Results in Line with Full-Year
Outlook
Nordstrom, Inc. (NYSE: JWN) today reported earnings per diluted
share of $0.69 for the third quarter ended November 2, 2013,
compared with $0.71 for the same quarter last year. Net earnings
were $137 million compared with $146 million for the same quarter
last year.
The Anniversary Sale, which historically is the Company’s
largest sale event of the year, occurred in the second quarter this
year, while in fiscal 2012 it occurred during both the second and
third quarters. The estimated impact of this event shift increased
earnings per diluted share in the second quarter and reduced
earnings per diluted share in the third quarter by approximately
$0.06.
Year-to-date earnings per diluted share of $2.35 increased 8.3
percent compared with $2.17 for the same period last year.
Year-to-date net earnings were $466 million compared with $451
million for the same period last year.
Third quarter total Company same-store sales increased 0.1
percent and total Company net sales of $2.8 billion increased 2.9
percent compared with the same period in fiscal 2012. Combined
second and third quarter same-store sales, which eliminates the
impact of the Anniversary Sale event shift, increased 2.4 percent
compared with the same period in 2012. Year-to-date total Company
same-store sales increased 2.5 percent and total Company net sales
of $8.6 billion increased 4.7 percent compared with the same period
last year.
The Company’s third quarter performance was consistent with its
full-year outlook, with strong Direct sales growth and improving
trends in the Rack mitigating softer sales trends in full-line
stores. The Company maintained its disciplined execution around
inventory and expenses while continuing to add new technology and
capabilities to enable a better customer experience. Based on the
Company’s year-to-date performance, the Company updated its
full-year earnings per diluted share outlook to $3.65 to $3.70
compared to its prior outlook of $3.60 to $3.70. This reflected
same-store sales expectations of approximately 2.5 percent compared
to prior outlook of 2 to 3 percent.
THIRD QUARTER SUMMARY
- Nordstrom same-store sales, which
consist of the full-line and Direct businesses, decreased 0.7
percent compared with last year’s same-store sales increase of 11.2
percent. Top-performing merchandise categories included Cosmetics,
Women’s Apparel, and Women’s Shoes. Momentum continued in Women’s
Apparel, outperforming the Nordstrom average on a year-to-date
basis.
- Full-line same-store sales decreased
4.2 percent compared with last year’s same-store sales increase of
8.1 percent. The Southwest and Southern California regions were the
top-performing geographic areas.
- Direct net sales increased 23 percent
in the third quarter, on top of last year’s increase of 38 percent,
driven by expanded merchandise selection and ongoing technology
investments to enhance the online experience.
- Nordstrom Rack net sales increased $95
million, or 16 percent, compared with the same period in fiscal
2012, reflecting 20 store openings since the third quarter of
fiscal 2012. Nordstrom Rack same-store sales increased 3.7 percent
on top of last year’s same-store sales increase of 8.1
percent.
- HauteLook net sales increased by 22
percent in the third quarter.
- Gross profit, as a percentage of net
sales, decreased 41 basis points compared with the same period in
fiscal 2012 primarily due to higher occupancy costs related to
accelerated Rack store expansion.
- Selling, general and administrative
expenses, as a percentage of net sales, increased 65 basis points
compared with the same period in fiscal 2012, primarily due to
expense deleverage from the Anniversary Sale event shift. The
increase was also due to planned growth-related investments
including technology, fulfillment, the Rack, and Canada
expansion.
- Earnings before interest and taxes of
$253 million, or 9.1 percent of net sales, decreased 8.6 percent
compared to $277 million, or 10.2 percent of net sales, for the
same quarter last year. The estimated impact of the Anniversary
Sale event shift reduced earnings before interest and taxes by
approximately $20 million.
- During the quarter, the Company
repurchased 2.7 million shares of its common stock for $155
million. A total of $824 million remains under existing share
repurchase board authorizations. The actual number and timing of
future share repurchases, if any, will be subject to market and
economic conditions and applicable Securities and Exchange
Commission rules.
- Return on invested capital (ROIC) for
the 12 months ended November 2, 2013 of 14.0 percent increased
from 12.9 percent in the prior 12-month period. A reconciliation of
this non-GAAP financial measure to the closest GAAP measure is
included below.
EXPANSION UPDATE
Nordstrom announced plans to open four new Rack stores and
relocate one Rack store during the remainder of fiscal 2013. In the
third quarter of 2013, Nordstrom opened the following stores:
Location Store Name Square
Footage
(000's)
Timing Nordstrom Full-line
Stores Glendale, California1 Americana at Brand 136 September
20
Nordstrom Rack Westlake, Ohio Promenade in Crocker
Park 37 September 12 Columbus, Ohio Easton Market 39 September 12
Pleasant Hill, California Sunvalley Shopping Center 48 September 12
Millbury, Massachusetts The Shoppes at Blackstone Valley 33
September 12 Oklahoma City, Oklahoma Belle Isle Station 34
September 12 Atlanta, Georgia Perimeter Expo 35 October 10 Culver
City, California2 Westfield Culver City 37 October 10 Dallas, Texas
Gallery on the Parkway 39 October 10 El Paso, Texas The Fountains
at Farah 36 October 10 Eugene, Oregon Oakway Center 32 October 10
Louisville, Kentucky Shelbyville Road Plaza 33
October 10
1Nordstrom relocated its full-line store at the Glendale
Galleria in Glendale, California to the nearby Americana at
Brand.
2Nordstrom relocated its Rack store at the Promenade at Howard
Hughes Center in Los Angeles, California to the nearby Westfield
Culver City in Culver City, California.
Number of stores
November 2, 2013 October
27, 2012 Nordstrom 117 117 Nordstrom Rack and other 140 121
Total 257 238 Gross square footage 25,906,000 25,213,000
FISCAL YEAR 2013 OUTLOOK
Our updated expectations for fiscal 2013, which are shown in
comparison to the reclassified 53-week fiscal 2012 where
applicable, are as follows:
Prior Outlook Current
Outlook Total sales 3 to 4 percent increase Approximately
3.5 percent increase Same-store sales 2 to 3 percent increase
Approximately 2.5 percent increase Credit card revenues $0 to $5
increase $0 to $5 increase Gross profit (%) 30 to 40 basis point
decrease 35 to 40 basis point decrease Selling, general and
administrative expenses (%) 0 to 10 basis point increase 0 to 10
basis point increase Interest expense, net $5 to $10 decrease $10
decrease Effective tax rate 38.6% 38.3% Earnings per diluted share,
excluding the impact of any future share repurchases $3.60 to $3.70
$3.65 to $3.70 Diluted shares outstanding Approximately 200 million
Approximately 198 million
The 53rd week in fiscal 2012 creates a timing shift in the 4-5-4
calendar for fiscal 2013 that is expected to impact comparisons of
performance to the prior year. Same-store sales are compared with
the first 52 weeks of 2012.
CONFERENCE CALL INFORMATION
The Company’s senior management will host a conference call to
discuss third quarter 2013 results and 2013 outlook at 4:45 p.m.
Eastern Standard Time today. To listen to the live call online and
view the speakers’ slides and Performance Summary document, visit
the Investor Relations section of the Company’s corporate website
at http://investor.nordstrom.com. An archived webcast with the
speakers’ slides and Performance Summary document will be available
in the Earnings section for one year. Interested parties may also
dial 415-228-4850 (passcode: NORD). A telephone replay will be
available beginning approximately one hour after the conclusion of
the call by dialing 203-369-0681 until the close of business on
November 21, 2013.
ABOUT NORDSTROM
Nordstrom, Inc. is one of the leading fashion specialty
retailers based in the U.S. Founded in 1901 as a shoe store in
Seattle, today Nordstrom operates 261 stores in 35 states,
including 117 full-line stores, 141 Nordstrom Racks, two Jeffrey
boutiques and one clearance store. Nordstrom also serves customers
through Nordstrom.com and through its catalogs. Additionally, the
Company operates in the online private sale marketplace through its
subsidiary HauteLook. Nordstrom, Inc.’s common stock is publicly
traded on the NYSE under the symbol JWN.
Certain statements in this news release 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
outlook for the fiscal year ending February 1, 2014,
anticipated annual same-store sales rate, anticipated Return on
Invested Capital and trends in our operations. 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: successful execution of our growth strategy, including
expansion into new markets, acquisitions, investments in our stores
and online, our ability to realize the anticipated benefits from
such growth initiatives, and the timely completion of construction
associated with newly planned stores, relocations and remodels, all
of which may be impacted by the financial health of third parties;
our ability to manage the transformation of our business/financial
model as we increase our investments in growth opportunities,
including our online business and our ability to manage related
organizational changes; our ability to maintain relationships with
our employees and to effectively attract, develop and retain our
future leaders; effective inventory management, disruptions in our
supply chain and our ability to control costs; the impact of any
systems failures, cybersecurity and/or security breaches, including
any security breach that results 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; successful
execution of our information technology strategy; efficient and
proper allocation of our capital resources; our ability to
safeguard our reputation and maintain our vendor relationships; 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; the effectiveness of planned advertising, marketing and
promotional campaigns in the highly competitive retail industry;
weather conditions, natural disasters, health hazards, national
security or other market disruptions, or the prospects of these
events and the impact on consumer spending patterns; our compliance
with applicable banking-related laws and regulations impacting our
ability to extend credit to our customers, employment laws and
regulations, certain international laws and regulations, other laws
and regulations applicable to us, including the outcome of claims
and litigation and resolution of tax matters, and ethical
standards; impact of the current regulatory environment and
financial system and health care reforms; compliance with debt
covenants, availability and cost of credit, changes in interest
rates, and trends in debt repayment patterns, personal
bankruptcies, and bad debt write-offs; 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. Our SEC reports, including our Form
10-K for the fiscal year ended February 2, 2013, and our Form
10-Q for the fiscal quarters ended May 4, 2013 and August 3, 2013,
contain other information on these and other factors that could
affect our financial results and cause actual results to differ
materially from any forward-looking information we may provide. The
company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events, new
information or future circumstances.
NORDSTROM, INC.
CONSOLIDATED
STATEMENTS OF EARNINGS
(unaudited; amounts in millions, except per share amounts)
Quarter Ended Nine Months Ended November 2,
2013 October 27, 2012 November 2, 2013
October 27, 2012 Net sales
$ 2,791 $
2,713
$ 8,552 $ 8,166 Credit card revenues
93
92
277 270 Total revenues
2,884 2,805
8,829 8,436 Cost of sales and related
buying and occupancy costs
(1,791 ) (1,730 )
(5,468 ) (5,193 ) Selling, general and administrative
expenses
(840 ) (798 )
(2,498 ) (2,396
) Earnings before interest and income taxes
253 277
863 847 Interest expense, net
(35 ) (38 )
(111 ) (118 ) Earnings before income taxes
218
239
752 729 Income tax expense
(81 ) (93 )
(286 ) (278 )
Net earnings $ 137
$ 146
$ 466 $ 451
Earnings per share: Basic
$ 0.70 $ 0.73
$
2.39 $ 2.21 Diluted
$ 0.69 $ 0.71
$
2.35 $ 2.17 Weighted-average shares outstanding:
Basic
194.3 200.9
195.1 204.5 Diluted
197.3
204.7
198.3 208.2
NORDSTROM,
INC.
CONSOLIDATED
BALANCE SHEETS
(unaudited; amounts in millions) November 2,
2013 February 2, 2013 October 27, 2012
Assets Current assets: Cash and cash equivalents
$
947 $ 1,285 $ 1,158 Accounts receivable, net
2,146
2,129 2,088 Merchandise inventories
1,795 1,360 1,650
Current deferred tax assets, net
243 227 222 Prepaid
expenses and other
122 80 115 Total
current assets
5,253 5,081 5,233 Land, buildings and
equipment (net of accumulated depreciation of $4,347, $4,064 and
$4,013)
2,880 2,579 2,551 Goodwill
175 175 175 Other
assets
277 254 306
Total assets
$ 8,585 $ 8,089 $ 8,265
Liabilities and Shareholders' Equity Current liabilities:
Accounts payable
$ 1,448 $ 1,011 $ 1,347 Accrued
salaries, wages and related benefits
358 404 320 Other
current liabilities
821 804 751 Current portion of long-term
debt
407 7 6 Total current liabilities
3,034 2,226 2,424 Long-term debt, net
2,711
3,124 3,129 Deferred property incentives, net
491 485 488
Other liabilities
361 341 340 Commitments and
contingencies Shareholders' equity: Common stock, no par
value: 1,000 shares authorized; 193.2, 197.0 and 200.7 shares
issued and outstanding
1,794 1,645 1,622 Retained earnings
236 315 303 Accumulated other comprehensive loss
(42
) (47 ) (41 ) Total shareholders' equity
1,988
1,913 1,884
Total liabilities and shareholders'
equity $ 8,585 $ 8,089 $ 8,265
NORDSTROM, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; amounts in millions) Nine Months
Ended November 2, 2013 October 27, 2012
Operating Activities Net earnings
$ 466 $ 451
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation and amortization expenses
332 314 Amortization of deferred property incentives and
other, net
(40 ) (47 ) Deferred income taxes, net
(45 ) (31 ) Stock-based compensation expense
47 42 Tax benefit from stock-based compensation
17 19
Excess tax benefit from stock-based compensation
(19
) (20 ) Provision for bad debt expense
44 38 Change
in operating assets and liabilities: Accounts receivable
(59
) (84 ) Merchandise inventories
(385 ) (449 )
Prepaid expenses and other assets
(42 ) (28 )
Accounts payable
354 339 Accrued salaries, wages and related
benefits
(47 ) (71 ) Other current liabilities
7 (18 ) Deferred property incentives
64 43 Other
liabilities
24 9 Net cash provided by
operating activities
718 507
Investing Activities Capital expenditures
(621
) (369 ) Change in restricted cash
— 200 Change in
credit card receivables originated at third parties
(1
) (10 ) Other, net
(9 ) (7 ) Net cash used in
investing activities
(631 ) (186 )
Financing Activities Principal payments on long-term
borrowings
(5 ) (505 ) Increase in cash book
overdrafts
29 36 Cash dividends paid
(176 )
(166 ) Payments for repurchase of common stock
(374 )
(506 ) Proceeds from issuances under stock compensation plans
85 83 Excess tax benefit from stock-based compensation
19 20 Other, net
(3 ) (2 ) Net cash used in
financing activities
(425 ) (1,040 ) Net
decrease in cash and cash equivalents
(338 ) (719 )
Cash and cash equivalents at beginning of period
1,285
1,877
Cash and cash equivalents at end of
period $ 947 $ 1,158
NORDSTROM, INC.
STATEMENTS OF
EARNINGS BY BUSINESS
(unaudited; dollar and share amounts in millions)
Retail Business
Our Retail business includes our Nordstrom
branded full-line stores and website, our Nordstrom Rack stores,
and our other retail channels including HauteLook, and our Jeffrey
stores. It also includes unallocated corporate center expenses. The
following table summarizes the results of our Retail business for
the quarter and nine months ended November 2, 2013 compared
with the quarter and nine months ended October 27, 2012:
Quarter Ended November 2, 2013
October 27, 2012 Amount % of net
sales1 Amount % of net
sales1 Net sales
$ 2,791 100.0
% $ 2,713 100.0 % Cost of sales and related buying and
occupancy costs
(1,790 ) (64.1 %)
(1,729 ) (63.7 %) Gross profit
1,001 35.9 %
984 36.3 % Selling, general and administrative expenses
(793
) (28.4 %) (758 ) (27.9 %) Earnings before
interest and income taxes
208 7.5 % 226 8.3 %
Interest expense, net
(29 ) (1.0 %) (32
) (1.2 %)
Earnings before income taxes $ 179
6.4 % $ 194 7.1 %
Nine Months
Ended November 2, 2013 October 27, 2012
Amount % of net sales1 Amount % of
net sales1 Net sales
$ 8,552 100.0
% $ 8,166 100.0 % Cost of sales and related buying and
occupancy costs
(5,464 ) (63.9 %)
(5,190 ) (63.6 %) Gross profit
3,088 36.1 %
2,976 36.4 % Selling, general and administrative expenses
(2,354 ) (27.5 %) (2,255 ) (27.6 %)
Earnings before interest and income taxes
734 8.6
% 721 8.8 % Interest expense, net
(93 )
(1.1 %) (99 ) (1.2 %)
Earnings before income
taxes $ 641 7.5 % $ 622
7.6 %
1Subtotals and totals may not foot due to rounding.
NORDSTROM, INC.
STATEMENTS OF
EARNINGS BY BUSINESS
(unaudited; dollar and share amounts in millions)
Credit
Our Credit business earns finance charges,
interchange fees, late fees and other revenue through operation of
the Nordstrom private label and Nordstrom VISA credit cards. The
following tables summarize the results of our Credit business for
the quarter and nine months ended November 2, 2013 compared
with the quarter and nine months ended October 27, 2012:
Quarter Ended Nine Months Ended November 2,
2013 October 27, 2012 November 2, 2013
October 27, 2012 Credit card revenues
$
93 $ 92
$ 277 $ 270 Occupancy, selling,
general and administrative expenses
(48 ) (41 )
(148 ) (144 ) Earnings before interest and income
taxes
45 51
129 126 Interest expense
(6
) (6 )
(18 ) (19 )
Earnings before income
taxes $ 39 $ 45
$ 111
$ 107
Quarter Ended Nine Months
Ended November 2, 2013 October 27, 2012
November 2, 2013 October 27, 2012 Allowance at
beginning of period
$ 85 $ 105
$ 85 $
115 Bad debt provision
14 7
44 38 Write-offs
(19 ) (22 )
(61 ) (76 ) Recoveries
5 5
17 18
Allowance at
end of period $ 85 $ 95
$
85 $ 95 Annualized net write-offs as a
percentage of average credit card receivables
2.6 %
3.3 %
2.8
%
3.8 % Annualized net write-offs (including finance charges and
fees) as a percentage of average credit card receivables
3.1
% 3.9 %
3.4 % 4.5 %
November 2,
2013 October 27, 2012 30 days or more delinquent as a
percentage of ending credit card receivables
1.8 %
2.1 % Allowance as a percentage of ending credit card receivables
4.0 % 4.5 %
NORDSTROM, INC.
RETURN ON
INVESTED CAPITAL (NON-GAAP FINANCIAL MEASURE)
(unaudited; dollar and share amounts in millions)
We believe ROIC is a useful financial
measure for investors in evaluating the efficiency and
effectiveness of our use of capital and believe ROIC is an
important component of shareholders' return over the long term. In
addition, we incorporate ROIC in our executive incentive measures.
For the 12 fiscal months ended November 2, 2013, ROIC
increased to 14.0% compared with 12.9% for the 12 fiscal months
ended October 27, 2012.
ROIC is not a measure of financial
performance under generally accepted accounting principles (“GAAP”)
and should be considered in addition to, and not as a substitute
for, return on assets, net earnings, total assets or other
financial measures prepared in accordance with GAAP. Our method of
determining non-GAAP financial measures may differ from other
companies and therefore may not be comparable to those used by
other companies. The financial measure calculated under GAAP which
is most directly comparable to ROIC is return on assets. The
following is a reconciliation of the components of ROIC and return
on assets:
12 Fiscal Months Ended November 2, 2013
October 27, 2012 Net earnings
$ 751 $ 687 Add:
income tax expense
458 421 Add: interest expense
154
157 Earnings before interest and income tax expense
1,363 1,265 Add: rent expense
122 97 Less:
estimated depreciation on capitalized operating leases1
(65
) (52 ) Net operating profit
1,420 1,310
Estimated income tax expense2
(538 ) (497 )
Net
operating profit after tax $ 882 $ 813
Average total assets3
$ 8,277 $ 8,341
Less: average non-interest-bearing current liabilities4
(2,385 ) (2,230 ) Less: average deferred property
incentives3
(487 ) (500 ) Add: average estimated
asset base of capitalized operating leases5
882 673
Average invested capital $ 6,287
$ 6,284
Return on assets 9.1 %
8.2 %
ROIC 14.0 % 12.9 %
1Capitalized operating leases is our best estimate of the asset
base we would record for our leases that are classified as
operating if they had met the criteria for a capital lease, or we
had purchased the property. Asset base is calculated as described
in footnote 5 below.
2Based upon our effective tax rate multiplied by the net
operating profit for the 12 fiscal months ended November 2,
2013 and October 27, 2012.
3Based upon the trailing 12-month average.
4Based upon the trailing 12-month average for accounts payable,
accrued salaries, wages and related benefits, and other current
liabilities.
5Based upon the trailing 12-month average of the monthly asset
base. The asset base for each month is calculated as the trailing
12-months of rent expense multiplied by eight. The multiple of
eight times rent expense is a commonly used method of estimating
the asset base we would record for our capitalized operating leases
described in footnote 1.
NORDSTROM, INC.
ADJUSTED DEBT TO
EBITDAR (NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
Adjusted Debt to EBITDAR is one of our key
financial metrics, and we believe that our debt levels are best
analyzed using this measure. Our goal is to manage debt levels to
maintain our current investment-grade credit rating and operate
with an efficient capital structure. In evaluating our debt levels,
this measure provides a reflection of our credit worthiness that
could impact our credit rating and cost of capital. We also have a
debt covenant that requires an adjusted debt to EBITDAR leverage
ratio of less than four times. As of November 2, 2013 and
October 27, 2012, our Adjusted Debt to EBITDAR was 2.1.
Adjusted Debt to EBITDAR is not a measure
of financial performance under GAAP and should be considered in
addition to, and not as a substitute for, debt to net earnings, net
earnings, debt or other financial measures prepared in accordance
with GAAP. Our method of determining non-GAAP financial measures
may differ from other companies and therefore may not be comparable
to those used by other companies. The financial measure calculated
under GAAP which is most directly comparable to Adjusted Debt to
EBITDAR is debt to net earnings. The following is a reconciliation
of the components of Adjusted Debt to EBITDAR and debt to net
earnings:
20131
20121
Debt
$ 3,118 $ 3,135 Add: estimated capitalized
operating lease liability2
981 776 Less: fair value hedge
adjustment included in long-term debt
(51 )
(63 )
Adjusted Debt $ 4,048 $
3,848 Net earnings
$ 751 $ 687 Add:
income tax expense
458 421 Add: interest expense, net
153 155 Earnings before interest and income
taxes
1,362 1,263 Add: depreciation and amortization
expenses
448 411 Add: rent expense
122 97 Add:
non-cash acquisition-related charges
9 22
EBITDAR $ 1,941 $ 1,793
Debt to Net Earnings 4.2 4.6
Adjusted Debt to
EBITDAR 2.1 2.1
1The components of Adjusted Debt are as of November 2, 2013
and October 27, 2012, while the components of EBITDAR are for
the 12 months ended November 2, 2013 and October 27,
2012.
2Based upon the estimated lease liability as of the end of the
period, calculated as the trailing 12-months of rent expense
multiplied by eight. The multiple of eight times rent expense is a
commonly used method of estimating the debt we would record for our
leases that are classified as operating if they had met the
criteria for a capital lease, or we had purchased the property.
NORDSTROM, INC.
FREE CASH FLOW
(NON-GAAP FINANCIAL MEASURE)
(unaudited; amounts in millions)
Free Cash Flow is one of our key liquidity
measures, and in conjunction with GAAP measures, provides investors
with a meaningful analysis of our ability to generate cash from our
business. For the nine months ended November 2, 2013, Free
Cash Flow decreased to $(51) compared with $(2) for the nine months
ended October 27, 2012, primarily due to an increase in
capital expenditures related to payments in the second quarter of
2013 for our Manhattan store and a new fulfillment center.
Free Cash Flow is not a measure of
financial performance under GAAP and should be considered in
addition to, and not as a substitute for, operating cash flows or
other financial measures prepared in accordance with GAAP. Our
method of determining non-GAAP financial measures may differ from
other companies and therefore may not be comparable to those used
by other companies. The financial measure calculated under GAAP
which is most directly comparable to Free Cash Flow is net cash
provided by operating activities. The following is a reconciliation
of net cash provided by operating activities to Free Cash Flow:
Nine Months Ended November 2, 2013
October 27, 2012 Net cash provided by operating
activities $ 718 $ 507 Less: capital expenditures
(621 ) (369 ) Less: cash dividends paid
(176
) (166 ) Less: change in credit card receivables originated
at third parties
(1 ) (10 ) Add: change in cash book
overdrafts
29 36
Free Cash Flow
$ (51 ) $ (2 )
Net cash used in
investing activities $ (631 ) $ (186 )
Net cash used in financing activities $ (425
) $ (1,040 )
Nordstrom, Inc.INVESTOR CONTACT: Rob Campbell,
206-233-6550MEDIA CONTACT: Colin Johnson, 206-303-3036
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