Nordstrom 2004 Annual Report Download

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designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager
salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merc
espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager desi
department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper bea
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sale
visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espre
designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator department man-
shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional mer-
tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge
espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skin-
divisional merchandise manager designer salesperson event planner web designer housekeeper salesperson tailor
stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer
event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nord-
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divi-
alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson
corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager
personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise
housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual
beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager
department manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper shoeshine
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor
stockperson piano player personal shopper shoeshine valet skincare specialist beauty director salesperson barista
event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nord-
skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divi-
alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson
corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist
divisional merchandise manager designer creator event planner web designer salesperson salesperson tailor alterations store manager
personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise
housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual
beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager
department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper sales-
visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso
salesperson creator event planner web designer housekeeper salesperson tailor alterations store manager operator department
shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional
salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser
espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer
department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor
concierge stockperson piano player personal shopper shoeshine salesperson skincare specialist beauty director espresso bar
creator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager
valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser
alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stock-
buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event plan-
café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations
stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corpo-
web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom
beauty director espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchan-
store manager operator department manager salesperson chef visual merchandiser concierge stockperson piano player personal
corporate merchandise manager regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper
visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director
divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alterations store manager operator
personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise manager
salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchan-
espresso bar barista buyer corporate merchandise manager regional merchandiser divisional merchandise manager designer
department manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet
regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper salesperson tailor alter-
thebusiness
of fashion
nordstrom, inc. annual report 2004
nordstrom, inc. annual report 2004

Table of contents

  • Page 1
    ... event planner web designer housekeeper salesperson tailor alterations store ma personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate mercha keeper salesperson tailor alterations store manager operator department manager café nordstrom server chef...

  • Page 2
    ... merchandise reator event planner web designer housekeeper salesperson tailor alterations store manager operator department manager salesperson chef visual merchandiser concierge stockperson piano player personal shopper shoeshine v nordstrom, inc. annual report 2004 the business of fashion

  • Page 3
    ... you. Overall, 2004 tor event planner web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper s alet skincare specialist director bar barista buyer corporate...

  • Page 4
    ... ner web specialist e manager rchandise f visual e manager al shopper salesperson bar nt manager erchandiser stockperson anner web specialist manager chandise f visual delivering a great shopping experience is born out of teamwork - creative people coming together to delight the customer 2004 It...

  • Page 5
    ..."sammy" samuels tailor nordstrom garden state plaza pete nordstrom president full-line stores jeff gardner women's shoes buyer south region dale cameron evp/corporate merchandise manager cosmetics roberto cavalli designer tracy reese designer kandice dolkart store manager nordstrom at the grove...

  • Page 6
    ... buyer corporate merchandise ma regional merchandiser divisional merchandise manager designer creator event planner web designer housekeeper son tailor alterations store manager operator department manager café nordstrom server chef visual merchandise we sold 30 million pairs of shoes last year...

  • Page 7
    ... web designer housekeeper salesperson tailor alterations store manager operator department manager café nordstrom server chef visual merchandiser concierge stockperson piano player personal shopper shoeshine valet skincare specialist beauty director espresso bar barista buyer corporate merchandise...

  • Page 8
    ... corporate merchandise manag regional merchandiser divisional merchandise manager designer creator event planner web designer housekeepe person tailor alterations store manager operator department manager café nordstrom server chef visual merchan concierge stockperson piano player personal shopper...

  • Page 9
    ... highlights from 2004 include a record year by our Nordstrom Rack stores, which far outpaced other off-price retailers, and an excellent year by our online business, which outpaced industry average growth rates and contributed to our overall success. We're confident we can continue to build momentum...

  • Page 10
    ... merchandiser divisional merchandise manager designer creator of high-quality apparel, shoes, cosmetics and accessories for women, vent planner web designer housekeeper salesperson tailor alterations store manager operator department manager café men and children. Nordstrom offers classic and...

  • Page 11
    ... our private label business. Merchandise division gross profit was led by Accessories, Women's Specialized Apparel, Women's Contemporary/Juniors Apparel and Men's Apparel. Average inventory per square foot declined due to improved merchandise management at both our Full-Line and Rack stores. Buying...

  • Page 12
    ... management left us with lower, appropriate inventory levels after the holidays. January receipts of new merchandise replenished our inventory levels resulting in an increase in accounts payable. Investment in asset backed securities increased as Nordstrom VISA credit sales increased during the year...

  • Page 13
    ... backed by Nordstrom private label card receivables, but we reduced the capacity by $50.0 million to $150.0 million due to better pricing on the unsecured line of credit. This note is renewed annually and interest is paid based on the actual cost of commercial paper plus specified fees. We also pay...

  • Page 14
    ... predict fashion trends, consumer apparel buying patterns, our ability to control costs, weather conditions, hazards of nature, trends in personal bankruptcies and bad debt write-offs, changes in interest rates, employee relations, our ability to continue our expansion plans, potential opportunities...

  • Page 15
    ... opinion on the effectiveness of the Company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain...

  • Page 16
    ...LLP Seattle, Washington April 7, 2005 Fiscal year Net sales Cost of sales and related buying and occupancy costs Gross profit Selling, general and administrative expenses Operating income Interest expense, net Minority interest purchase and reintegration costs Other income including finance charges...

  • Page 17
    ...salaries, wages and related benefits Other current liabilities Income taxes payable Current portion of long-term debt Total current liabilities Long-term debt, net Deferred property incentives, net Other liabilities Shareholders' equity: Common stock, no par value: 500,000 shares authorized; 135,665...

  • Page 18
    ... direct mail catalogs). Our Credit Operations offer a Nordstrom private label card and a co-branded Nordstrom VISA credit card, which generate earnings through finance charges and securitization-related gains. Our operations also include a product development group, which coordinates the design and...

  • Page 19
    .... The cost of securities sold was based on the specific identification method. Securitization of Accounts Receivable: We offer Nordstrom private label cards and co-branded Nordstrom VISA credit cards to our customers. Substantially all of the receivables related to both credit cards are securitized...

  • Page 20
    ...: Customers who reach a cumulative purchase threshold when using our Nordstrom private label cards or our cobranded Nordstrom VISA credit cards receive merchandise certificates. These merchandise certificates can be redeemed in our stores similar to a gift certificate. We estimate the net cost of...

  • Page 21
    ... tax rate Accrued expenses Compensation and benefits accruals Bad debts Gift cards and gift certificates Merchandise certificates Merchandise inventories Capital loss carryforwards Other Total deferred tax assets Land, buildings and equipment basis and depreciation differences Employee benefits...

  • Page 22
    ... approximately $171,000 primarily for the construction of new stores and the remodeling of existing stores. Note 11: Long-Term Debt A summary of long-term debt is as follows: Our restricted trade receivables relate to our Nordstrom private label card and back the previously discussed $300,000 Class...

  • Page 23
    ... backed by Nordstrom private label card receivables and reduced the capacity by $50,000 to $150,000. This note is renewed annually and interest Stock Option Plans In 2004, our shareholders approved the 2004 Equity Incentive Plan. We currently grant stock options, performance share units and common...

  • Page 24
    ..., shoes, cosmetics and accessories. It includes our Full-Line, Rack and Façonnable stores as well as our product development group, which coordinates the design and production of private label merchandise sold in our retail stores. The Credit Operations segment revenues consist primarily of finance...

  • Page 25
    ... interest purchase and reintegration costs: Fiscal Year Excess of the purchase price over the fair market value of the preferred stock Nordstrom.com option/warrant buyback expense Professional fees incurred Total Note 19: Self Insurance We are self insured for certain losses related to health and...

  • Page 26
    ... Quarterly Data (unaudited) Fiscal Year 2004 Net sales Same-store sales percentage change Gross profit Earnings before income taxes Net earnings Net earnings as a percentage of net sales Basic earnings per share Diluted earnings per share Dividends per share Common stock price High Low 1st Quarter...

  • Page 27
    ... Customer accounts receivable, net Investment in asset backed securities Merchandise inventories Current assets Current liabilities Working capital Working capital ratio Land, buildings and equipment, net Long-term debt, including current portion Debt/capital ratio Shareholders' equity Shares...

  • Page 28
    ... 29, 2005 Location SOUTHWEST GROUP Store Name Square Footage Year Store Opened Location Paramus Short Hills Chandler Fashion Center Scottsdale Fashion Square Santa Anita Brea Mall Topanga Los Cerritos Center The Village at Corte Madera South Coast Plaza North County Glendale Galleria The Grove...

  • Page 29
    ...Strategy and Development Member of Executive Team Suzanne R. Patneaude, 58 Vice President, Corporate Merchandise Manager, Designer/Savvy, Full-Line Stores R. Michael Richardson, 48 Vice President and Chief Information Officer Karen Bowman Roesler, 49 Vice President, Marketing Nordstrom Credit Group...

  • Page 30
    ... OFFICES 1617 Sixth Avenue Seattle, Washington 98101-1742 Telephone (206) 628-2111 ANNUAL MEETING Additional shareholder information, including Nordstrom's Corporate Governance Guidelines and Code of Business Conduct and Ethics, is available online at www.nordstrom.com. In addition, the Company...