Nordstrom 2011 Annual Report Download - page 5

Nordstrom, Inc. and subsidiaries 5
COMPETITIVE CONDITIONS
We operate in a highly competitive business environment. We compete with other national, regional and local retailers that may carry similar lines
of merchandise, including department stores, specialty stores, off-price stores, boutiques and Internet businesses. Our specific competitors vary
from market to market. We believe the keys to competing in our industry include, first and foremost, customer service, the shopping experience
across all channels, fashion newness, quality of product, breadth of selection, store environment, convenience and location.
EMPLOYEES
During 2011, we employed approximately 56,500 employees on a full- or part-time basis. Due to the seasonal nature of our business, employment
increased to approximately 58,000 employees in July 2011 and 61,500 in December 2011. Substantially all of our employees are non-union. We believe
our relationship with our employees is good.
CAUTIONARY STATEMENT
Certain statements in this Annual Report on Form 10-K contain or may suggest “forward-looking” information (as defined in the Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainties, including, but not limited to, anticipated financial results (such as our anticipated total
and same-store sales results, credit card revenues, gross profit rate, selling, general and administrative expenses, net interest expense, effective tax
rate, diluted shares outstanding, earnings per diluted share, 53rd week impact to net sales and diluted earnings per share, operating cash flows, dividend
payout, Return on Invested Capital (“ROIC”)), anticipated store openings, capital expenditures, trends in our operations, compliance with debt covenants
and outcome of claims and litigation. Such statements are based upon the current beliefs and expectations of the company’s management and are
subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon
factors including, but not limited to:
 the impact of economic and market conditions and the resultant impact on consumer spending patterns,
 our ability to respond to the business environment, fashion trends and consumer preferences, including changing expectations of service
and experience in stores and online,
 effective inventory management,
 successful execution of our growth strategy, including possible expansion into new markets, technological investments and acquisitions,
including our ability to realize the anticipated benefits from such acquisitions, and the timely completion of construction associated with
newly planned stores, relocations and remodels, which may be impacted by the financial health of third parties,
 our ability to maintain relationships with our employees and to effectively attract, develop and retain our future leaders,
 successful execution of our multi-channel strategy,
 our compliance with applicable banking and related laws and regulations impacting our ability to extend credit to our customers,
 impact of the current regulatory environment and financial system and health care reforms,
 the impact of any systems failures, cybersecurity and/or security breaches, including any security breaches that result in the theft,
transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and
privacy laws and regulations in the event of such an incident,
 our compliance with employment laws and regulations and other laws and regulations applicable to us,
 availability and cost of credit,
 our ability to safeguard our brand and reputation,
 successful execution of our information technology strategy,
 our ability to maintain our relationships with vendors,
 trends in personal bankruptcies and bad debt write-offs,
 changes in interest rates,
 efficient and proper allocation of our capital resources,
 weather conditions, natural disasters, health hazards or other market disruptions, or the prospects of these events and the impact on
consumer spending patterns,
 disruptions in our supply chain,
 the geographic locations of our stores,
 the effectiveness of planned advertising, marketing and promotional campaigns,
 our ability to control costs, and
 the timing and amounts of share repurchases by the company, if any, or any share issuances by the company, including issuances
associated with option exercises or other matters.
These and other factors could affect our financial results and cause actual results to differ materially from any forward-looking information we may
provide. We undertake no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or
future circumstances.
SEC FILINGS
We file annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission (“SEC”). All material
we file with the SEC is publicly available at the SEC’s Public Reference Room at 100 F Street NE, Washington, DC 20549. You may obtain information on the
operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a website at www.sec.gov that contains
reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.