Nordstrom 2013 Annual Report Download - page 14

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Item 6. Selected Financial Data.
Dollars in millions except 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 related notes included in Item 8: Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
Fiscal year 2013 2012 2011 2010 2009
Earnings Results
Net sales $12,166 $11,762 $10,497 $9,310 $8,258
Credit card revenues 374 372 363 365 344
Gross profit14,429 4,330 3,905 3,413 2,930
Selling, general and administrative (“SG&A”) expenses (3,453) (3,357) (3,019) (2,660) (2,440)
Earnings before interest and income taxes (“EBIT”) 1,350 1,345 1,249 1,118 834
Net earnings 734 735 683 613 441
Balance Sheet and Cash Flow Data
Cash and cash equivalents $1,194 $1,285 $1,877 $1,506 $795
Accounts receivable, net 2,177 2,129 2,033 2,026 2,035
Merchandise inventories 1,531 1,360 1,148 977 898
Current assets 5,228 5,081 5,560 4,824 4,054
Land, buildings and equipment, net 2,949 2,579 2,469 2,318 2,242
Total assets 8,574 8,089 8,491 7,462 6,579
Current liabilities 2,541 2,226 2,575 1,879 2,014
Long-term debt, including current portion 3,113 3,131 3,647 2,781 2,613
Shareholders’ equity 2,080 1,913 1,956 2,021 1,572
Cash flow from operations 1,320 1,110 1,177 1,177 1,251
Performance Metrics
Same-store sales percentage change22.5%7.3% 7.2% 8.1% (4.2%)
Gross profit % of net sales 36.4%36.8% 37.2% 36.7% 35.5%
Total SG&A % of net sales 28.4%28.5% 28.8% 28.6% 29.5%
EBIT % of net sales 11.1%11.4% 11.9% 12.0% 10.1%
Return on shareholders’ equity 36.8%38.0% 34.3% 34.1% 31.7%
Return on assets 8.7%8.9% 8.7% 8.6% 7.1%
Return on invested capital (“ROIC”)313.6%13.9% 13.3% 13.6% 12.1%
Sales per square foot4$474 $470 $431 $397 $368
4-wall sales per square foot4$408 $417 $394 $372 $337
Ending inventory per square foot $58.84 $53.77 $46.41 $40.96 $39.44
Inventory turnover rate55.07 5.37 5.56 5.56 5.41
Per Share Information
Earnings per diluted share $3.71 $3.56 $3.14 $2.75 $2.01
Dividends declared per share 1.20 1.08 0.92 0.76 0.64
Book value per share 10.87 9.71 9.42 9.27 7.22
Store Information (at year-end)
Nordstrom full-line stores 117 117 117 115 112
Nordstrom Rack and other stores 143 123 108 89 72
Total square footage 26,017,000 25,290,000 24,745,000 23,838,000 22,773,000
1 Gross profit is calculated as net sales less cost of sales and related buying and occupancy costs (for all segments).
2 Same-store sales include sales from stores that have been open at least one full year at the beginning of the year. Fiscal year 2012 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. We also include sales from our Nordstrom online store in same-
store sales because of the integration of our Nordstrom full-line stores and online store, as well as HauteLook beginning in 2013.
3 See ROIC (Non-GAAP financial measure) on page 26 for additional information and reconciliation to the most directly comparable GAAP financial measure.
4 Sales per square foot is calculated as net sales divided by weighted-average square footage. Weighted-average square footage includes a percentage of year-end square
footage for new stores equal to the percentage of the year during which they were open. 4-wall sales per square foot is calculated as sales for Nordstrom full-line, Nordstrom
Rack and Jeffrey stores divided by their weighted-average square footage.
5 Inventory turnover rate is calculated as annual cost of sales and related buying and occupancy costs (for all segments) divided by 4-quarter average inventory. Retailers do not
uniformly calculate inventory turnover as buying and occupancy costs may be included in selling, general and administrative expenses. As such, our inventory turnover rates
may not be comparable to other retailers.
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