Nordstrom 2002 Annual Report Download - page 24

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consolidated statements of earnings
22 NORDSTROM INC. AND SUBSIDIARIES
Dollars in thousands except per share amounts
% of % of % of
Year ended January 31, 2003 sales 2002 sales 2001 sales
Net sales $5,975,076 100.0 $5,634,130 100.0 $5,528,537 100.0
Cost of sales and related
buying and occupancy (3,971,372) (66.5) (3,765,859) (66.8) (3,649,516) (66.0)
Gross profit 2,003,704 33.5 1,868,271 33.2 1,879,021 34.0
Selling, general and administrative (1,813,968) (30.3) (1,722,635) (30.6) (1,747,048) (31.6)
Operating income 189,736 3.2 145,636 2.6 131,973 2.4
Interest expense, net (81,9 21) (1.4) (75,038) (1.4) (62,698) (1.1)
Write-down of investment —— — — (32,857) (0.6)
Minority interest purchase and reintegration costs (53,168) (0.9) —— ——
Service charge income and other, net 140,977 2.4 133,890 2.4 130,600 2.3
Earnings before income taxes and cumulative
effect of accounting change 195,624 3.3 204,488 3.6 167,018 3.0
Income taxes (92,041) (1.6) (79,800) (1.4) (65,100) (1.2)
Earnings before cumulative effect of
accounting change 103,583 1.7 124,688 2.2 101,918 1.8
Cumulative effect of accounting change
(net of tax) (13,359) (0.2) —— ——
Net earnings $90,224 1.5 $124,688 2.2 $101,918 1.8
Basic earnings per share $0.67 $0.93 $0.78
Diluted earnings per share $0.66 $0.93 $0.78
Cash dividends paid per share $0.38 $0.36 $0.35
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.