Nordstrom 2003 Annual Report Download - page 28

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NORDSTROM, INC. and SUBSIDIARIES
[26 ]
Dollars in thousands except per share amounts
% of % of % of
Fiscal Year 2003 sales 2002 sales 2001 sales
Net sales $6,491,673 100.0 $5,975,076 100.0 $5,634,130 100.0
Cost of sales and related
buying and occupancy (4,213,955) (64.9) (3,965,271) (66.4) (3,762,754) (66.8)
Gross profit 2,277,718 35.1 2,009,805 33.6 1,871,376 33.2
Selling, general and administrative (1,943,715) (30.0) (1,818,381) (30.4) (1,725,740) (30.6)
Operating income 334,003 5.1 191,424 3.2 145,636 2.6
Interest expense, net (90,952) (1.4) (81,921) (1.4) (75,038) (1.4)
Minority interest purchase and reintegration costs —— (53,168) (0.9) — —
Service charge income and other, net 155,090 2.4 139,289 2.4 133,890 2.4
Earnings before income taxes and cumulative
effect of accounting change 398,141 6.1 195,624 3.3 204,488 3.6
Income taxes (155,300) (2.4) (92,041) (1.6) (79,800) (1.4)
Earnings before cumulative effect of
accounting change 242,841 3.7 103,583 1.7 124,688 2.2
Cumulative effect of accounting change
(net of tax of $8,541) —— (13,359) (0.2) — —
Net earnings $242,841 3.7 $90,224 1.5 $124,688 2.2
Basic earnings per share $1.78 $0.67 $0.93
Diluted earnings per share $1.76 $0.66 $0.93
Cash dividends paid per share $0.41 $0.38 $0.36
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
consolidated statements of earnings