Nordstrom 2000 Annual Report Download

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Cyan Mag Yelo Blk
20100444 Nordstrom
2001 Annual Report • 44pgs. + 4 covers pg. FC
16.937 x 10.875 • DCS2 • 150 lpi
2000 ANNUAL REPORT
5523BUMP
5523
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What makes Nordstrom unique?

Table of contents

  • Page 1
    What makes Nordstrom unique? 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 16.937 x 10.875 • DCS2 • 150 lpi 2000 ANNUAL REPORT pg. FC varn BUMP 5523 5523 Cyan Mag Yelo Blk

  • Page 2
    ... 38 Ten-Year Statistical Summary 40 Management and Independent Auditors' Reports 41 Officers of the Corporation 42 Directors and Committees 43 Retail Store Facilities 45 Shareholder Information Nordstrom, Inc. common stock is traded on the New York Stock Exchange NYSE Symbol-JWN. $3,175 $3,416...

  • Page 3
    It's written all over our faces. 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 01 VARN Cyan Mag Yelo Blk

  • Page 4
    ...our Old Orchard store in Skokie, Illinois, has been with Nordstrom but a short time, yet has already made his mark. Actually, Mickey has been in the shoe business for years, having previously run his own shoe store on Michigan Avenue in Chicago. His vast experience offers him the opportunity to help...

  • Page 5
    NORDSTROM, INC. AND SUBSIDIARIES 3 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 03 Cyan Mag Yelo Blk

  • Page 6
    NORDSTROM, INC. AND SUBSIDIARIES 4 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 04 Cyan Mag Yelo Blk

  • Page 7
    ... live out her dream of being a runway model during a Nordstrom fashion show in San Diego. Yolanda Larson is the manager of the Studio 121 department at our Fashion Valley store in San Diego. Her Nordstrom career started in 1992 when she helped open the Mall of America store near Minneapolis. In fact...

  • Page 8
    ... performance. Their actions. Our job is to support those folks." Blake Nordstrom, investors conference, December 6, 2000, New York City It has become apparent to all of us within the company that we must direct our focus to our greatest asset: our people on the front lines. History has proven that...

  • Page 9
    NORDSTROM, INC. AND SUBSIDIARIES 7 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 07 Cyan Mag Yelo Blk

  • Page 10
    NORDSTROM, INC. AND SUBSIDIARIES 8 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 08 Cyan Mag Yelo Blk

  • Page 11
    ... in 2001, we opened a new store at North East Mall in suburban Dallas and replaced our Valley Fair store in San Jose. This fall brings new full-line stores to Columbus, Ohio; Tampa, Florida and Chandler, Arizona. 9 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF...

  • Page 12
    ... and actions of our people are not part of some marketing strategy, per se, but they are what set us apart in the marketplace. Our future is in their hands, and therein lies our best opportunity for success. Celebrating 100 years 10 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375...

  • Page 13
    ..., Human Resources Joined Nordstrom in 1974 Gail Cottle Executive Vice President and President, Nordstrom Product Group Joined Nordstrom in 1969 Linda Toschi Finn Executive Vice President, Marketing Joined Nordstrom in 1975 Kevin Knight Executive Vice President and President, Nordstrom Credit and...

  • Page 14
    ...a frightened 4-year-old until her parents were located at the other end of the mall. It's just part of the job. And with Ada, it just comes naturally. It's no wonder she has twice been honored as a Customer Service All-Star. 12 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10...

  • Page 15
    ...a daily basis, a level of service that will justify your ongoing goodwill and support. Of course, we also welcome your input, which has always been key to helping improve our business. Sincerely, Blake W. Nordstrom President 13 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10...

  • Page 16
    ..., Texas; Glendale, California; Troy, Michigan; Honolulu, Hawaii; Spokane, Washington; Oak Brook, Illinois; Scottsdale, Arizona; and Chandler, Arizona. As a result of the acquisition of Façonnable, S.A. in October 2000, the Company also operates 20 Façonnable boutiques located primarily in Europe...

  • Page 17
    ... the Company's credit card receivables. PERCENTAGE OF 2000 SALES BY MERCHANDISE CATEGORY 3% Other 4% Children's Apparel and Accessories 18% Men's Apparel and Furnishings 35% Women's Apparel 19% Shoes 21% Women's Accessories 15 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375...

  • Page 18
    ... fund new stores and remodels. Additionally, approximately $84 million of cash, net of cash acquired, was used to purchase Façonnable, S.A. ("Façonnable"), of Nice, France, a designer, wholesaler and retailer of high quality men's and women's apparel and accessories. The purchase also provides for...

  • Page 19
    ... of a $93 million SQUARE FOOTAGE BY MARKET AREA AT JANUARY 31, 2001 126,000 1,568,000 9.8% Rack 0.8% Other 4,878,000 30.4% Southwest 4,036,000 25.1% East Coast 2,506,000 15.6% Central States 2,942,000 18.3% Northwest 17 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875...

  • Page 20
    ... certain sales incentives. The Company's adoption of this EITF during the fourth quarter of fiscal 2000 did not have a material impact on the Company's consolidated financial statements for the fiscal year ended January 31, 2001. 18 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375...

  • Page 21
    ...Net sales Costs and expenses: Cost of sales and related buying and occupancy Gross profit Selling, general and administrative Operating income Interest expense, net Write-down of investment Service charge income and other, net... 19 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x ...

  • Page 22
    ...Total current assets Land, buildings and equipment, net Available-for-sale investment Goodwill Trademarks and other intangible assets Other assets Total assets Liabilities and Shareholders' Equity Current liabilities: Notes payable Accounts payable Accrued salaries, wages and related benefits Income...

  • Page 23
    ...stock for: Stock option plans 181,910 4,039 Employee stock purchase plan 165,842 2,211 Business acquisition 5,074,000 77,696 Stock compensation, net (14,075) (1,111) Purchase and retirement of common stock (3,889,908) - Balance... 21 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x...

  • Page 24
    ... taxes and other Accounts payable Accrued salaries, wages and related benefits Income tax liabilities and other accruals Other liabilities Net cash provided by operating activities Investing Activities Capital expenditures Additions to deferred lease credits Payment for acquisition, net of cash...

  • Page 25
    ... point of sale for retail stores. Catalog and e-commerce sales are recorded upon delivery to the customer and include shipping revenue. Buying and Occupancy Costs: Buying costs consist primarily of salaries and expenses incurred by the Company's merchandise managers, buyers and private label product...

  • Page 26
    ... The Company's cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at January 31, 2000 includes $7,605 of checks not yet presented for payment drawn in excess of cash balances. Investments: Short-term and available-for-sale...

  • Page 27
    ... quality men's and women's apparel and accessories. The Company paid $87,685 in cash and issued 5,074,000 shares of common stock of the Company for a total consideration, including expenses, of $169,380. The acquisition is being accounted for under the purchase method of accounting, and, accordingly...

  • Page 28
    ...,942 2001 2000 1999 Fair value of assets acquired Intangible assets recorded Liabilities assumed Total consideration $48,677 144,724 (24,021) $169,380 Note 3: Employee Benefits The Company provides a profit sharing plan for employees. The plan is fully funded by the Company and is noncontributory...

  • Page 29
    ... 128, "Earnings per Share," basic earnings per share is computed on the basis of the weighted average number of common shares outstanding during the year. 27 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 27 PMS 5503 PMS 5773 Cyan Mag Yelo...

  • Page 30
    ... 31, 2001 and 2000, and is included in customer accounts receivable. The Company recognizes gains or losses on its securitization of VISA receivables based on the historical carrying amount 28 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 28...

  • Page 31
    ... to maintain a certain minimum level of net worth and a coverage ratio (as defined) of no less than 2 to 1. the Company's debt rating. The Company pays a commitment fee for the unused portion of the line based on 29 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF...

  • Page 32
    ... units and restricted stock may be granted to key employees of the Company. Stock options are issued at the fair market value of the stock at the date of grant. Options vest over periods ranging from four to eight years, 30 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875...

  • Page 33
    ...with weighted average fair values of $32.09 and $27.75, respectively, which vest over five years. share units or restricted stock. No monetary consideration is paid by employees who receive performance At January 31, 2001, $2,741 was recorded in accrued salaries, wages and related benefits for these...

  • Page 34
    ... expected lives of 5 years for all years. The weighted-average fair value of options granted for Nordstrom.com was $1.04 and $.96 for the years ended January 31, 2001 and 2000, respectively. If SFAS No. 123 were used to account for the Company's stock-based compensation programs, the pro forma net...

  • Page 35
    ... The Retail Stores segment derives its sales from high-quality apparel, shoes and accessories for women, men and children, sold through retail store locations. It includes the Company's Product Development Group which coordinates 33 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375...

  • Page 36
    ...Retail Stores Credit Operations Catalog/ Internet Corporate and Other Eliminations Total Year ended January 31, 2000 Net sales and revenues to external customers Service charge income Intersegment revenues Interest expense, net Depreciation and amortization Income tax expense (benefit) Net earnings...

  • Page 37
    ... General of the states of New York, Ohio, Texas and Florida then opened an investigation into the plaintiffs' allegations, and the Company and the other defendants submitted documents and information to those agencies. Last year, Nine 35 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers...

  • Page 38
    ... not the Company, in Federal District Court in New York on behalf of a class of persons who purchased Nine West footwear during the period January 1, 1988 through July 31, 1999, alleging violations of federal and state antitrust and related laws. Pursuant to the settlement agreements, Nine West paid...

  • Page 39
    ...,219 398,375 55,033 33,633 .25 .25 .08 4th Quarter $1,539,977 529,605 109,147 66,547 .50 .50 .08 Total $5,149,266 1,789,506 332,057 202,557 1.47 1.46 .32 37 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 37 PMS 5503 PMS 5773...

  • Page 40
    ...store sales percentage increase (decrease) Net earnings as a percent of net sales Return on average shareholders' equity Sales per square foot for Company-operated stores Stores Total square...20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi ...

  • Page 41
    NORDSTROM, INC. AND SUBSIDIARIES 1998 1997 1996 1995 1994 1993 1992 $ 641,862 ...,527) 134,359 .82 .82 .155 1.4% 4.23% 15.41% 388 68 8,590,0 0 0 39 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10.875 • PDF • 150 lpi pg. 39 PMS 5503 PMS 5773 Cyan Mag Yelo Blk

  • Page 42
    ... conformity with accounting principles generally accepted in the United States of America. Our responsibility is to express an opinion on these financial Vice President and Corporate Controller (Principal Accounting Officer) 40 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375 x 10...

  • Page 43
    ...line Store Group Bonnie M. Junell, 44 Vice President, Corporate Merchandise Manager, Point of View/Narrative, Full-line Store Group James R. O'Neal, 42 Executive Vice President, East Coast General Manager, Full-line Store Group 41 20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 8.375...

  • Page 44
    ... Willison John N. Nordstrom, 64 Retired Co-Chairman of the Board of Directors Seattle, Washington Alfred E. Osborne, Jr., 56 Director of the Harold Price Center for Entrepreneurial Studies and Associate Professor of Business Economics, The Anderson School at UCLA Los Angeles, California Corporate...

  • Page 45
    ... Pavilion The Shops at Mission Viejo Montclair Plaza Stanford Shopping Center Stoneridge Mall The Galleria at South Bay The Galleria at Tyler Galleria at Roseville Arden Fair Fashion Valley Center Horton Plaza University Towne Centre Stonestown Galleria San Francisco Shopping Centre Hillsdale...

  • Page 46
    ...,000 Store Name area/sq. ft. Location Nordstrom Rack Group Chandler, AZ Phoenix, AZ Scottsdale, AZ Brea, CA Chino, CA Colma, CA Costa Mesa, CA Glendale, CA Sacramento, CA San Diego, CA San Jose, CA San Leandro, CA Woodland Hills, CA Littleton, CO Buford, GA Honolulu, HI Northbrook, IL Oak Brook, IL...

  • Page 47
    ... Nordstrom Downtown Seattle Store John W. Nordstrom Room, fifth floor 1617 Sixth Avenue Seattle, Washington 98101-1742 Form 10-K The Company's Annual Report on Form 10-K for the year ended January 31, 2001 will be provided to shareholders upon written request to: Nordstrom, Inc. Investor Relations...

  • Page 48
    20100444 Nordstrom 2001 Annual Report • 44pgs. + 4 covers 16.937 x 10.875 • DCS2 • 150 lpi pg. BC