Nordstrom 2010 Annual Report Download - page 69

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Nordstrom, Inc. and subsidiaries 61
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and unit amounts
NOTE 15: SELECTED QUARTERLY DATA (UNAUDITED)
Fiscal year 2010 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
Net sales $1,990 $2,417 $2,087 $2,816 $9,310
Same-store sales
percentage change 12.0% 8.4% 5.8% 6.7% 8.1%
Credit card revenues 97 98 95 100 390
Gross profit1 747 852 756 1,058 3,413
Selling, general and administrative expenses:
Retail 533 613 569 697 2,412
Credit 92 65 61 55 273
Earnings before income taxes 188 240 190 373 991
Net earnings 116 146 119 232 613
Net earnings as a percentage
of total revenues 5.6% 5.8% 5.4% 8.0% 6.3%
Earnings per basic share $0.53 $0.67 $0.54 $1.06 $2.80
Earnings per diluted share $0.52 $0.66 $0.53 $1.04 $2.75
Fiscal year 2009 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total
Net sales $1,706 $2,145 $1,868 $2,539 $8,258
Same-store sales
percentage change (13.2%) (9.8%) (1.2%) 6.9% (4.2%)
Credit card revenues 86 87 95 101 369
Gross profit1 599 727 658 946 2,930
Selling, general and administrative expenses:
Retail 447 531 500 631 2,109
Credit 92 77 81 106 356
Earnings before income taxes 115 170 134 277 696
Net earnings 81 105 83 172 441
Net earnings as a percentage
of total revenues 4.5% 4.7% 4.2% 6.5% 5.1%
Earnings per basic share $0.38 $0.49 $0.38 $0.79 $2.03
Earnings per diluted share $0.37 $0.48 $0.38 $0.77 $2.01
1Gross profit is calculated as net sales less cost of sales and related buying and occupancy costs.
NOTE 16: SUBSEQUENT EVENT
In February 2011, we entered into an agreement to acquire HauteLook, Inc., an online private sale retailer, for $180 in Nordstrom stock, with a portion
subject to ongoing vesting requirements. In addition, the agreement provides for additional payments of up to $90 in Nordstrom stock under a
three-year earn-out provision which is subject to HauteLook’s performance and vesting requirements for HauteLook’s existing management team.
The transaction is expected to close in the first quarter of 2011 and is subject to customary closing conditions, including regulatory and HauteLook
shareholder approvals.