesperson tailor
person piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista b
er web designer housekeeper salesperson tailor alterations store manager operator department manager café no

he business
specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser di
s store manager operator department manager café nordstrom server chef visual merchandiser concierge stockp
te merchandise manager regional merchandiser divisional merchandise manager designer creator event planner
ver chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare spe
ndise manager designer creator event planner web designer housekeeper salesperson tailor alterations store ma
ersonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate mercha
eeper salesperson tailor alterations store manager operator department manager café nordstrom server chef vis
or espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise ma
rtment manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper sho

f fashion
ndiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson ta
tockperson piano player personal shopper shoeshine valet skincare specialist beauty director salesperson barista
ner web designer housekeeper salesperson tailor alterations store manager operator department manager café n
e specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser d
store manager operator department manager café nordstrom server chef visual merchandiser concierge stockpe
ate merchandise manager regional merchandiser divisional merchandise manager designer creator event planne
ver chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare spe
ndise manager designer creator event planner web designer salesperson salesperson tailor alterations store man
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate mercha
eeper salesperson tailor alterations store manager operator department manager café nordstrom server chef vi
tor espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise ma
rtment manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal sh
onal merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sa
er concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espr
n creator event planner web designer housekeeper salesperson tailor alterations store manager operator departm
hine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager region
tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser
r barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer
ager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoes
andiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson t
tockperson piano player personal shopper shoeshine salesperson skincare specialist beauty director espresso b
or event planner web designer housekeeper salesperson tailor alterations store manager operator department ma
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional mercha
ions store manager operator department manager café nordstrom server chef visual merchandiser concierge sto
corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event p
trom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skinc
al merchandise manager designer creator event planner web designer housekeeper salesperson tailor alteration
piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer co
b designer housekeeper salesperson tailor alterations store manager operator department manager café nordstr
auty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merc
operator department manager salesperson chef visual merchandiser concierge stockperson piano player person
er regional merchandiser divisional merchandise manager designer creator event planner web designer houseke
ndiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director
designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
hopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise ma
lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merch
nordstrom, inc. annual report 2004
sso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager de
anager salesperson chef visual merchandiser concierge stockperson piano player personal shopper shoeshine va

presso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
ent manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager
gional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merc

concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager desi
eator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper bea
oeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sa
rson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director esp
r barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator departmen
er café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional m
andiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser co
ockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator e
anner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet
re specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer salesperson event planner web designer housekeeper salesperson tailor
ions store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista b
rporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café no

the business
rom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser d
onal merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockp
ano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner
signer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare spe
auty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store ma
erator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate mercha
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef vis
erchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise ma
signer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper sho

of fashion
let skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson ta
terations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director salesperson barist
rporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café n
rom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser d
onal merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockpe
ano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planne
signer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare spe
auty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer salesperson salesperson tailor alterations store man
erator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate mercha
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef vi
erchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise ma
signer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal sh
oeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sa
rson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director esp
r barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager salesperson creator event planner web designer housekeeper salesperson tailor alterations store manager operator departm
anager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager region
erchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser
ncierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer
or event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoes
let skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson t
terations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine salesperson skincare specialist beauty director espresso b
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department ma
fé nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merch
visional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge sto
rson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event p
r web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skinc
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alteration
ore manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer co
te merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstr
rver chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet salesperson beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merc
se manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager salesperson chef visual merchandiser concierge stockperson piano player person
opper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer houseke
lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director
presso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
partment manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise ma
gional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merc
ser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager de
eator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper shoeshine v

presso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operat
ent manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise mana
erchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchand
ncierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager desi
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoesh
incare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson ta
ions store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar baris
rporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper Dollars in thousands except peralterations store manager operator department manager caf
salesperson tailor share amounts
rver chef visual merchandiser Highlights:
Financial concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divi
andise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser%concierge stockperson
Fiscal Year 2004 2003 Change
Our continuous progress in beauty directorquality bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web desi
delivering a espresso
rsonal shopper shoeshine valet skincare specialist Net sales $7,131,388 $6,448,678 10.6%
eper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal647,281 shopper shoeshine valet skincare specialist beau
shopping experience to our customers is resulting Earnings before income taxes 398,141 62.6
presso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper 393,450 salesperson tailor alterations 62.0store manager oper
Net earnings 242,841
ent manager café in increasing value visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista 1.78
nordstrom server chef to our shareholders. We’re buyer corporate merchandise mana
Basic earnings per share 2.82 58.4
erchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandi
Diluted earnings per share 2.77 1.76 57.4
ncierge stockperson piano player personal shopperwith you. Overall, 2004
proud to share our results shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise paid per share regional merchandiser divisional merchandise manager de
Cash dividends manager 0.48 0.41 17.1
or event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper s
let skincare specialist beauty director espresso company’s history.
was the best year in our bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperso
terations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar b
rporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager ca
rom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandis

ursco recard
merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockpe
ayer personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner w
housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specia
rector espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manag
partment manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise
gional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual m
concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager d
or event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper sh
let skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salespers
terations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar
yer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manag
rdstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional mercha
onal merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge sto
ano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event plan
signer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare
4.51
36.1%
auty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations stor
31.2% 9.1% skincare specialist beauty director espresso bar barista $599.3 $606.3
erator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet buyer corporate me
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server che
4.10
34.6%
erchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandis
30.3% 30.0%
33.6% 33.2% $488.5
29.4%
signer creator event planner web$347 designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player person
3.85
32.9% 3.81
oeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper
$341 28.3% 6.2% 3.73
ilor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist$390.5 beauty director espresso
$325
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator departme
$319 $317
fé nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional m
visional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store 3.6% 3.3% operator department manager café nordstrom server $210.4 visual merchandiser concierge
manager chef
8.5% 3.0%
ano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event pla
signer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare
4.1%
auty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store
1.4%
erator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate me
0.3%
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server che

-2.9%
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004

Sales per Square Foot and Gross Profit as a Percentage of Sales SG&A Expense as a Percentage of Sales Earnings before Income Taxes Inventory Turn Cash Flow from Operations
Same-store Sales Percentage Change and Cumulative Effect of Accounting (cost of sales and related buying and in millions
Change as a Percentage of Sales occupancy divided by average inventory)

3

r depart-
er regional
iser
ner creator
ine valet
lor alter-
a buyer

2004
nordstrom
ional mer-
iano player
ner house-
ty director
tor depart-
er regional
er
igner cre-
hoeshine
n tailor

delivering a great
rista buyer
fé nord-
r division-
son piano
eb design-

shopping experience
list beauty
r operator
manager
erchandis-

is born out of
signer cre-
oeshine
on tailor
arista

teamwork – creative
er café
diser divi-
ckperson
er web
pecialist

people coming
manager
chandise
visual
manager

together to delight
al shopper
salesperson
bar
t manager
rchandiser

the customer
tockperson
nner web
specialist
manager
chandise
f visual It takes an incredible team to deliver a shopping experience
that’s rewarding for so many customers. From top designers to
innovative merchants, meticulous tailors to attentive salespeople,
our teams are comprised of talented people who work hard to inspire
each customer and make that magic moment happen – the moment
when the customer says, “I have to have it!”

sue patneaude
evp/corporate merchandise manager
designer/savvy neville “sammy” samuels
tailor pete nordstrom
nordstrom garden state plaza president
full-line stores

tracy reese
jeff gardner designer
roberto cavalli
women’s shoes buyer
designer
south region
dale cameron
evp/corporate merchandise manager
cosmetics

kandice dolkart
store manager
nordstrom at the grove
cheryl zahniser
vp/brand creative director

kwesi patterson
rail salesperson
nordstrom king of prussia ruben toledo
artist and fashion illustrator

bobbi brown
lisa gennardo creator
t.b.d. salesperson bobbi brown cosmetics
nordstrom woodfield shopping center

concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso

we sold 30
buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator ev
web designer housekeeper salesperson tailor alterations store manager operator department manager café nordst
chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialis
director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandis
designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator d
manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper s
valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional mer

million pairs of
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alte
store manager operator department manager café nordstrom server chef visual merchandiser concierge stockpers
player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate
dise manager regional merchandiser divisional merchandise manager designer creator event planner web designe
keeper salesperson tailor alterations store manager operator department manager café nordstrom server chef vis
chandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty direct

shoes last year
bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designe
event planner web designer housekeeper salesperson tailor alterations store manager operator department manag
nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet s
specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divis
chandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store
operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano playe
shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise ma

— from active
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper
son tailor alterations store manager operator department manager café nordstrom server chef visual merchandise
stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar baris
designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom
visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist bea
espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manage

and functional,
creator event planner web designer housekeeper salesperson tailor alterations store manager operator departmen
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine va
care specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandise
merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations st

to fun and down-

right fanciful

the business of shoes

diser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso
bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer cre-
ator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations
store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson
piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate
merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web
designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server
chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beau-
ty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise
manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shop-

he business
per shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sales-
person tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser
concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar
barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator
event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café
nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skin-
care specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divi-
sional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations

f beauty
event planner web designer housekeeper salesperson tailor alterations store manager operator department manager
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser

we sold 4.5 million
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations

lipsticks last

year — enough

shades for the many
event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café
nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skin-

faces of beauty
care specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divi-
sional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations

“We want to be the ultimate
fashion destination for
our customers and
continue to work hard
to deliver a superior
service experience. If we
can continue to bring
both together, we believe
the future holds no
boundaries.”
salesperson tailor alterations store manager operator department manager café nordstrom server chef visual m
pete nordstrom, president, full-line stores
diser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director e
bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager design
ator event planner web designer housekeeper salesperson tailor alterations store manager operator department

the business
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine v
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional mercha
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alt
store manager operator department manager café nordstrom server chef visual merchandiser concierge stockpe
piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer cor
merchandise manager regional merchandiser divisional merchandise manager designer creator event planner we
er housekeeper salesperson tailor alterations store manager operator department manager café nordstrom serve
visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist be
director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchand

of fashion
ager designer creator event planner web designer housekeeper salesperson tailor alterations store manager oper
department manager café nordstrom server chef visual merchandiser concierge stockperson piano player person
per shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manag
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeepe
person tailor alterations store manager operator department manager café nordstrom server chef visual merchan
concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espress
barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer

message to It’s our belief that successful, top-line performance starts and ends with the experience each customer has
in our stores. For us, the foundation of that experience is the consistent offering of compelling product and

shareholders
customer service. Our primary focus is on our Full-Line stores. We’ve begun an extensive remodel schedule
to continue to ensure that all our stores will be the best Nordstrom stores possible. In addition, we opened
two new Full-Line stores in 2004 at SouthPark Mall in Charlotte, North Carolina, and at Dadeland Mall in
Miami, Florida. At Dadeland – one of the leading malls in Florida – we were able to acquire a former
Lord & Taylor store and transform it into a Nordstrom store in less than nine months. This rapid makeover
proves we’re positioned to take advantage of similar opportunities that may arise throughout the country.
On March 11 of this year, we opened in another former Lord & Taylor store at Phipps Plaza in Atlanta, Georgia
dear customers, employees and shareholders, (140,000 sq. ft.). Additionally, we’ll be opening three more new stores in 2005:

It’s an exciting time to be in the business of fashion. For the past few years we’ve been working hard
The Shops at La Cantera in San Antonio, Texas (Sept. 11; 149,000 sq. ft.)
to ensure the long-term success of our company. Our business is now performing at a higher level than
The Spectrum Center in Irvine, California (Sept. 20; 129,000 sq. ft.)
ever – and we’re confident in our game plan. Here are a few highlights from 2004, a breakthrough year
in which Nordstrom: NorthPark Center in Dallas, Texas (Nov. 11; 212,000 sq. ft.)

• achieved total sales of $7.1 billion, a milestone for our company. Total sales increased 10.6%, Other highlights from 2004 include a record year by our Nordstrom Rack stores, which far outpaced other
and comparable sales increased 8.5% – our third consecutive year of positive comparable off-price retailers, and an excellent year by our online business, which outpaced industry average growth
store sales. rates and contributed to our overall success.
• marked the fourth consecutive year of SG&A rate improvement.
We’re confident we can continue to build momentum in the coming year. For some time now, we’ve
• posted our best gross margin percentage in the history of our company. been taking a look at the different ways our customers choose to shop with us, whether by phone, online,
or in our stores. We want to create a seamless shopping experience, sending customers a clear and
• increased inventory turn 10%, with sales growth exceeding inventory growth, 10.6% vs. 1.7%.
consistent message with the merchandise we offer, across all channels. Starting this summer, we’ll better
• achieved a pre-tax margin of 9.1% – our best in over 10 years (it exceeded the 7.5%-8.5%
integrate our Direct and Full-Line store catalogs, sending out roughly one catalog per month, each of
level we planned to achieve by 2006).
which will be filled with exciting merchandise we hope our customers will love. We want to leverage
our resources and expertise to tell our story in a clearer, more concise and more efficient manner.
We’re pleased by these results – and we’re equally excited by the strides we’ve made behind the scenes
and on the frontlines. Going into 2004, we wanted to improve our inventory management disciplines and take
Our goal is to be in the best position to take advantage of opportunities as they may present themselves.
advantage of new system tools. One significant advance: our merchants are doing a better job of reacting
We’ve greatly improved our shareholders’ return on equity and significantly reduced debt. Our merchant
quickly to feedback from the sales floor by leveraging our new perpetual inventory management system.
team is responding well to what our customers have been asking for: interpreting trends and bringing in
As a result, we’re selling more of the right merchandise in the right store at the right time. This improved
fresh, compelling merchandise. The result of these efforts has been a significant increase in sales. We have
merchandise flow brings more fresh and compelling goods to the floor, resulting in fewer markdowns.
the best talent, a distinct shopping experience, multiple sales channels, and the discipline to make the
right choices that will drive our company to the next level.
On the selling floor, our goal has been to create an environment that’s fair and positive, while at the same
time, providing our people with the tools they need to run their own businesses within our four walls. By
We’re incredibly proud of our people and all the hard work they’ve put forth – work that’s put us in the
giving each individual the ability and freedom to excel, we enhance our company’s ability to do the same.
position we’re in today. Our business is not static. There’s always work to be done. But we believe we can
Our top performers are now selling even more. Last year, a record 61 Nordstrom salespeople sold $1 million
continue to build on our momentum and redefine what’s possible at Nordstrom. Thank you for your support
or more – that’s twice the number of million-dollar sellers we had just two years ago. An important
over the past years. We look forward to bringing you more positive news in the months and years ahead.
enhancement has been our implementation of new touch-screen registers, completed last November in all
Full-Line stores. We also added Personal Book to the registers, a dynamic tool that allows salespeople to
build and strengthen customer relationships. We are just beginning to realize the benefits of this powerful
tool. Personal Book will be a key focus for our company in 2005. We believe it will help improve the
Blake W. Nordstrom
experience customers have in our store – and the overall service we provide them.
President, Nordstrom, Inc.
14 15

lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser
ncierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café
rdstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare
management’s discussion and analysis
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional
erchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper
Management’s Discussion and Analysis Improve operational efficiencies — In addition to delivering solid
top-line results, we are continuing to focus on improving operational
ncierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar Nordstrom is a fashion specialty retailer offering a wide selection
efficiencies. We focus on managing the costs which do not impact
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator of high-quality apparel, shoes, cosmetics and accessories for women,
customer service. Our current expense initiatives focus on the areas
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café men and children. Nordstrom offers classic and contemporary brand
of logistics, information technology, and merchandising. In addition,
rdstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare and private label merchandise as well as exclusive couture
name
we expect planned system enhancements to result in additional
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional designs. We offer our products through multiple retail channels
opportunities to streamline our processes and reduce costs over the
erchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store including our Full-Line Nordstrom stores, our discount Nordstrom Rack
next few years. Our planning processes are also more rigorous,
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player our Façonnable boutiques, our catalogs and on the Internet at
stores,
challenging our organization to make better business decisions.
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise www.nordstrom.com. Our stores are primarily located throughout the
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper States. In addition, our credit operations offer customers a
United OVERVIEW
lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser of payment products and services including our loyalty program.
variety
For the year we are pleased to report improved profitability for the
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator STRATEGIC INITIATIVES FOR 2005 company and our investors, with diluted earnings per share up 57.4%
to $2.77. Our strong business performance in the latter half of 2003
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager caféOur long-term goal is to deliver industry-leading performance.
table of contents and throughout 2004 generated significant increases in our operating
rdstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincareWe have two overarching initiatives in 2005 that will take us towards
cash flows, which we have used to invest in our business, prepay debt
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional that goal.
and repurchase common stock. Key highlights include:
erchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store
17 management’s discussion and analysis
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player top-line growth — One of our top goals is to drive and
Drive
• Total net sales were $7.1 billion, which is the first time in our
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise sustain positive same-store sales into the future. Our ultimate history that sales have exceeded $7.0 billion. Also, in 2004, same-store
26 management reports success in accomplishing this goal starts and ends with the experience
sales increased 8.5% (see our GAAP sales reconciliation on page 21).
lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser customer has in our stores. We believe the foundation of that
each
This was our third consecutive year with same-store sales increases
ncierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar customer experience is based upon providing superior service and
rista buyer corporate merchandise manager regionalreport on internal control over financial reporting
27 auditors’ merchandiser divisional merchandise manager designer creator compelling products. These two key elements of our business will be and indicates that our existing store base continues to gain
market share.
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café an ongoing focus for our company as we work to sustain our same-store
rdstrom server chef visual merchandiser concierge stockperson piano player financial statements
28 auditors’ report on consolidated personal shopper shoeshine valet skincare momentum.
sales • Gross profit increased from 34.6% of sales in 2003 to 36.1% in 2004.
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional Customers want fashion, and we strive to be a leader in the Continued improvement in merchandise management and sales growth
erchandise manager designer creator event consolidateddesigner housekeeper salesperson tailor alterations store
29 planner web statements of earnings leverage on our buying and occupancy expenses were the primary
marketplace with products and trends. One of the core elements of
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player we do is give customers a reason to buy something new. We drivers. In 2004, inventory turn was 4.51, up from 4.10 in 2003.
what
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise believe this is a core strength of our merchant team, but the dynamic • With our strong sales performance in 2004, management was focused
anager regional merchandiser divisional30 consolidated balance sheets
merchandise manager designer creator event planner web designer housekeeper of our business means that there will always be opportunities
nature on ensuring that fixed costs were controlled and that variable costs
lesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser area to improve the speed and flexibility by which we respond
in this fluctuated at a rate consistent with the sales growth. Such disciplined
ncierge stockperson piano player personal consolidated statements of shareholders’ beauty director espresso bar to fashion trends. In addition, to maximize our inventory investment,
31 shopper shoeshine valet skincare specialist equity expense management resulted in significant improvement in selling,
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator we will continue to develop proficiency with our existing perpetual general and administrative expense as a percentage of sales and
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager caféinventory tools.
rdstrom server chef visual merchandiser concierge stockperson piano of cashpersonal shopper shoeshine valet skincare
32 consolidated statements player flows maximized the flow through of incremental sales to earnings.

ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional In 2005, our service-focused initiative is to use our Personal Book • Pre-tax earnings as a percentage of sales increased from 6.2% in
erchandise manager designer creator eventnotes to consolidated financial statements
33 planner web designer housekeeper salesperson tailor alterations store system. Personal Book is a dynamic tool that helps our people build 2003 to 9.1% in 2004, demonstrating that we were able to transform
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player strengthen customer relationships by better anticipating and
and top-line growth into significant incremental earnings.
rsonal shopper shoeshine valet skincare specialist beauty director summary bar barista buyer corporate merchandise responding to customer needs. With Personal Book, our salespeople are
50 eleven-year statistical espresso
anager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper to set and manage their customer follow-ups, organize and track
able
customer preferences and easily reference customer purchases and
ncierge stockperson piano player personal retail store facilities skincare specialist beauty director espresso bar contact information. The result is that our salespeople are able to tailor
52 shopper shoeshine valet
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator our service to the needs of each customer. We are able to stay
ent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café connected with our customers and invite them back in for the new
54 officers of the corporation and executive team
rdstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincaretrends, merchandise, sales and events that interest them. Overall,
ecialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional Personal Book provides us with increased opportunities to exceed
erchandise manager designer creator event board ofweb designer housekeeper salesperson tailor alterations store
55 planner directors and committees expectations, build customer loyalty and drive additional sales volume.
anager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player
56 shareholder information
rsonal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise
16 17
rista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator

nordstrom 2004_AR

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