Nordstrom 2007 Annual Report Download - page 22

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Item 6. Selected Financial Data.
(Dollars in millions except sales per square foot and per share amounts)
The following selected financial data are derived from the audited Consolidated Financial Statements and should be read in conjunction with Item 1A
“Risk Factors,” Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and the Consolidated Financial
Statements and the related notes included in Item 8 of this Annual Report on Form 10-K.
Fiscal year 20073 2006 2005 2004 2003
Operations
Net sales $8,828 $8,561 $7,723 $7,131 $6,449
Same-store sales percentage increase1 3.9% 7.5% 6.0% 8.5% 4.1%
Gross profit 3,302 3,207 2,835 2,572 2,233
Gross profit rate2 37.4% 37.5% 36.7% 36.1% 34.6%
Selling, general and administrative expenses (2,360) (2,297) (2,101) (2,020) (1,899)
Selling, general and administrative rate2 26.7% 26.8% 27.2% 28.3% 29.4%
Finance charges and other, net 271 239 196 173 155
Earnings before interest and income taxes 1,247 1,149 930 725 489
Earnings before interest and income taxes as a
percentage of net sales 14.1% 13.4% 12.0% 10.2% 7.6%
Interest expense, net (74) (43) (45) (78) (91)
Earnings before income taxes 1,173 1,106 885 647 398
Earnings before income taxes as a percentage of
net sales 13.3% 12.9% 11.5% 9.1% 6.2%
Net earnings 715 678 551 393 243
Net earnings as a percentage of net sales 8.1% 7.9% 7.1% 5.5% 3.8%
Earnings per diluted share $2.88 $2.55 $1.98 $1.38 $0.88
Dividends per share $0.54 $0.42 $0.32 $0.24 $0.205
Return on average shareholders’ equity 43.6% 31.8% 28.4% 23.0% 16.2%
Sales per square foot $402 $393 $369 $347 $325
Financial Position (at year end)
Customer accounts receivable, net $1,705 $609 $567 $580 $595
Investment in asset backed securities - 428 561 422 272
Merchandise inventories 956 997 956 917 902
Current assets 3,361 2,742 2,874 2,572 2,525
Current liabilities 1,635 1,433 1,623 1,341 1,123
Land, buildings and equipment, net 1,983 1,757 1,774 1,780 1,808
Long-term debt, including current portion 2,497 631 934 1,030 1,234
Shareholders’ equity 1,115 2,169 2,093 1,789 1,634
Book value per share 5.05 8.43 7.76 6.59 5.90
Total assets 5,600 4,822 4,921 4,605 4,569
Store Information (at year end)
Full-line stores 101 98 98 94 92
Rack and other stores 55 57 57 56 56
International Façonnable boutiques - 36 32 31 31
Total square footage 20,502,000 20,170,000 20,070,000 19,397,000 19,138,000
1Same-stores include stores that have been open at least one full year at the beginning of the year. Fiscal year 2006 includes an extra week (the 53rd week) as a result of our 4-5-4 retail
reporting calendar. The 53rd week is not included in same-store sales calculations.
2Gross profit and selling, general and administrative rates are calculated as a percentage of net sales.
3During the third quarter of 2007, we completed the sale of our Façonnable business and realized a gain on sale of $34 ($21, net of tax). Results of operations for fiscal year 2007 include the
international Façonnable boutiques through August 31, 2007 and the domestic Façonnable boutiques through October 31, 2007. Prior to the sale, the domestic Façonnable boutiques were
included in “Rack and other stores.”