Nordstrom 2009 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2009 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

DISCIPLINED EXECUTION
Our commitment to customers has also guided careful expense management. The dramatic drop in 2008
prompted us to take a hard look at our business. We questioned aspects of our operations that did not
enhance the shopping experience. We wanted to protect the things that help us take care of customers
while scaling back other costs. This meant becoming leaner primarily at the back of the house — areas of
the business that did not engage with customers. This editing and prioritizing based on the customer has
enabled us to manage our business more effectively and profitably.
We also invested in our future by growing our store presence in top markets and retail locations across the
country. We opened three Nordstrom stores, relocated another and opened 13 Nordstrom Racks.
THE ROAD AHEAD
Although the economy remains uncertain and there is lingering caution with customers, we are making
solid progress. We are better able to serve our customers in a manner they would like. We achieved earnings
growth and strengthened our financial position. While it is premature to say things have turned around,
we feel encouraged by some key factors:
• Building sales momentum in 2009, including consecutive same-store sales increases
each of the last four months of the year.
• Fresh, compelling merchandise that customers are telling us they want.
• Tight inventory management and the exibility to quickly respond to trends across all stores.
• More ways to connect with customers on a multi-channel basis, including plans for an
enhanced online experience, improved mobile shopping capabilities and better engagement
with customers through social networking.
• Continuing store growth, with announced plans for three new Nordstrom stores, one store
relocation and 17 Nordstrom Rack openings in 2010.
We’ve learned a great deal during this difficult stretch and the experience has made us better. Looking ahead,
we believe we can earn more business. At the same time, we remain grounded in our customer strategy
and mindful of what we’ve been through. Improving service is at the core of our business and something
we have to work hard at each and every day.
On behalf of everyone at Nordstrom, thank you for your continued support.
Sincerely,
Blake W. Nordstrom
President, Nordstrom, Inc.
Peter E. Nordstrom
President of Merchandising, Nordstrom, Inc.
Erik B. Nordstrom
President of Stores, Nordstrom, Inc.