Nordstrom 2003 Annual Report Download - page 50

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NORDSTROM, INC. and SUBSIDIARIES
[48 ]
Dollars in thousands except square footage and per share amounts
Fiscal Year 2003 2002 2001 2000
Financial Position
Customer accounts receivable, net $594,900 $606,861 $621,491 $649,504
Retained interest in accounts receivable 272,294 124,543 55,659 50,183
Merchandise inventories 901,623 953,112 888,172 945,687
Current assets 2,455,430 2,088,028 2,057,111 1,812,982
Current liabilities 1,049,549 885,145 950,138 950,568
Working capital 1,405,881 1,202,883 1,106,973 862,414
Working capital ratio 2.34 2.36 2.17 1.91
Land, buildings and equipment, net 1,724,273 1,761,544 1,761,082 1,599,938
Long-term debt, including current portion 1,234,243 1,350,595 1,429,271 1,112,296
Debt/capital ratio .4304 .4960 .5206 .4922
Shareholders’ equity 1,634,009 1,372,864 1,316,245 1,233,445
Shares outstanding 138,376,669 135,444,041 134,468,608 133,797,757
Book value per share 11.81 10.14 9.79 9.22
Total assets 4,465,688 4,111,907 4,051,179 3,608,503
Operations
Net sales 6,491,673 5,975,076 5,634,130 5,528,537
Gross profit 2,277,718 2,009,805 1,871,376 1,879,021
Selling, general, and administrative (1,943,715) (1,818,381) (1,725,740) (1,747,048)
Operating income 334,003 191,424 145,636 131,973
Interest expense, net (90,952) (81,921) (75,038) (62,698)
Write-down of investment —— — (32,857)
Minority interest purchase and reintegration costs — (53,168) — —
Service charge income and other, net 155,090 139,289 133,890 130,600
Earnings before income taxes and cumulative
effect of accounting change 398,141 195,624 204,488 167,018
Income taxes (155,300) (92,041) (79,800) (65,100)
Earnings before cumulative effect of accounting change 242,841 103,583 124,688 101,918
Cumulative effect of accounting change, net of tax —(13,359) — —
Net earnings 242,841 90,224 124,688 101,918
Basic earnings per share 1.78 .67 .93 .78
Diluted earnings per share 1.76 .66 .93 .78
Dividends per share .41 .38 .36 .35
Comparable store sales percentage increase (decrease) 4.3% 1.4% (2.9%) .3%
Net earnings as a percent of net sales 3.74% 1.51% 2.21% 1.84%
Return on average shareholders’ equity 16.15% 6.71% 9.78% 8.43%
Sales per square foot for Company-operated stores 327 319 321 342
Stores 179 166 156 140
Total square footage 19,138,000 18,428,000 17,048,000 16,056,000
eleven-year statistical summary