Nordstrom reported financial results for fiscal year 2001 with net sales increasing 1.9% to $5.6 billion and net earnings growing 22.3% to $124.7 million. Nordstrom saw comparable store sales growth and increased sales per square foot. The company focused on offering great styles, value, and customer service during challenging times for retail. Nordstrom implemented Perpetual Inventory to improve inventory management and the customer experience.
This document provides an annual report for Barnes & Noble for the 1998 fiscal year. It summarizes the company's financial performance including record sales of over $3 billion and net earnings of $92.4 million. It highlights the opening of 50 new stores, including flagship locations in Baltimore, Salt Lake City, and Calabasas. The report also discusses the company's continued focus on building community within its stores through events and author appearances while expanding its online business through barnesandnoble.com.
WESCO International is a leading distributor of electrical products and maintenance supplies. In 2000, WESCO saw sales growth of 13.4% and a 36% increase in net income. The company completed three acquisitions in 2000 that added over $90 million in annual sales. Looking ahead, WESCO expects continued sales growth in 2001 and improvements in operating margins through cost reduction initiatives and a focus on increasing personnel productivity.
In 2007, Anheuser-Busch Companies, Inc. saw increases in barrels of beer sold, gross sales, net sales, gross profit, operating income, equity income, net income, diluted earnings per share, operating cash flow, common dividends paid, and EBITDA compared to 2006. Key financial metrics like return on shareholders' equity and return on capital employed also increased year-over-year. Total assets and debt balances grew while the number of employees and registered shareholders declined slightly.
This document is the 1998 annual report of USG Corporation. It provides an overview of the company's strategy, results, and outlook. The key points are:
- USG's strategy focuses on investing in its core gypsum, ceilings, and distribution businesses to drive long-term growth. This includes new products, capacity expansion, and cost reductions.
- This strategy has led to record financial performance in 1998, with net sales of $3.1 billion (up 9%) and net earnings of $332 million (up 124%).
- Domestic construction markets remain strong, particularly in residential repair/remodeling. Nonresidential construction is also growing.
- While some international markets face challenges
- Tricon Global Restaurants owns KFC, Pizza Hut, and Taco Bell restaurant chains. In 2001, the company saw increases in ongoing operating profit, net income, and earnings per share compared to 2000, though total revenues declined slightly.
- The company aims to improve customer satisfaction ratings by focusing on running great restaurants and improving the customer experience, which it recognizes is an area that needs significant improvement. It plans to train employees to have a "Customer Mania" mindset with the goal of becoming the best in the industry for customer service.
This annual report summarizes Yum! Brands' financial and operational performance in 2004. Key highlights include:
- Record operating profit of $1.2 billion and cash flow of $1.1 billion from strong international expansion, particularly in China, and momentum at Taco Bell and Pizza Hut in the US.
- China operations generated over $1 billion in revenue and $200 million in profits, up over 20%, establishing dominant positions for KFC and Pizza Hut in China.
- International division outside China grew profits 10-15% through expanding existing markets and developing new ones like India and France.
- Taco Bell and Pizza Hut had strong US same-store sales growth while KFC
Quest Diagnostics is the leading provider of diagnostic testing in the US. In 2001, the company achieved record sales and earnings while strengthening its financial position. It also realized initial benefits from its Six Sigma quality initiative, which is aimed at improving patient care. Quest Diagnostics has a national network of laboratories and patient service centers that make diagnostic testing convenient for physicians and patients. Its pursuit of Six Sigma Quality is helping to differentiate the company.
Yum! Brands had a very successful financial year in 2002, with revenue growth of 12% and ongoing operating earnings per share growth of 19%. A key driver of growth was the company's international business, where ongoing operating profits grew 22% and over 1,000 new restaurants were opened. Looking ahead, Yum! Brands plans to double its number of international restaurants in the next 8-10 years. Additionally, the company sees potential to expand in the US through its strategy of "multibranding", which involves offering multiple brands like KFC, Taco Bell, and Pizza Hut under the same roof. This allows Yum! to drive higher sales and pursue new market opportunities. The goal is to remodel
This document provides an annual report for Barnes & Noble for the 1998 fiscal year. It summarizes the company's financial performance including record sales of over $3 billion and net earnings of $92.4 million. It highlights the opening of 50 new stores, including flagship locations in Baltimore, Salt Lake City, and Calabasas. The report also discusses the company's continued focus on building community within its stores through events and author appearances while expanding its online business through barnesandnoble.com.
WESCO International is a leading distributor of electrical products and maintenance supplies. In 2000, WESCO saw sales growth of 13.4% and a 36% increase in net income. The company completed three acquisitions in 2000 that added over $90 million in annual sales. Looking ahead, WESCO expects continued sales growth in 2001 and improvements in operating margins through cost reduction initiatives and a focus on increasing personnel productivity.
In 2007, Anheuser-Busch Companies, Inc. saw increases in barrels of beer sold, gross sales, net sales, gross profit, operating income, equity income, net income, diluted earnings per share, operating cash flow, common dividends paid, and EBITDA compared to 2006. Key financial metrics like return on shareholders' equity and return on capital employed also increased year-over-year. Total assets and debt balances grew while the number of employees and registered shareholders declined slightly.
This document is the 1998 annual report of USG Corporation. It provides an overview of the company's strategy, results, and outlook. The key points are:
- USG's strategy focuses on investing in its core gypsum, ceilings, and distribution businesses to drive long-term growth. This includes new products, capacity expansion, and cost reductions.
- This strategy has led to record financial performance in 1998, with net sales of $3.1 billion (up 9%) and net earnings of $332 million (up 124%).
- Domestic construction markets remain strong, particularly in residential repair/remodeling. Nonresidential construction is also growing.
- While some international markets face challenges
- Tricon Global Restaurants owns KFC, Pizza Hut, and Taco Bell restaurant chains. In 2001, the company saw increases in ongoing operating profit, net income, and earnings per share compared to 2000, though total revenues declined slightly.
- The company aims to improve customer satisfaction ratings by focusing on running great restaurants and improving the customer experience, which it recognizes is an area that needs significant improvement. It plans to train employees to have a "Customer Mania" mindset with the goal of becoming the best in the industry for customer service.
This annual report summarizes Yum! Brands' financial and operational performance in 2004. Key highlights include:
- Record operating profit of $1.2 billion and cash flow of $1.1 billion from strong international expansion, particularly in China, and momentum at Taco Bell and Pizza Hut in the US.
- China operations generated over $1 billion in revenue and $200 million in profits, up over 20%, establishing dominant positions for KFC and Pizza Hut in China.
- International division outside China grew profits 10-15% through expanding existing markets and developing new ones like India and France.
- Taco Bell and Pizza Hut had strong US same-store sales growth while KFC
Quest Diagnostics is the leading provider of diagnostic testing in the US. In 2001, the company achieved record sales and earnings while strengthening its financial position. It also realized initial benefits from its Six Sigma quality initiative, which is aimed at improving patient care. Quest Diagnostics has a national network of laboratories and patient service centers that make diagnostic testing convenient for physicians and patients. Its pursuit of Six Sigma Quality is helping to differentiate the company.
Yum! Brands had a very successful financial year in 2002, with revenue growth of 12% and ongoing operating earnings per share growth of 19%. A key driver of growth was the company's international business, where ongoing operating profits grew 22% and over 1,000 new restaurants were opened. Looking ahead, Yum! Brands plans to double its number of international restaurants in the next 8-10 years. Additionally, the company sees potential to expand in the US through its strategy of "multibranding", which involves offering multiple brands like KFC, Taco Bell, and Pizza Hut under the same roof. This allows Yum! to drive higher sales and pursue new market opportunities. The goal is to remodel
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
The Pantry, Inc. 2001 Annual Report summarizes the company's strategic moves in fiscal 2001 to strengthen its future. Despite challenges from rising gas prices and economic downturn, the company streamlined processes, enhanced efficiency, and implemented technology initiatives like new reporting and inventory systems. It acquired 45 stores to strengthen its market position but curtailed aggressive expansion. The Pantry focused on cost cuts, improving merchandise sales, and leveraging new fuel pricing systems to balance profits and volume in a volatile gas market. It positioned itself to capitalize on future growth opportunities once market conditions improve.
plains all american pipeline Annual Reports 2000finance13
Plains All American Pipeline is a master limited partnership that transports, terminals, gathers and markets crude oil. It handles over 600,000 barrels per day across assets in multiple US states and provinces in Canada. The company achieved strong financial results in 2000 with increased operating margins and cash flow. Plains All American plans to continue growing organically and through strategic acquisitions, recently expanding into Canada through the acquisition of Murphy Oil's midstream assets to capitalize on increasing oil production and demand in the region. The company maintains a strong financial profile to support its growth objectives.
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
- WESCO achieved record financial results in 2005, with net sales reaching $4.42 billion, a 18.2% increase over 2004. Income from operations was $209 million and net income was $103.5 million, both record highs.
- WESCO's strong performance is driven by its over 6,000 employees and their commitment to operational excellence and continuous improvement. The company's size, scale, and focus on customer service has helped achieve positive momentum.
- WESCO completed two acquisitions in 2005, Fastec Industrial Corp. and Carlton-Bates Company, which strengthened the company's product and service offerings. WESCO expects continuous improvement initiatives and a strong organization to
Yum! Brands achieved 13% earnings per share growth in 2005, driven by continued international expansion and strong performance in the US at Taco Bell and KFC. The company's diversified global portfolio helped it weather challenges like high gas prices and avian flu concerns. International markets contributed significantly to growth, with the franchise business achieving double digit sales and profit increases and over 700 new restaurants opening internationally. The company is focused on further developing high growth markets like China, India, Russia, and Europe to drive continued profitable expansion.
#
3 Drive Same Store Sales same store sales growth at Taco Bell and KFC in the U.S.
Growth Through was outstanding. Taco Bell achieved a remarkable
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
This 11-year financial summary provides key financial metrics for Walmart from 1991-2001. Some key points:
- Net sales increased each year, growing 16% in 2001 to $191 billion, driven by domestic and international expansion as well as a 5% increase in comparable store sales.
- Operating expenses increased slightly as a percentage of sales in 2001 due to higher maintenance, repair and depreciation costs. Gross margins remained relatively steady.
- Interest costs increased in 2001 and 2000 due to higher debt levels resulting from the acquisition of ASDA in 2000.
- Net income grew 16% in 2001 to $6.3 billion, with basic earnings per share reaching $1.41.
Capital One had a remarkable year in 1997, setting records for financial and operating performance. They added 3.2 million new customers, ending the year with 11.7 million accounts. Capital One's success demonstrates the power of their information-based strategy and innovation. Going forward, they see opportunity for continued growth in the US and internationally by applying their strategy of mass customization.
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
In 1998, CVS experienced tremendous growth and accomplishments across key measures. CVS operated over 4,000 stores, the largest drugstore chain in America. CVS opened a record 382 new stores and remodeled 1,900 Revco stores. CVS acquired the Arbor drugstore chain, making it the market leader in Detroit. CVS filled more prescriptions than any other retailer in America and achieved sales growth of 11.1% to $15.3 billion.
The Progressive Corporation reported financial results for September 2004 and year-to-date. For September, net income increased 28% to $120.5 million compared to the same period last year. Net premiums earned grew 11% to $1.013 billion. The combined ratio was 88.1. For the year-to-date period, net income increased 38% to $1.235 billion, while net premiums earned grew 16% to $9.605 billion. The company also reported total investment returns and provided additional details on expenses and earnings per share.
1) Gannett Co. saw increases in operating revenues, operating income, and income from continuing operations before non-recurring gains in 1999 compared to 1998. However, net income and earnings per share declined slightly.
2) Major financial metrics like total assets, capital expenditures, shareholders' equity, and operating cash flow all increased substantially from 1998 to 1999.
3) Gannett Co. is a large, diversified media company involved in newspaper and magazine publishing, television broadcasting, marketing services, and commercial printing across the U.S. and internationally.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including Retail Stores, Direct, Credit, and Other. It provides an overview of Nordstrom's operations including its store count, real estate strategy, and sales by segment. It also outlines the company's trademarks, return policy, seasonality, inventory management, competition, employees, and regulatory filings. Key risks to Nordstrom's business from economic conditions, consumer spending patterns, competitive pricing, and effective execution of its strategies are also summarized.
The document outlines a June 2016 remodel of the men's shoes section at the Nordstrom store in Costa Mesa, California. The remodel included installing new areas for men's sneakers, Cole Haan and modern boots, sneaker trend shops, designer and sandals, and designer statement walls.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
Nordstrom's 2001 Annual Report provides key financial highlights and performance metrics for the fiscal year. It discusses comparable store sales growth, total sales growth, earnings per share, and other metrics. The report also features interviews with Nordstrom employees discussing how the company is responding to challenges in retail by focusing on great products, customer service, and relationships. Employees discuss benefits of new initiatives like Perpetual Inventory and how Nordstrom transfers its core values to new markets. An operations executive also discusses bringing expenses under control by focusing on the customer experience and leveraging the company's size.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future success and increased competition. Key points include:
- Sales growth was driven by new full-line store openings and Rack store expansion. However, inventory levels had expanded faster than sales.
- The company realigned its buying structure to streamline decision making and gain leverage in the market.
- Initiatives are outlined to drive quality sales growth from existing stores through listening to customers and inspiring brand loyalty.
- The company is well positioned for future growth through new store opportunities and adapting to changing customer demands.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future competition. While sales growth was achieved through new store openings, existing store sales did not grow as expected due to excess inventory levels. The company took steps to better align inventory levels with sales. It also streamlined its buying structure to improve accountability and gain leverage in the market. Going forward, Nordstrom aims to generate quality sales growth from both new and existing stores through various new initiatives focused on the customer experience.
allstate Highlights & Chairman's Letter 1999finance7
Allstate reported financial results for 1999 with revenues of $26.96 billion, up 4.2% from 1998. However, operating income fell 19.1% to $2.08 billion and net income dropped 17.4% to $2.72 billion. Total assets increased 11.9% to $98.12 billion while shareholders' equity declined 3.7% to $16.60 billion. Per share, operating income fell 15.9% to $2.59 and net income declined 14.2% to $3.38. Allstate outlined strategic initiatives to expand its business scope through new distribution channels like the internet and phone, as well as acquisitions of other insurance businesses. The company committed
Parker is the world's leading manufacturer of motion and control technologies, providing precise engineered solutions across commercial, industrial, and aerospace markets. For fiscal year 1999, Parker reported record sales of $4.96 billion, income from operations of $538.7 million, and net income of $310.5 million, despite a softening in industrial demand. Parker is strategically diversified across industries and geographies, with no single customer accounting for more than 4% of sales, positioning it for continued global growth.
The Pantry, Inc. 2001 Annual Report summarizes the company's strategic moves in fiscal 2001 to strengthen its future. Despite challenges from rising gas prices and economic downturn, the company streamlined processes, enhanced efficiency, and implemented technology initiatives like new reporting and inventory systems. It acquired 45 stores to strengthen its market position but curtailed aggressive expansion. The Pantry focused on cost cuts, improving merchandise sales, and leveraging new fuel pricing systems to balance profits and volume in a volatile gas market. It positioned itself to capitalize on future growth opportunities once market conditions improve.
plains all american pipeline Annual Reports 2000finance13
Plains All American Pipeline is a master limited partnership that transports, terminals, gathers and markets crude oil. It handles over 600,000 barrels per day across assets in multiple US states and provinces in Canada. The company achieved strong financial results in 2000 with increased operating margins and cash flow. Plains All American plans to continue growing organically and through strategic acquisitions, recently expanding into Canada through the acquisition of Murphy Oil's midstream assets to capitalize on increasing oil production and demand in the region. The company maintains a strong financial profile to support its growth objectives.
The document is the 2002 annual report for FedEx. It highlights that in fiscal year 2002:
- Revenues increased 5% to a record $20.6 billion.
- Net income increased 22% to a record $710 million.
- Diluted earnings per share increased 18% to a record $2.34.
The report discusses how FedEx executed well despite a sluggish economy by containing costs, matching resources to demand, and capitalizing on opportunities through its diversified business units. It expresses confidence that ongoing efforts to improve productivity and focus on customers will help increase performance as the economy recovers.
- WESCO achieved record financial results in 2005, with net sales reaching $4.42 billion, a 18.2% increase over 2004. Income from operations was $209 million and net income was $103.5 million, both record highs.
- WESCO's strong performance is driven by its over 6,000 employees and their commitment to operational excellence and continuous improvement. The company's size, scale, and focus on customer service has helped achieve positive momentum.
- WESCO completed two acquisitions in 2005, Fastec Industrial Corp. and Carlton-Bates Company, which strengthened the company's product and service offerings. WESCO expects continuous improvement initiatives and a strong organization to
Yum! Brands achieved 13% earnings per share growth in 2005, driven by continued international expansion and strong performance in the US at Taco Bell and KFC. The company's diversified global portfolio helped it weather challenges like high gas prices and avian flu concerns. International markets contributed significantly to growth, with the franchise business achieving double digit sales and profit increases and over 700 new restaurants opening internationally. The company is focused on further developing high growth markets like China, India, Russia, and Europe to drive continued profitable expansion.
#
3 Drive Same Store Sales same store sales growth at Taco Bell and KFC in the U.S.
Growth Through was outstanding. Taco Bell achieved a remarkable
USG Corporation had a very successful year in 1999. Net sales increased 15% to $3.6 billion, operating profit rose 25% to $730 million, net earnings increased 27% to $421 million, and diluted earnings per share were $8.39 compared to $6.61 in 1998. To continue this growth, USG is investing in new state-of-the-art manufacturing facilities to increase production capacity and replace older, higher-cost plants. They are also focusing on innovation, expanding distribution through L&W Supply, strengthening customer relationships, and building their brands.
Atmos Energy Corporation is a natural gas distribution and pipeline company headquartered in Dallas, Texas. In fiscal year 2008, the company reported $180.3 million in net income on $7.2 billion in operating revenues. Atmos Energy distributes natural gas to 3.2 million customers in 1,600 communities across 8 states. The company has grown significantly through acquisitions, adding over 2.7 million customers since 1983. Atmos Energy aims to continue growing its regulated natural gas distribution operations and complementary nonregulated energy businesses.
This 11-year financial summary provides key financial metrics for Walmart from 1991-2001. Some key points:
- Net sales increased each year, growing 16% in 2001 to $191 billion, driven by domestic and international expansion as well as a 5% increase in comparable store sales.
- Operating expenses increased slightly as a percentage of sales in 2001 due to higher maintenance, repair and depreciation costs. Gross margins remained relatively steady.
- Interest costs increased in 2001 and 2000 due to higher debt levels resulting from the acquisition of ASDA in 2000.
- Net income grew 16% in 2001 to $6.3 billion, with basic earnings per share reaching $1.41.
Capital One had a remarkable year in 1997, setting records for financial and operating performance. They added 3.2 million new customers, ending the year with 11.7 million accounts. Capital One's success demonstrates the power of their information-based strategy and innovation. Going forward, they see opportunity for continued growth in the US and internationally by applying their strategy of mass customization.
Mohawk Industries is the second largest carpet manufacturer in the US. In 1999, Mohawk saw increases in net sales (12% to $3.1 billion), net earnings (23% to $157.2 million), and earnings per share (23% to $2.61 per share). Mohawk achieved strong growth through a combination of internal expansion and acquisitions, gaining market share despite only a 3% industry growth. While Mohawk's financial performance was strong, its stock price did not reflect this, leading the board to approve a share repurchase program to demonstrate confidence in the company's future.
In 1998, CVS experienced tremendous growth and accomplishments across key measures. CVS operated over 4,000 stores, the largest drugstore chain in America. CVS opened a record 382 new stores and remodeled 1,900 Revco stores. CVS acquired the Arbor drugstore chain, making it the market leader in Detroit. CVS filled more prescriptions than any other retailer in America and achieved sales growth of 11.1% to $15.3 billion.
The Progressive Corporation reported financial results for September 2004 and year-to-date. For September, net income increased 28% to $120.5 million compared to the same period last year. Net premiums earned grew 11% to $1.013 billion. The combined ratio was 88.1. For the year-to-date period, net income increased 38% to $1.235 billion, while net premiums earned grew 16% to $9.605 billion. The company also reported total investment returns and provided additional details on expenses and earnings per share.
1) Gannett Co. saw increases in operating revenues, operating income, and income from continuing operations before non-recurring gains in 1999 compared to 1998. However, net income and earnings per share declined slightly.
2) Major financial metrics like total assets, capital expenditures, shareholders' equity, and operating cash flow all increased substantially from 1998 to 1999.
3) Gannett Co. is a large, diversified media company involved in newspaper and magazine publishing, television broadcasting, marketing services, and commercial printing across the U.S. and internationally.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including Retail Stores, Direct, Credit, and Other. It provides an overview of Nordstrom's operations including its store count, real estate strategy, and sales by segment. It also outlines the company's trademarks, return policy, seasonality, inventory management, competition, employees, and regulatory filings. Key risks to Nordstrom's business from economic conditions, consumer spending patterns, competitive pricing, and effective execution of its strategies are also summarized.
The document outlines a June 2016 remodel of the men's shoes section at the Nordstrom store in Costa Mesa, California. The remodel included installing new areas for men's sneakers, Cole Haan and modern boots, sneaker trend shops, designer and sandals, and designer statement walls.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
Nordstrom's 2001 Annual Report provides key financial highlights and performance metrics for the fiscal year. It discusses comparable store sales growth, total sales growth, earnings per share, and other metrics. The report also features interviews with Nordstrom employees discussing how the company is responding to challenges in retail by focusing on great products, customer service, and relationships. Employees discuss benefits of new initiatives like Perpetual Inventory and how Nordstrom transfers its core values to new markets. An operations executive also discusses bringing expenses under control by focusing on the customer experience and leveraging the company's size.
This annual report from Nordstrom provides an overview of the company's financial performance in 2000 and discusses some changes made that year based on customer feedback. It highlights that Nordstrom's greatest asset is its employees and salespeople. The report emphasizes focusing resources on supporting employees and giving them ownership over merchandise selection to best meet customer needs at the local level. It provides examples of top performing salespeople to illustrate Nordstrom's culture of customer service.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future success and increased competition. Key points include:
- Sales growth was driven by new full-line store openings and Rack store expansion. However, inventory levels had expanded faster than sales.
- The company realigned its buying structure to streamline decision making and gain leverage in the market.
- Initiatives are outlined to drive quality sales growth from existing stores through listening to customers and inspiring brand loyalty.
- The company is well positioned for future growth through new store opportunities and adapting to changing customer demands.
The 1999 Nordstrom annual report discusses the company's transition to better position itself for future competition. While sales growth was achieved through new store openings, existing store sales did not grow as expected due to excess inventory levels. The company took steps to better align inventory levels with sales. It also streamlined its buying structure to improve accountability and gain leverage in the market. Going forward, Nordstrom aims to generate quality sales growth from both new and existing stores through various new initiatives focused on the customer experience.
allstate Highlights & Chairman's Letter 1999finance7
Allstate reported financial results for 1999 with revenues of $26.96 billion, up 4.2% from 1998. However, operating income fell 19.1% to $2.08 billion and net income dropped 17.4% to $2.72 billion. Total assets increased 11.9% to $98.12 billion while shareholders' equity declined 3.7% to $16.60 billion. Per share, operating income fell 15.9% to $2.59 and net income declined 14.2% to $3.38. Allstate outlined strategic initiatives to expand its business scope through new distribution channels like the internet and phone, as well as acquisitions of other insurance businesses. The company committed
WESCO International is a leading distributor of electrical products and other maintenance, repair and operating supplies. In 1999, WESCO saw record sales of $3.4 billion and net income of $35.1 million. The company operates over 340 branches across North America and focuses on exceptional customer service, a wide selection of quality products, and reliable logistics to ensure on-time delivery.
WESCO International is a leading distributor of electrical products and other maintenance, repair and operating supplies. In 1999, WESCO saw record sales of $3.4 billion and net income of $35.1 million. The company operates over 340 branches across North America and focuses on exceptional customer service, a wide selection of quality products, and reliable logistics to ensure on-time delivery.
- Anheuser-Busch is a brewing company that sold over 121 million barrels of beer worldwide in 2005, generating $17.3 billion in gross sales.
- Net income was $1.8 billion in 2005, a decrease from $2.2 billion in 2004, due to a $105 million litigation settlement charge.
- Total assets were $16.6 billion as of the end of 2005, and shareholders' equity grew to $3.3 billion, resulting in a return on equity of 61.2%.
This financial summary provides key financial information for Anheuser-Busch for the years 2004-2002. Some highlights include:
- Gross sales increased from $17.16 billion in 2004 to $16.32 billion in 2003 and $15.69 billion in 2002. Operating income increased from $3.36 billion in 2004 to $3.20 billion in 2003.
- Barrels of Anheuser-Busch beer brands sold worldwide increased from 116.8 million in 2004 to 111 million in 2003 and 109.8 million in 2002.
- Net income increased from $2.24 billion in 2004 to $2.08 billion in 2003 and $1.93 billion in 2002. Basic and
This 11-year financial summary provides key financial metrics for Walmart from 1999-2000. Net sales increased 20% in 2000 to $165 billion driven by expansion and an 8% increase in comparable store sales. Gross margins improved slightly in both 2000 and 1999 despite price rollbacks. Operating expenses increased slightly as a percentage of sales in 2000 due to increased payroll costs and a legal settlement. Segment sales growth was highest for the international segment, while SAM's Club sales declined as a percentage of total sales.
WESCO International is a leading distributor of electrical products and maintenance supplies. In 2000, WESCO saw sales growth of 13.4% and a 36% increase in net income. Some key highlights include:
- Sales reached $3.9 billion for the year, up from $3.25 billion in 1999.
- Net income increased to $39.4 million, though this was below targets due to restructuring charges taken in response to economic weakness.
- The company acquired three distribution companies during the year to expand its product offerings and geographic coverage.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
United Health Group Financial Performance at a Glancefinance3
This document provides an overview of the financial performance of UnitedHealth Group for 2004, 2003, and 2002. Revenues increased to $37.2 billion in 2004 from $28.8 billion in 2003. Earnings from operations grew to $4.1 billion from $2.9 billion. Net earnings increased to $2.6 billion from $1.8 billion. All four of the company's business segments saw increases in revenues and earnings from operations over the periods shown. Cash flows from operating activities rose to $4.1 billion in 2004 from $3 billion in 2003.
allstate Highlights & Chairman's Letter 2002finance7
The document provides an annual report from The Allstate Corporation for the year 2002. It summarizes the company's financial highlights for 2002, noting increases in revenues, total assets, and operating income compared to 2001. It also includes a message from the Chairman, Edward M. Liddy, who discusses Allstate's strategy, priorities, and accomplishments in 2002, including improved financial results, risk management actions, and business transformations to broaden offerings and customer base. He expresses confidence in Allstate's position and strategy for continued growth and profitability.
Comcast's 2005 annual report highlights that the company saw increases in revenues, operating cash flow, depreciation and amortization, operating income, income from continuing operations, and revenue generating units from 2004 to 2005. Some key financial details are revenues of $22.2 billion, operating cash flow of $8.5 billion, and operating income of $3.7 billion for 2005. The number of employees also grew to approximately 80,000 in 2005.
Omnicom reported record revenues and net income in 1997. Key highlights included:
- Worldwide billings increased 17% to $21.9 billion.
- Net income increased 26% to $222.4 million.
- Omnicom led its industry in total shareholder return over the previous five years.
- The company's major advertising networks - BBDO, DDB Needham, and TBWA - all achieved strong growth and recognition for creative excellence.
This document provides an annual financial summary and letter to shareholders for Gannett Co., Inc. for the year 2000. Some key points:
- Revenues exceeded $6 billion for the first time, up 22% from 1999, due to strong advertising demand, the Olympics, and election spending.
- Operating cash flow rose 19% to $2.2 billion on strong results across businesses. Earnings increased 10% to $972 million despite higher costs.
- Gannett completed several major acquisitions in 2000, including Newsquest, Central Newspapers (adding the Arizona Republic and Indianapolis Star), and other newspapers.
- The company grew to 99 daily newspapers in the US and expanded its presence in fast
This document provides an annual financial summary and letter to shareholders for Gannett Co., Inc. for the year 2000. Some key points:
- Revenues exceeded $6 billion for the first time, up 22% from 1999, due to strong advertising demand, the Olympics, and election spending.
- Operating cash flow rose 19% to $2.2 billion on strong results across businesses. Earnings increased 10% to $972 million despite higher costs.
- Gannett completed several major acquisitions in 2000, including Newsquest, Central Newspapers (adding the Arizona Republic and Indianapolis Star), and other newspapers.
- The company grew to 99 daily newspapers in the US and expanded its presence in fast
The document provides key financial data for Deutsche EuroShop AG for 2011 and 2010, including a 34% increase in EBIT to €165.7 million and revenue growth of 32% to €190 million. Total assets increased 9% to €3.225 billion. The equity ratio was 45.7% and net asset value per share grew 5% to €27.64. The company proposes a dividend of €1.10 per share, unchanged from 2010.
P&G is celebrating its 165th year of providing trusted brands to consumers around the world. In 2002, P&G marketed nearly 300 brands in over 160 countries. Key financial highlights included a 3% increase in net sales to $40.2 billion and a 49% increase in net earnings to $4.352 billion. Core earnings per share grew 10% as the company delivered broad sales growth across all business units and regions.
omnicom group Q4 2005 Investor Presentation finance22
The document summarizes Omnicom Group's financial results for the full year 2005. Some key highlights include:
- Revenue for 2005 increased 7.5% to $10.481 billion compared to 2004, with organic revenue growth of 7.3%.
- Net income for 2005 grew 9.3% to $790.7 million from $723.5 million in 2004.
- Earnings per share increased 11.1% to $3.88 per diluted share in 2005, up from $3.48 per diluted share in 2004.
- Advertising revenue grew the most at 9.1% for the full year, while public relations growth was the slowest at 2.
- The Progressive Corporation reported financial results for February 2005, with net premiums written up 12% and net income down 12% compared to February 2004.
- Personal lines policies in force grew 12% year over year while commercial auto policies in force rose 14%.
- The combined ratio was 85.2% for February 2005, an increase of 1.5 percentage points from February 2004, driven partly by lower favorable reserve development on prior accident years.
The Progressive Corporation reported financial results for February 2005, with net premiums written up 12% and net income down 12% compared to February 2004. Progressive saw growth in both its Personal and Commercial Auto business lines. The combined ratio was 85.2%, an increase of 1.5 percentage points from the prior year. Policies in force increased 12% overall, with growth across all business segments.
Ecolab is a leading global provider of cleaning, sanitizing, pest elimination, maintenance and repair products and services. It operates in over 40 countries directly and serves customers in over 100 countries total. Ecolab's common stock is publicly traded on the NYSE and Pacific Exchange. The document provides an overview of Ecolab's business descriptions, financial highlights for 2000-1999 including net sales, income from continuing operations, diluted income per share, and dividends declared per share. It also includes graphs showing trends in these financial metrics from 1996-2000.
The annual report for 2002 provides financial highlights for the company including:
- Net sales increased 6.1% from 2001 to $5.975 billion.
- Earnings before income taxes decreased 4.3% to $195.6 million.
- Net earnings decreased 27.6% to $90.2 million.
The annual report summarizes Nordstrom's financial performance in 2002. Net sales increased 6.1% to $5.975 billion compared to 2001. Earnings before taxes decreased 4.3% to $195.6 million. Net earnings decreased 27.6% to $90.2 million and basic earnings per share decreased 28% to $0.67. Nordstrom made progress increasing sales and reducing expenses as a percentage of sales but recognizes there is still work to be done to reach its goals.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on listening to customers, providing quality service, and investing in employees and tools to build long-term customer loyalty and competitive advantage.
Nordstrom reported strong financial results for fiscal year 2003, with net sales increasing 8.6% to $6.49 billion and net earnings increasing 169.2% to $242.8 million. The company saw improvements in key metrics like gross profit margin and inventory turnover. Nordstrom aims to further enhance the customer experience through new technologies like touchscreen registers and personal book software. The report discusses Nordstrom's focus on disciplined growth, delivering the right merchandise assortments to each store, and leveraging technology improvements to better serve customers and drive profitable growth.
The document lists various job roles within the fashion retail business, including designers, salespeople, managers, and support staff. It then provides financial highlights and key metrics for Nordstrom, Inc. for the year 2004, including total revenue, net earnings, earnings per share, and total number of employees. The roles listed help illustrate the wide range of positions involved in operating a large retail fashion business.
The document lists various job roles within the fashion retail business of Nordstrom, Inc. It includes designers, salespeople, managers, servers, and other operational roles across the company. The roles support functions like design, sales, store operations, visual merchandising, and supply chain management.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including retail stores, direct, credit, and other. It provides an overview of Nordstrom's operations, including its store count, real estate strategy, brands, suppliers, seasonality, inventory management, and competitive environment. The report also addresses risks to Nordstrom's business from economic conditions, consumer spending, competition, and other factors.
This document is Nordstrom's annual report on Form 10-K for the fiscal year ending January 31, 2009. It provides information on Nordstrom's business operations and financial results. Specifically, [1] it describes Nordstrom's retail operations including its full-line department stores, Nordstrom Rack off-price stores, and clearance stores; [2] it notes that Nordstrom operates 171 stores across 28 U.S. states as of March 2009; and [3] it divides Nordstrom's business into four segments: Retail Stores, Direct, Credit, and Other. The filing also includes details on store openings, financial and operating results, risk factors, properties, legal proceedings, and other disclosures required in an annual
- Nordstrom reported strong financial results for fiscal year 2005 with total sales increasing 8.3% to $7.7 billion and same-store sales growth of 6%. Net earnings increased 40.1% to $551 million compared to 2004.
- The company aims to continue its growth in 2006 by focusing on maximizing sales in women's apparel, providing a seamless shopping experience across channels, and expanding into new markets like Boston.
- Nordstrom's strategies for continuous improvement include testing new store concepts, enhancing its online presence, leveraging technology investments, and refining inventory management tools.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion and net earnings increased 23% to $678 million. Other highlights included gross profit and earnings before taxes reaching record high percentages of net sales. Nordstrom also announced a $2.8 billion capital plan to fund new stores, remodels, and other customer-facing initiatives to drive further growth. The company is well positioned for future growth given its focus on serving customers through both stores and online channels.
Nordstrom reported strong financial results for fiscal year 2006. Total sales increased 10.8% to a record $8.6 billion, with earnings before taxes exceeding $1 billion for the first time. The gross profit rate was 37.5% and expenses as a percentage of sales improved for the sixth consecutive year. Nordstrom also announced a $2.8 billion capital investment plan focused on new stores, remodels, and technology improvements to enhance the customer experience across channels. The Chairman expressed optimism for Nordstrom's future given its focus on serving customers and executing narrow initiatives through the lens of its values.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
The document is Nordstrom's annual report (Form 10-K) filed with the SEC for the fiscal year ended February 2, 2008. It provides an overview of Nordstrom's business segments and operations, discusses competitive conditions and risks. Key points include:
- Nordstrom has four business segments: Retail Stores, Direct, Credit, and Other. Retail Stores and Direct are the main segments.
- In 2007, Nordstrom opened new stores and remodeled existing stores. It also sold its Façonnable boutiques.
- Nordstrom faces competition from other retailers and risks including its ability to respond to fashion trends, effective inventory management, and economic conditions.
This document is Nordstrom's annual report on Form 10-K filed with the SEC, summarizing its business operations for the fiscal year ended January 31, 2009. It discusses Nordstrom's segments including Retail Stores, Direct, Credit, and Other. It provides an overview of Nordstrom's operations including its store count, real estate strategy, and sales by segment. It also outlines the company's trademarks, return policy, seasonality, inventory management, competition, employees, and risk factors associated with its business.
sonic automotive SAHStephens20June20Conference20Presentationfinance43
This document contains forward-looking statements by a company and its management regarding future performance. These statements are predictions and not guarantees. Readers are cautioned that actual results may differ from projected results due to various risks and uncertainties. Historical financial data is also presented regarding the company's revenues, profits, expenses, capitalization, and same-store sales growth. The company's strategic plans to improve performance through initiatives regarding used vehicles, parts and service, marketing, associate training, and financial management are summarized.
sonic automotive SAHStephens20June20Conference20Presentationfinance43
This document contains forward-looking statements by a company regarding its future performance. These statements are predictions and not guarantees. The document cautions readers that actual results may differ from projections due to various risk factors. It provides the company's revenue breakdown by division and lists initiatives in used vehicles, parts/service/collision repair, finance/insurance, associate training, and marketing.
sonic automotive SAHPressReleaseQ208July29finance43
This document contains a cautionary notice regarding forward-looking statements in the company's presentations. These statements are predictions and not historical facts, and involve risks and uncertainties that could cause actual results to differ materially. The document also reviews the company's second quarter 2008 earnings, including declines in revenue, income, and EPS compared to the prior year. Key factors like falling new vehicle sales and rising inventory are negatively impacting the industry and the company's performance.
sonic automotive SAHPressReleaseQ208July29finance43
This document contains a cautionary notice regarding forward-looking statements in the company's presentations. These statements are predictions and not guarantees of future performance, and involve risks and uncertainties. Actual results may differ from projections. It also lists risk factors in the company's Form 10-Q that could adversely affect actual performance.
The document provides an overview of Sonic Automotive's third quarter 2008 earnings review conference call. It discusses the challenging external environment, impairment charges, realignment efforts, and strategic focus on operational excellence, talent retention, standardized processes, and strengthening the balance sheet. Financial results showed declines in revenue and profits compared to last year. Management aims to control expenses and inventory while executing on initiatives to position the company for long-term success.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024)
nordstrom R2001AR
1. 2001 ANNUAL REPORT
[why this store. why now.]
20200324 NORDSTROM Cyan Mag Yelo Blk
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2. Financial Highlights
Dollars in thousands except per share amounts
Fiscal Year 2001 2000 % Change
Net sales $5,634,130 $5,528,537 1.9
Earnings before income taxes 204,488 167,018 22.4
Net earnings 124,688 101,918 22.3
Basic earnings per share .93 .78 19.2
Diluted earnings per share .93 .78 19.2
Cash dividends paid per share .36 .35 2.9
Stock Prices 2001 2000
Fiscal Year high low high low
First Quarter 21.17 15.60 34.50 18.25
Second Quarter 22.75 17.00 30.00 16.56
Third Quarter 22.97 13.80 19.50 14.19
Fourth Quarter 25.50 14.25 21.00 14.88
Nordstrom, Inc. common stock is traded on the New York Stock Exchange NYSE Symbol JWN
Comparable Store Sales % Change
• •
Total Sales % Change Sales per Square Foot
9.8%
9.1%
8.5%
8.4%
$395
•
$388
7.6%
7.4%
•
$383
$384
$382
$381
•
$377
• •
• • • • •
5.6%
• • •
5.1%
$362
4.4%
4.0%
$350
•
3.8%
• •
$342
•
2.7%
•
2.0%
• •
1.9%
1.4%
1.4%
•
$321
0.6%
0.3%
• •
-0.7%
-2.7%
•
-2.9%
-1.1%
• • • •
•
• •
• •
91 92 93 94 95 96 97 98 99 00 01 91 92 93 94 95 96 97 98 99 00 01
SG&A as a % of Sales Diluted Earnings per Share $1.46
$1.41
31.6%
30.6%
• •
$1.23
$1.20
29.6%
•
28.3%
• •
$1.00
•
27.7%
27.6%
27.5%
•
$ 0.93
$0.90
$0.86
26.4%
26.4%
26.2%
26.2%
$0.82
•
$0.82
• • • •
$0.78
• •
• • • • • • • •
91 92 93 94 95 96 97 98 99 00 01 91 92 93 94 95 96 97 98 99 00 01
Index
9 Management’s Discussion and Analysis 19 Consolidated Statements of Cash Flows 40 Officers of the Corporation
16 Consolidated Statements of Earnings 20 Notes to Consolidated Financial Statements and Executive Team
17 Consolidated Balance Sheets 37 Independent Auditors’ and Management Report 41 Board of Directors and Committees
18 Consolidated Statements of Shareholders’ Equity 38 Eleven-Year Statistical Summary 42 Retail Store Facilities
44 Shareholder Information
1 NORDSTROM INC. AND SUBSIDIARIES
View this entire report online. Please visit www.nordstrom.com to see this report and obtain the latest available information.
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3. why Nordstrom?
What is it that makes this
company uniquely positioned
to not only survive, but thrive,
in today’s uncertain economic
environment? Good question.
At Nordstrom, we truly believe
we have something special to
offer. Most notably, we have
a team of really incredible
people all dedicated to
enhancing our reputation
and improving the way we do
business on a daily basis.
So who better to answer
questions about the state of our
company than the folks
ultimately responsible for
making it all happen.
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4. Q: What is Nordstrom
doing differently in response to the
challenging state of retail today?
A: quot;Today, from a merchandising standpoint, it’s all about great items. Styles customers can really get excited
about. Things I get excited about. To me, that’s the definition of customer service. When the customer leaves
the store with a big smile on her face because she found just what she was looking for. Or maybe she picked up
something that just caught her eye. Something she couldn’t resist. At Nordstrom, we carry a huge selection.
Both name brands and private labels. Stock a ton of sizes. And these days value is a big part of the equation.
The customer needs to feel she’s getting her money’s worth. Whether it’s a $50 pair of shoes or a $250 pair of
shoes, I need to make sure it’s the best pair of shoes available for that price. When all is said and done, we
want every customer to walk away feeling really good about what they bought.”
GENIE YAO
BP. SHOES BUYER
Northern California
13 Y EARS OF S ERVICE
2 NORDSTROM INC. AND SUBSIDIARIES
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5. A: quot;I work in Encore, our plus-size department, and some women come in not feeling that good about
themselves. But I tell them we don’t allow that here. It’s not allowed. So lift your head up when you come
into my department. And when we get to the counter it’s like a little party. Women are laughing and
conversing, and it’s just a whole new experience for them. We discuss things. It’s uplifting. I think that
brings them back here even during times we’re going through right now. Maybe more so. So to answer
the question are we doing anything different? Maybe there is a renewed sense of community and a
greater appreciation for the people we interact with. More of a connection. But really that’s the way we’ve
always gone about it. Sure we’re selling clothes. But it’s more about the relationships. About listening to
customers and caring enough to make them feel good. And that makes me feel good. I’m proud to be
working for a family-owned business that truly appreciates its customers — and allows its sales
associates the freedom to do whatever it takes to ensure their satisfaction.quot;
SUE BAKER
ENCORE SALESPERSON
Indianapolis, Indiana
6 Y EARS OF S ERVICE
NORDSTROM INC. AND SUBSIDIARIES 2
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6. Q: What are the key benefits you expect
to realize with Perpetual Inventory?
A: “First and foremost, we view Perpetual
Inventory as a tool — a very powerful tool
that will ultimately allow us to better
serve the customer. It will accomplish
this in many ways. The big plus at the
point of sale will be our ability to track
down and transfer an item for a customer
much more quickly and efficiently. The
obvious byproduct of this greater
efficiency is expense savings. Our legacy
system was very manual. With the new
system, there’s no more paperwork. In
the end, we’ll save time. We’ll save
money. We’ll have more time to spend
with that customer.
At its core, Perpetual Inventory is a
merchandising system. Basically, it will
give our buyers the ability to make better
decisions about the products they buy for
our stores. If they know more about what
they’re selling by store, by size and by
color, they will be able to make better
decisions about what to buy in the future.
What’s more, they’ll be able to more
effectively manage their inventory, and
react to trends a lot faster.
Right now, there’s definitely a lot of
learning going on, but in general the
implementation is going very well. When
all is said and done, Perpetual Inventory
undoubtedly will have a positive impact
on the way we run our business, but only
to the extent that it allows us to be a
better, smarter, more efficient retailer.
And better serve our customers.quot;
TONJA KUNTZ
VICE PRESIDENT
CORPORATE MERCHANDISE MANAGER
Women’s Active Sportswear/Hosiery/Lingerie
14 Y EARS OF S ERVICE
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7. Q: How does
Nordstrom
transfer the
company’s core
values to new
markets?
A: quot;At Nordstrom, we’re not only trying to build long-term relationships with our customers, we’re
building lasting relationships with our employees as well. And that’s how the culture thrives. All of my
managers, my mentors, have wanted me to succeed. That’s something you really feel around here. In
fact, they recommended me for the manager position here in Tampa. So I made the move. Now I’m
passing my knowledge and experience on to the next generation. Ultimately, I want the people on my
team to go on to Orlando or Coral Gables when we open those stores. I think that’s what it’s really all
about. By promoting from within, we’re grooming people for what they really want to do. We’re creating
new leaders. And that’s an awesome feeling, because you’re also working toward the company’s goals.
In the end, everyone wins.quot;
JAIME FERNANDEZ
MEN’S FURNISHINGS
DEPARTMENT MANAGER
Tampa, Florida
4 Y EARS OF S ERVICE
NORDSTROM INC. AND SUBSIDIARIES 5
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8. Q: What is the company
doing to bring expenses
under control?
A: quot;Speaking from an operations perspective, I think we have established clarity on exactly what we need
to invest in. As you might imagine, we are focusing our resources on the customer experience — what they
see, what they feel when they walk into our stores. To that end, we engaged in some pretty in-depth
analysis on what is at the core of our long-term operational strategy. After deciding on the things it made
sense committing to, we made sure we could deliver them with a quality/cost balance. It all boils down to
best practices. Leveraging our size to make smarter purchases. Looking at our distribution network and
utilizing it to service the stores more efficiently. The bottom line in operations, we feel that if we can
deliver our product to store managers, regional managers, merchandisers, front-line salespeople in a
manner that is essentially transparent to them, they will be free of distractions in their interactions with
the customers in our stores.”
MIKE SATO
VICE PRESIDENT
Full-Line Stores Operations
17 Y EARS OF S ERVICE
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9. Q: What is Nordstrom
doing to enhance the
customer experience?
A: quot;Nordstrom has always been defined by the customer experience — and it’s this experience that draws
customers in and keeps them coming back. As a company, it’s what we all focus on. From the buyers who
buy the clothes, to people who stock the shelves. And of course, there’s our salespeople. We pride
ourselves on having the best in the business. My job is to remove any barriers that would keep them from
making the customer happy. To give them the tools they need, and then get out of the way. As for the store
itself, I think we have done a better job recently defining the merchandise offering in each of our
departments, which makes it easier for customers to find what they’re looking for. I also think the buyers
have done a good job of taking all the feedback—and they get a lot—and adjusting the merchandise mix to
reflect what our customers really want.quot;
MICHELLE HAGGARD
STORE MANAGER
Riverside, California
10 Y EARS OF S ERVICE
NORDSTROM INC. AND SUBSIDIARIES 7
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10. Dear Customers, Employees and Shareholders,
At Nordstrom, nothing is more important than the connection between our
salespeople and customers. For this relationship to flourish, our customers must
believe we are sincere in our desire to make their shopping experience as enjoyable
and rewarding as possible. And our folks on front lines must feel that they are
empowered to not only meet, but exceed our customers’ expectations.
Over the past 12 months, we have made significant progress in our goal to regain the
trust and goodwill of these two key groups. As we’ve increased our focus on the front
lines, we have also reviewed many of our operating procedures and practices to make
sure our time and energy are well spent — all while building upon the core values
that define our culture and differentiate our position in the marketplace.
I’ve highlighted some of our more noteworthy accomplishments below.
• We’ve worked to clarify the offering in each of our lifestyle departments, making it
easier for customers to find the items that appeal to them, while providing more
balance to our overall merchandise mix.
• We’ve improved on getting the right item, at the right time, at the right price in each
of these departments, which is helping to drive volume.
• We’ve finished testing and begun implementation of our Perpetual Inventory
system, a vital merchandising tool that will provide us with information to make
smarter decisions throughout the selling process, and better serve our customers.
• We’ve streamlined back-of-the-house operations, saving valuable time and effort,
while also helping us achieve significant reductions in our overall costs.
There is no doubt that none of these things would have been possible without the
focus and dedication of our entire team. Through their efforts, we believe we are
getting back on track regarding what it is that makes Nordstrom unique and special.
But we realize there is still more work to be done. Obviously, these are challenging
times, and consumers have many choices when it comes to spending their hard-
earned money. At Nordstrom, we need to make sure that we are providing real,
tangible reasons why they might choose to shop with us. We must continue to hone
our listening skills, and maintain a sense of urgency when responding to our
customers’ needs. I’m confident we’re doing just that.
Sincerely,
Blake W. Nordstrom
PRESIDENT
20200324 NORDSTROM Cyan Mag Yelo Blk
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11. Management’s Discussion and Analysis
Overview Net Sales (in millions)
Earnings for 2001 (the fiscal year ended January 31, 2002) for
Nordstrom, Inc. and its subsidiaries (collectively, the “Company”)
$4,865
$5,049
$5,529
$5,634
$5,149
increased by 22% as compared to 2000. This increase was
primarily attributable to nonrecurring charges experienced in
$6,000
the prior year. Excluding nonrecurring charges, earnings for
$5,500
2001 declined by 8.4% due in large part to the slowing economy.
The Company experienced a modest increase in net sales due to $5,000
the opening of new stores but comparable store sales (sales from
$4,500
stores open at least one full fiscal year) declined. Gross profit as
$4,000
a percent of sales also declined primarily due to higher markdowns
taken to increase sales and liquidate excess inventories. Selling,
1997 1998 1999 2000 2001
general and administrative expenses as a percent of sales declined
as a result of focused ef forts in 2001 to reduce costs.
In 2002 (the fiscal year ending January 31, 2003), the Company Year over year net sales percentage increases and comparable store
plans to focus on sales growth, managing merchandise inventory sales percentages are as follows:
levels, controlling expenses, and making disciplined capital Fiscal Year 2001 2000 1999
investment decisions. The Company will also strive to build on
Net sales increase 1.9% 7.4% 2.0%
its core values of customer service and delivering the right mix
Comparable store sales (2.9%) 0.3 % (1.1%)
of quality merchandise at the right price.
The net sales increase of 1.9% in 2001 was due to new store
openings. During 2001, the Company opened four Nordstrom
RESULTS OF OPERATIONS
full-line stores, eight Nordstrom Rack stores and three Façonnable
boutiques. The increases in net sales were of fset by negative
Percentage of 2001 Sales by Merchandise Category comparable store sales and a decline in sales at Nordstrom.com.
Comparable store sales in the first half of the year were lower
Children’s Apparel by 1.3% and in the second half of the year were lower by 4.4%.
and Accessories 4% Other 3% The decline in the second half of 2001 was largely due to the
Men’s Apparel and overall slowdown in the economy. The most significant sales
Furnishings 18%
Women’s Apparel 35%
declines were in men’s apparel and shoes while women’s apparel
was essentially f lat.
Net sales increased 7.4% in 2000 due to new store openings.
During 2000, the Company opened six Nordstrom full-line stores
and ten Nordstrom Rack stores. Comparable store sales were
Shoes 19% essentially f lat in 2000, with increases in shoes, cosmetics
and accessories of fset by decreases in women’s apparel.
The decrease in women’s apparel was primarily attributable
Women’s Accessories 21%
to a change in product mix.
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12. Management’s Discussion and Analysis
In 2002, the Company plans to open eight full-line stores, Excluding nonrecurring charges, selling, general and administrative
four Nordstrom Rack stores and two Façonnable boutiques, expenses as a percentage of net sales decreased in 2001 primarily
increasing retail square footage 8%. Given the continued weakness due to a focused ef fort to control expenses in the areas of sales
in the economy, comparable store sales are planned to be f lat. promotion, direct selling and information technology. These
Based on the sales trend seen in the prior year, comparable store decreases were partially of fset by an increase in bad debt on
sales are planned to be negative in the first half of the year the Company’s credit cards.
and positive in the second half of the year.
In 2000, before nonrecurring charges, the increase in selling,
general and administrative expenses as a percent of sales was
due to increased costs in the areas of direct selling, credit
Gross Profit
and sales promotion, related in part to store openings, and
Gross profit as a percentage of net sales is as follows:
increased costs for information services resulting from
Fiscal Year 2001 2000 1999 the Company’s investment in new technology.
Gross profit as a percent Fiscal 2000 included nonrecurring charges of $23 million,
of net sales 33.2% 34.0% 34.8% of which approximately $10 million (pre-tax) related to the
write-of f of abandoned and impaired information technology
Gross profit as a percentage of net sales declined in 2001
projects, and approximately $13 million (pre-tax) related to
due to higher markdowns and new store occupancy expenses.
employee severance and other costs associated with a change
The higher markdowns were taken to drive sales and to liquidate
in management.
excess inventory caused by the decrease in comparable store sales.
In 2002, selling, general and administrative expenses as
In 2000, the decline in gross profit as a percentage of sales was
a percent of net sales are expected to improve slightly as
due to increased markdowns taken to liquidate excess inventory
the Company continues its focus on expense management
and increased occupancy expenses as a result of additional stores.
while incurring higher costs related to new stores, higher
In 2002, gross profit as a percentage of sales is expected to depreciation related to new information systems and
improve moderately through careful management of inventory continued high levels of bad debt.
levels in relation to sales trends. However, any improvement may
be limited if sales trends are weaker than expected. The Company
expects to complete the rollout of its perpetual inventory system Interest Expense, Net
in 2002. The benefits of having better inventory tracking tools Interest expense, net increased 19.7% in 2001 due to higher
through perpetual inventory should, over time, also improve gross average borrowings, partially of fset by a decrease in interest rates.
profit performance.
In 2000, interest expense, net increased 24.4% primarily
due to higher average borrowings.
Selling, General and Administrative
Selling, general and administrative expenses as a percent of net
sales are as follows:
Fiscal Year 2001 2000 1999
Selling, general and
administrative 30.6% 31.6% 29.6%
Nonrecurring charges — 0.4% 0.2%
Selling, general and
administrative before
nonrecurring charges 30.6% 31.2% 29.4%
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13. Management’s Discussion and Analysis
Service Charge Income and Other, Net (in millions) Earnings per Share (Diluted)
$0.93
$1.20
$1.46
$0.78
$1.41
$134
$110
$131
$117
$111
$140 $1.60
$130 $1.40
$120 $1.20
$110 $1.00
$100 $0.80
1997 1998 1999 2000 2001 1997 1998 1999 2000 2001
Service charge income and other, net primarily represents income Diluted earnings per share are as follows:
from the Company’s credit card operations. Service charge income
Fiscal Year 2001 2000 1999
declined slightly in 2001 due to lower interest rates, f lat credit
Diluted earnings per share $.93 $.78 $1.46
sales and a steady number of credit accounts. This decline was
Nonrecurring charges — .26 .04
of fset by lower miscellaneous charges compared to the prior year.
Diluted earnings per share
In 2000, service charge income increased due to higher credit sales
before nonrecurring charges $.93 $1.04 $1.50
and increases in the number of credit accounts. Credit sales and
the number of credit accounts increased as a result of a targeted Excluding nonrecurring charges, earnings per share for 2001 were
marketing ef fort toward inactive accounts and the introduction of 10.6% worse than 2000 primarily driven by a decline in comparable
a rewards program. store sales and a decline in gross profit percent of fset by decreases
in selling, general and administrative expenses as a percent of sales.
In 2002, service charge income is planned to be higher due to a
small increase in credit sales and credit accounts, and adjustments Excluding nonrecurring charges, earnings per share for 2000 were
to interest rates charged. 30.7% lower than 1999 primarily due to the decline in gross profit
percent and higher selling, general and administrative expenses,
partially of fset by higher service charge income.
Write-of f of Investment
The Company held common shares in Streamline, Inc., an
Fourth Quarter Results
Internet grocery and consumer goods delivery company, at
a cost of approximately $33 million. Streamline ceased its Fourth quarter 2001 earnings per share were $.38 compared with
operations ef fective November 2000. During 2000, the $.20 in 2000. The prior year included a $.01 nonrecurring charge
Company wrote of f its entire investment in Streamline. related to the write-of f of the remaining Streamline investment.
Total sales for the quarter declined by 1.5% versus the same quarter
in the prior year and comparable store sales declined by 3.4%.
The decline in sales was primarily due to the overall slowdown in
the economy. Gross profit increased compared to the same quarter
in the prior year due to lower markdowns. Selling, general and
administrative expenses improved in the quarter compared to the
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14. Management’s Discussion and Analysis
prior year due to lower costs in selling and sales promotion, At January 31, 2002, approximately $456 million has been
partially of fset by higher bad debt. The lower selling, general contractually committed for the construction of new stores
and administrative costs were the result of a focused ef fort or remodel of existing stores. Although the Company has made
to control costs. commitments for stores opening in 2002 and beyond, it is possible
that some stores may not be opened as scheduled because of delays
inherent in the development process, or because of the termination
LIQUIDITY AND CAPITAL RESOURCES
of store site negotiations.
The Company finances its working capital needs, capital
Total Square Footage (thousands)
expenditures, acquisitions, and share repurchase activity with
a combination of cash f lows from operations and borrowings.
Management believes that the Company’s operating cash f lows,
13,593
16,056
14,487
12,614
17,048
existing cash and available credit facilities are suf ficient to
18,000
finance the Company’s operations and planned growth for the
foreseeable future. 16,000
14,000
Cash Flows from Operations 12,000
Net cash provided by operating activities increased approximately 10,000
$238 million in 2001 compared to 2000 primarily due to decreases
1997 1998 1999 2000 2001
in merchandise inventories and accounts receivable.
Net cash provided by operating activities decreased approximately
$193 million in 2000 compared to 1999 largely due to lower Share Repurchase
net earnings and increases in credit card accounts receivable
In May 1995, the Board of Directors authorized $1.1 billion of share
and merchandise inventories.
repurchases. As of January 31, 2002, the Company has purchased
In 2002, cash f lows provided by operating activities are expected 39 million shares of its common stock for $1 billion, with remaining
to decrease due to increases in accounts receivable related to share repurchase authority of $82 million. The share repurchase
increases in credit sales and inventory increases related to the represents 24% of the shares outstanding as of May 1995 after
opening of new stores. adjusting for the 1998 stock split, at an average price per share
of $25.93. Share repurchases have been partially financed through
additional borrowings, resulting in an increase in the Company’s
Capital Expenditures
debt to capital ratio.
The Company’s capital expenditures aggregated approximately $683
million over the last three years, net of developer reimbursements,
principally to add stores, improve existing facilities and purchase Dividend Policy
or develop new information systems. Over 3.5 million square feet In 2001, the Company paid $.36 per share of common stock
of retail store space was added during this period, representing in cash dividends, the fifth consecutive annual dividend increase.
an increase of 25% since January 31, 1999. The Company paid $.35 and $.32 per share of common stock
The Company plans to spend approximately $875 million, net of in fiscal 2000 and 1999.
developer reimbursements, on capital projects during the next
three years, including new stores, the remodeling of existing
stores, new systems and technology, and other items.
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15. Management’s Discussion and Analysis
Acquisition consolidated balance sheets. The Visa VFN is scheduled to expire
in April 2002. The Company is in the process of renewing this
In 2000, the Company acquired Façonnable, S.A. (quot;Façonnablequot;),
credit facility.
of Nice, France, a designer, wholesaler and retailer of high quality
men’s and women’s apparel and accessories. The Company paid The Company owns a 49% interest in a limited partnership which
$88 million in cash and issued 5,074,000 shares of common constructed a new corporate of fice building in which the Company
stock of the Company for a total consideration of $169 million. is the primary occupant. Land, building and equipment includes
The purchase also provides for a contingent payment to one capitalized costs related to this building of $93 million and $57
of the previous owners that may be paid after five years from million as of January 31, 2002 and 2001. The Company is a
the acquisition date. If the previous owner continues to have guarantor of a $93 million credit facility of the limited partnership
active involvement in the business and performance targets of which $89 million and $53 million is outstanding as of January
are met, the contingent payment would approximate $10 million. 31, 2002 and 2001 and is included in other long-term debt.
Since the contingent payment is performance based, the actual
The limited partnership is currently refinancing the $93 million
amount paid will likely vary from this amount and will be
credit facility and has signed a commitment agreement for an
expensed when it becomes probable that the targets will be met.
$85 million mortgage secured by the property. The obligation
will have a fixed interest rate of 7.68% and a term of 18 years.
The Company expects the agreement to close in April 2002 subject
Debt, Available Credit and Debt Ratings
to various requirements. The dif ference between the amount
In October 2000, the Company issued $300 million of 8.95%
outstanding under the original credit facility and the new mortgage
Senior Notes due in 2005. These proceeds were used to reduce
will be funded by the Company.
short-term indebtedness, to fund the acquisition of Façonnable,
In November 2001, the Company entered into a $300 million
and for general corporate purposes.
unsecured revolving credit facility that expires in November 2004.
The Company entered into a variable interest rate swap agreement
This credit facility replaced an existing $500 million line of credit,
in the third quarter of 2001. The swap has a $300 million notional
that was scheduled to expire in July 2002. As of January 31, 2002,
amount and a four-year term. Under the agreement, the Company
no borrowings have been made against this revolving credit facility.
receives a fixed rate of 8.95% and pays a variable rate based on
In November 2001, the Company issued a variable funding note
LIBOR plus a margin of 4.44% set at six-month intervals (6.85%
backed by Nordstrom Private Label Receivables (“PL VFN”) with
at January 31, 2002). Any dif ferences between the amounts paid
a $200 million capacity. As of January 31, 2002, no borrowings
and received on interest rate swap agreements are recognized as
have been made against this note.
adjustments to interest expense over the life of the swap.
The Company has the following credit ratings as of the date of
In November 2001, the Company issued $300 million of Class A
this report.
notes backed by Nordstrom Private Label Receivables (“PL Term”).
Standard
The PL Term bears a fixed interest rate of 4.82% and has a maturity
Credit Ratings Moody’s* and Poor’s*
of five years. Both the debt and related assets of the PL Term are
included in the Company’s consolidated balance sheet. The Senior unsecured debt Baa1 A-
Company will use the proceeds for general corporate purposes Commercial paper P-2 A-2
and capital expansion. *negative outlook
The Company has an outstanding $200 million variable funding These ratings are subject to change depending on the Company’s
note backed by Nordstrom VISA credit card receivables (“Visa VFN”). performance. A significant ratings drop could result in the
In accordance with SFAS No. 140 quot;Accounting for Transfers and termination of the $200 million PL VFN and the $200 million
Servicing of Financial Assets and Extinguishments of L iabilitiesquot; Visa VFN, and a change in interest rates on the $300 million
this debt and the related assets are not reflected in the Company’s 8.95% Senior Notes and the $300 million revolving credit facility.
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16. Management’s Discussion and Analysis
The remainder of the Company’s outstanding debt is not subject Put Agreement
to termination or interest rate adjustments based on changes in
The holders of the minority interest of Nordstrom.com LLC, through
credit ratings.
their ownership interests in its managing member, Nordstrom.com,
The following table summarizes the Company’s contractual Inc., have the right to sell their shares of Nordstrom.com, Inc. to the
obligations and the expected ef fect on liquidity and cash f lows Company for ef fectively $80 million in the event that certain events
excluding the $93 million construction loan and any potential do not occur. This right would terminate if the Company provides at
liability related to the Nordstrom.com Put Agreement. least $100 million in additional funding to Nordstrom.com, Inc.
Less prior to July 1, 2002 or if Nordstrom.com, Inc. completes an initial
than 1-3 4–5 Over public of fering of its common stock prior to September 1, 2002.
Fiscal Year Total 1 Year Years Years 5 Years
It is possible that the Company will choose not to provide the $100
Long-term
million in additional funding and that Nordstrom.com, Inc. will not
Debt $1,330.6 $77.7 $3.0 $700.6 $549.3
complete an initial public of fering on or before September 1, 2002.
Capital Leases 17.2 1.3 2.2 2.2 11.5 If and when the Company determines that neither of those events is
Operating likely to occur and that the purchase of the minority interest shares
Leases 674.1 66.9 125.2 108.5 373.5 is probable, the Company will begin to accrete, over the period
Construction remaining prior to the purchase, the dif ference between that $80
Commitments 456.1 195.9 151.2 — 109.0 million and the fair value of the shares. Based on current values
Total $2,478.0 $341.8 $281.6 $811.3 $1,043.3 for similar businesses, management of the Company believes that
the amount of that dif ference could range from $55 million to
Construction commitments include $109 million shown in the
$65 million.
Over 5 Years category for new stores construction. These contracts
do not have specific due dates and may become due sooner than
five years. Valuation of Intangible Assets
The Company is in the process of performing a valuation to
determine if there has been an impairment of the $138 million
CRITICAL ACCOUNTING POLICIES
intangible asset resulting from the purchase of Façonnable. This is
The preparation of the Company’s financial statements require
the Company’s only intangible asset. The valuation is dependent
that management make estimates and judgments that af fect the
on many factors including future performance and market
reported amounts of assets, liabilities, revenues and expenses,
conditions. Should this asset be impaired, a charge will be
and disclosure of contingent assets and liabilities. On an on-
recorded in the first quarter of 2002.
going basis, the Company evaluates its estimates including
those related to doubtful accounts, inventory valuation, intangible
assets, income taxes, self-insurance liabilities, pensions, contingent Realization of Deferred Tax Assets
liabilities and litigation. The Company bases its estimates on As of January 31, 2002, the Company has $34 million of capital
historical experience and on other assumptions that management loss carryforwards. The utilization of this deferred tax asset is
believes to be reasonable under the circumstances. Actual results contingent upon the ability to generate capital gains within the
may dif fer from these estimates under dif ferent assumptions next four years. No valuation allowance has been provided
or conditions. because management believes it is probable that the full benefit
of the carryforwards will be realized.
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17. Management’s Discussion and Analysis
RECENT ACCOUNTING PRONOUNCEMENTS In February 2002, the Company adopted SFAS No. 144,
“Accounting for the Impairment or Disposal of Long-L ived Assets.”
In February 2001, the Company adopted SFAS No. 133,
SFAS No. 144 retains the fundamental provisions of SFAS No. 121,
“Accounting for Derivative Instruments and Hedging Activities,”
but establishes new criteria for asset classification and broadens
as amended by SFAS No. 137 and No. 138. It requires the fair
the scope of qualifying discontinued operations. The adoption of
value of all derivatives to be recognized as assets or liabilities,
this statement did not have a material impact on the Company’s
and specifies accounting for changes in their fair value. Adoption
financial statements.
of this standard did not have a material impact on the Company’s
financial statements. FORWARD-LOOKING INFORMATION CAUTIONARY STATEMENT
In March 2001, the Company adopted SFAS No. 140 “Accounting Certain statements made in this annual report include forward-
for Transfers and Servicing of Financial Assets and Extinguishments looking statements regarding the Company’s performance, liquidity
of L iabilities,” a replacement of SFAS No. 125 with the same title. and adequacy of capital resources. These statements are based
It revises the standards for securitizations and other transfers of on the Company’s current assumptions and expectations and are
financial assets and collateral and requires certain additional subject to certain risks and uncertainties that could cause actual
disclosures, but otherwise retains most of SFAS No. 125’s results to dif fer materially from those projected. Forward-looking
provisions. Adoption of this standard did not have a material statements are qualified by the risks and challenges posed by
impact on the Company’s financial statements. increased competition, shifting consumer demand, changing
consumer credit markets, changing capital markets and general
The Emerging Issues Task Force reached a consensus on Issue
economic conditions, hiring and retaining ef fective team members,
No. 99-20, “Recognition of Interest Income and Impairment
sourcing merchandise from domestic and international vendors,
on Purchased and Retained Beneficial Interests in Securitized
investing in new business strategies, achieving growth objectives,
Financial Assets,” which provides guidance on how a transferor
and other risks and uncertainties, including the uncertain economic
that retains an interest in securitized financial assets, or an
and political environment arising from the terrorist acts of
enterprise that purchases a beneficial interest in securitized
September 11th and subsequent terrorist activities. As a result,
financial assets, should account for related interest income
while the Company believes there is a reasonable basis for the
and impairment. Adoption of this accounting issue for the
forward-looking statements, one should not place undue reliance
quarter ended July 31, 2001, did not have a material impact
on those statements.
on the Company’s financial statements.
In February 2002, the Company adopted SFAS No. 141 “Business
Combinations” and No. 142 “Goodwill and Other Intangible Assets.”
SFAS No. 141 requires that the purchase method of accounting
be used for all business combinations initiated after June 30, 2001,
and establishes specific criteria for the recognition of goodwill
separate from other intangible assets. Adoption of the accounting
provisions of SFAS No. 141 did not have a material impact on the
Company’s financial statements. Under SFAS No. 142, goodwill
and intangible assets having indefinite lives will no longer be
amortized but will be subject to annual impairment tests.
Other intangible assets will continue to be amortized over their
estimated useful lives. The Company is currently evaluating the
impact of SFAS No. 142 on its earnings and financial position.
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18. Consolidated Statements of Earnings
Dollars in thousands except per share amounts
% of % of % of
Year ended January 31, 2002 sales 2001 sales 2000 sales
Net sales $5,634,130 100.0 $5,528,537 100.0 $5,149,266 100.0
Cost of sales and related
buying and occupancy (3,765,859) (66.8) (3,649,516) (66.0) (3,359,760) (65.2)
Gross profit 1,868,271 33.2 1,879,021 34.0 1,789,506 34.8
Selling, general and administrative (1,722,635) (30.6) (1,747,048) (31.6) (1,523,836) (29.6)
Operating income 145,636 2.6 131,973 2.4 265,670 5.2
Interest expense, net (75,038) (1.4) (62,698) (1.1) (50,396) (1.0)
Write-down of investment — — (32,857) (0.6) — —
Service charge income and other, net 133,890 2.4 130,600 2.3 116,783 2.2
Earnings before income taxes 204,488 3.6 167,018 3.0 332,057 6.4
Income taxes (79,800) (1.4) (65,100) (1.2) (129,500) (2.5)
Net earnings $124,688 2.2 $101,918 1.8 $202,557 3.9
Basic earnings per share $0.93 $0.78 $1.47
Diluted earnings per share $0.93 $0.78 $1.46
Cash dividends paid per share $0.36 $0.35 $0.32
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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