Nordstrom 2007 Annual Report Download - page 6

Download and view the complete annual report

Please find page 6 of the 2007 Nordstrom annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

A
from our Chairman
N
oe
t
Over the course of my 11 years on the Nordstrom board, I have seen the company nearly double in revenue,
dramatically improve Return On Invested Capital to 19.4%, expand its store presence into a number of
major metropolitan areas and advance to become a leader among our peer group in multi-channel retailing.
With growth have come changes in operations, technology and merchandise strategies. Yet, as processes
and tools evolve to become more sophisticated, the essence that makes Nordstrom unique — its focus on
serving the customer — remains constant.
As a long-time Nordstrom customer, I’ve seen up close the emotional bond between Nordstrom customers and
their salespeople. On business trips, I’ve encountered numerous travelers eager to share their “Nordstrom stories”
and profess their loyalty to Nordstrom and its people. This deep one-on-one connection creates an important,
tangible value for Nordstrom as is evidenced in the company’s record sales per square foot of $402.
This customer focus will remain the foundation for the success and growth of Nordstrom in the years ahead.
While there are challenges in the retail environment today, the future prospects for this company are incredibly
bright. The board of directors enthusiastically supports the leadership team and firmly believes in its continued
focus and key initiatives — growing the business through its merchandise strategies, striving to provide a superior
multi-channel shopping experience and growing the company’s presence in top markets around the nation.
This sound strategy, based on the company’s knowledge of its customers, will provide for long-term growth
and success, and is best for the company, its customers, employees and shareholders.
The hard work and efforts by the Nordstrom team have not gone unnoticed. Over the past year, the company
was named, for the eleventh time, by Fortune magazine as one of the “100 Best Companies to Work For,” and
is one of only 14 companies that have made the list each year since its inception. Additionally, Nordstrom was
honored in Fortune’s annual list of “America’s Most Admired Companies,” being named number one in our
industry category and ranked in the “Top 20” most admired companies overall.
Looking ahead, we believe that the company’s unique balance of great people, product leadership and financial
strength position Nordstrom as a company not only designed to last, but designed to lead. We profess our
commitment to taking care of our customers with the best possible service, value and merchandise. We believe this
dedication to serving customers, as well as our ability to take advantage of opportunities that may come our way,
will allow Nordstrom to continue to gain market share and be among the world’s best retailers for years to come.
On behalf of the entire board of directors, I thank you for your continued support of the company.
Enrique Hernandez, Jr.
Chairman