Nordstrom 2002 Annual Report Download - page 22

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management’s discussion
and analysis
20 NORDSTROM INC. AND SUBSIDIARIES
Indirect Guarantees of the Indebtedness of Others.” FIN 45
elaborates on the disclosures made by a guarantor and also clarifies
that a guarantor is required to recognize, at the inception of a
guarantee, a liability for the fair value of the obligation undertaken
in issuing the guarantee. Adoption of FIN 45 in the fourth quarter
of 2002 did not have a material impact on our financial statements.
Cautionary Statement
The preceding disclosures included forward-looking statements
regarding our performance, liquidity and adequacy of capital
resources. These statements are based on our current assumptions
and expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
projected. Forward-looking statements are qualified by the risks
and challenges posed by increased competition, shifting consumer
demand, changing consumer credit markets, changing capital
markets, changing interest rates and general economic conditions,
hiring and retaining effective team members, sourcing merchandise
from domestic and international vendors, investing in new business
strategies, achieving our growth objectives and the impact of
economic and competitive market forces, including the impact
of terrorist activity or the impact of war. As a result, while we
believe there is a reasonable basis for the forward-looking
statements, you should not place undue reliance on those
statements. This discussion and analysis should be read
in conjunction with the consolidated financial statements
and the Eleven-Year Statistical Summary.