Nordstrom 2005 Annual Report Download - page 36

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28
Nordstrom, Inc.
Consolidated Statements of Earnings
Amounts in thousands except per share amounts
Fiscal year 2005 2004 2003
Net sales $7,722,860 $7,131,388 $6,448,678
Cost of sales and related buying and occupancy costs (4,888,023) (4,559,388) (4,215,546)
Gross profit 2,834,837 2,572,000 2,233,132
Selling, general and administrative expenses (2,100,666) (2,020,233) (1,899,129)
Operating income 734,171 551,767 334,003
Interest expense, net (45,300) (77,428) (90,952)
Other income including finance charges, net 196,354 172,942 155,090
Earnings before income tax expense 885,225 647,281 398,141
Income tax expense (333,886) (253,831) (155,300)
Net earnings $551,339 $393,450 $242,841
Basic earnings per share $2.03 $1.41 $0.89
Diluted earnings per share $1.98 $1.38 $0.88
Basic shares 271,958 278,993 272,658
Diluted shares 277,776 284,533 275,478
Cash dividends paid per share of common stock outstanding $0.32 $0.24 $0.205
Consolidated Statements of Earnings (% of sales)
Fiscal year 2005 2004 2003
Net sales 100.0% 100.0% 100.0%
Cost of sales and related buying and occupancy costs (63.3) (63.9) (65.4)
Gross profit 36.7 36.1 34.6
Selling, general and administrative expenses (27.2) (28.3) (29.4)
Operating income 9.5 7.7 5.2
Interest expense, net (0.6) (1.1) (1.4)
Other income including finance charges, net 2.5 2.4 2.4
Earnings before income tax expense 11.5 9.1 6.2
Income tax expense (as a % of earnings before income tax expense) (37.7) (39.2) (39.0)
Net earnings 7.1% 5.5% 3.8%
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.