Results Reflected Strong Anniversary Sale,
Inventory and Expense Execution
Nordstrom, Inc. (NYSE: JWN) today reported earnings per diluted
share of $0.67 for the second quarter ended July 30, 2016,
which exceeded Company expectations.
The Company's Anniversary Sale, historically its largest event
of the year, performed better than recent trends. This event
started one week later in July relative to last year, shifting one
week of the event into the third quarter. Total Company net sales
decreased 0.2 percent and comparable sales decreased 1.2 percent,
compared with the same period last year. The Anniversary Sale event
shift had an unfavorable comparison to comparable sales of
approximately 250 basis points in the second quarter.
"Over the past several quarters, our team has been actively
addressing our inventory, expense and capital, and in the second
quarter, made substantial progress by bringing down inventory
in-line with sales," said Blake Nordstrom, co-president, Nordstrom,
Inc. "Those efforts, along with the strength of our Anniversary
Sale and a great response from customers to that event, drove
better than expected results for the second quarter."
SECOND QUARTER SUMMARY
- Second quarter net earnings were $117
million and earnings before interest and taxes (EBIT) were $221
million, or 6.1 percent of net sales, compared with net earnings of
$211 million and EBIT of $377 million, or 10.5 percent of net
sales, during the same period in fiscal 2015.
- Retail EBIT decreased $59 million
compared with the same quarter last year, primarily reflecting
planned technology, fulfillment and store pre-opening expenses
supporting the Company's growth initiatives.
- Credit EBIT decreased $97 million
related to an expected reduction in net revenue from the revenue
sharing program agreement with TD Bank ("TD") beginning in October
2015. This decrease also reflected a $64 million benefit from a
non-cash accounting adjustment in fiscal 2015 related to the sale
of the credit card portfolio.
- Total Company net sales of $3.6 billion
for the second quarter decreased 0.2 percent compared with net
sales of $3.6 billion during the same period in fiscal 2015. Total
Company comparable sales for the second quarter decreased 1.2
percent.
- In the Nordstrom brand, including U.S.
and Canada full-line stores and Nordstrom.com, net sales when
combined with Trunk Club, decreased 0.4 percent and comparable
sales decreased 2.3 percent.
- Across U.S. full-line stores and
Nordstrom.com, the top-performing merchandise categories were
Beauty and Shoes. The younger customer-focused departments in
Women's Apparel continued to outperform, reflecting strength in
denim and collaborations with new and emerging brands that have
limited distribution. The Midwest was the top-performing geographic
region.
- In the Nordstrom Rack brand, which
consists of Nordstrom Rack stores and Nordstromrack.com/HauteLook,
net sales increased 11.2 percent and comparable sales increased 5.3
percent. The East was the top-performing geographic region.
- Gross profit, as a percentage of net
sales, of 34.3 percent decreased 101 basis points compared with the
same period in fiscal 2015, due to increased markdowns to align
inventory to current trends and higher occupancy expenses related
to new store growth. Through the Company's actions to realign
inventory and combined with the strength of its Anniversary Sale,
inventory growth of 1.4 percent was in-line with a net sales
decrease of 0.2 percent.
- Selling, general and administrative
expenses, as a percentage of net sales, of 29.8 percent increased
212 basis points compared with the same period in fiscal 2015,
primarily due to a $64 million benefit in fiscal 2015 associated
with the sale of the credit card portfolio. The increase was also
attributable to expense deleverage from the shift in sales volume
into the third quarter related to the Anniversary Sale event.
- To build on the success of the
Nordstrom Rewards loyalty program, the Company expanded its program
in the second quarter to enable all customers to earn benefits
regardless of how they choose to pay. Through this expanded
program, the Company has approximately 6 million active Rewards
customers, up nearly 30 percent from 4.7 million in the prior
quarter.
- During the six months ended July 30,
2016, the Company repurchased 1.3 million shares of its common
stock for $60 million. A total capacity of $751 million remains
available under its existing share repurchase board authorizations.
The actual number, price, manner and timing of future share
repurchases, if any, will be subject to market and economic
conditions and applicable Securities and Exchange Commission
("SEC") rules.
- Return on invested capital ("ROIC") for
the 12 fiscal months ended July 30, 2016 was 9.1 percent
compared with 12.3 percent in the prior 12-month period. This
decrease was primarily due to reduced earnings. A reconciliation of
this non-GAAP financial measure to the closest GAAP measure is
included below.
EXPANSION UPDATE
To date in fiscal 2016, the Company relocated one full-line
store and opened six Nordstrom Rack stores.
Number of stores
July 30, 2016 August 1,
2015 Nordstrom full-line - U.S.
118 116 Nordstrom
full-line - Canada
3 2 Nordstrom Rack
200 178 Other1
8 8
Total 329 304 1 Other includes Trunk Club
clubhouses, Jeffrey boutiques and our Last Chance store.
Gross square footage
28,826,000 27,556,000
FISCAL YEAR 2016 OUTLOOK
The Company updated its annual earnings per diluted share
expectations to incorporate its second quarter results. Nordstrom's
expectations for fiscal 2016 are as follows:
Prior Outlook Current Outlook Net sales
(percent) 2.5 to 4.5 increase 2.5 to 4.5 increase Comparable sales
(percent) 1 decrease to 1 increase 1 decrease to 1 increase Retail
EBIT (percent) 10 to 20 decrease 10 to 15 decrease Credit EBIT $70
to $80 million Approximately $80 million Earnings per diluted share
(excluding the impact of any future share repurchases) $2.50 to
$2.70 $2.60 to $2.75
CONFERENCE CALL INFORMATION
The Company's senior management will host a conference call to
discuss second quarter 2016 results and fiscal 2016 outlook at 4:45
p.m. Eastern Daylight Time today. To listen to the live call online
and view the speakers' prepared remarks and the conference call
slides, visit the Investor Relations section of the Company's
corporate website at http://investor.nordstrom.com. An archived
webcast with the speakers' prepared remarks and the conference call
slides will be available in the Quarterly Earnings section for one
year. Interested parties may also dial 201-689-8354. A telephone
replay will be available beginning approximately three hours after
the conclusion of the call by dialing 877-660-6853 or 201-612-7415
and entering Conference ID 13641520, until the close of business on
August 18, 2016.
ABOUT NORDSTROM
Nordstrom, Inc. is a leading fashion specialty retailer based in
the U.S. Founded in 1901 as a shoe store in Seattle, today
Nordstrom operates 329 stores in 39 states, including 121 full-line
stores in the United States, Canada and Puerto Rico; 200 Nordstrom
Rack stores; two Jeffrey boutiques; and one clearance store.
Additionally, customers are served online through Nordstrom.com,
Nordstromrack.com and HauteLook. The Company also owns Trunk Club,
a personalized clothing service serving customers online at
TrunkClub.com and its five clubhouses. 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 January 28, 2017,
anticipated annual total and comparable sales rates, anticipated
new store openings in existing, new and international markets,
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 customer strategy, including expansion into new
domestic and international markets, acquisitions, investments in
our stores and online as well as investments in technology, our
ability to realize the anticipated benefits from growth initiatives
and our ability to provide a seamless experience across all
channels; timely and effective execution of our ecommerce
initiatives and ability to manage the costs and organizational
changes associated with this evolving business model; 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 maintain
relationships with our employees and to effectively attract,
develop and retain our future leaders; effective inventory
management processes and systems, fulfillment processes and
systems, 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 of our systems or
those of a third-party provider that results in the theft, transfer
or unauthorized disclosure of customer, employee or Company
information or compliance with information security and privacy
laws and regulations in the event of such an incident; successful
execution of our information technology strategy; our ability to
effectively utilize data in strategic planning and decision making;
efficient and proper allocation of our capital resources; our
ability to realize the expected benefits, respond to potential
risks and appropriately manage costs associated with our program
agreement with TD; our ability to safeguard our reputation and
maintain our vendor relationships; our ability to respond to the
business environment, fashion trends and consumer preferences,
including changing expectations of service and experience in stores
and online, and evolve our business model; the effectiveness of
planned advertising, marketing and promotional campaigns in the
highly competitive retail industry; the timing, price, manner 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; the impact of economic and
market conditions and the resultant impact on consumer spending
patterns; weather conditions, natural disasters, health hazards,
national security or other market disruptions, or the prospects of
these events and the resulting impact on consumer spending
patterns; our compliance with applicable domestic and international
laws, regulations and ethical standards, including those related to
banking, employment and tax and the outcome of claims and
litigation and resolution of such matters; impact of the current
regulatory environment and financial system and health care
reforms; and compliance with debt covenants, availability and cost
of credit, changes in our credit rating, changes in interest rates,
debt repayment patterns and personal bankruptcies. Our SEC reports,
including our Form 10-K for the fiscal year ended January 30,
2016, and our Form 10-Q for the fiscal quarter ended April 30,
2016, 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 Six Months Ended
July 30, 2016 August 1, 2015 July 30,
2016 August 1, 2015 Net sales
$
3,592 $ 3,598
$ 6,784 $ 6,714 Credit card
revenues, net
59 103
116 202
Total revenues
3,651 3,701
6,900 6,916 Cost of
sales and related buying and occupancy costs
(2,359 )
(2,327 )
(4,459 ) (4,326 ) Selling, general and
administrative expenses
(1,071 ) (997 )
(2,114
) (1,968 ) Earnings before interest and income taxes
221 377
327 622 Interest expense, net
(30
) (32 )
(61 ) (65 ) Earnings before income
taxes
191 345
266 557 Income tax expense
(74
) (134 )
(103 ) (218 )
Net earnings
$ 117 $ 211
$ 163
$ 339 Earnings per share: Basic
$ 0.67
$ 1.11
$ 0.94 $ 1.78 Diluted
$ 0.67 $
1.09
$ 0.93 $ 1.74 Weighted-average shares
outstanding: Basic
173.5 189.4
173.3 190.0 Diluted
174.8 193.5
175.2 194.2
NORDSTROM, INC.
CONSOLIDATED
BALANCE SHEETS
(unaudited; amounts in millions)
July 30, 2016 January 30, 2016
August 1, 2015 Assets Current assets: Cash and
cash equivalents
$ 892 $ 595 $ 423 Accounts
receivable held for sale
— — 2,391 Accounts receivable, net
263 196 241 Merchandise inventories
2,032 1,945 2,004
Current deferred tax assets, net
— — 256 Prepaid expenses
and other
163 278 117 Total current
assets
3,350 3,014 5,432 Land, property and equipment
(net of accumulated depreciation of $5,330, $5,108 and $4,912)
3,812 3,735 3,570 Goodwill
435 435 447 Other assets
533 514 251
Total assets
$ 8,130 $ 7,698 $ 9,700
Liabilities and Shareholders' Equity Current liabilities:
Accounts payable
$ 1,604 $ 1,324 $ 1,589 Accrued
salaries, wages and related benefits
381 416 389 Other
current liabilities
1,326 1,161 1,145 Current portion of
long-term debt
10 10 333 Total current
liabilities
3,321 2,911 3,456 Long-term debt, net
2,772 2,795 2,808 Deferred property incentives, net
530 540 560 Other liabilities
570 581 385
Commitments and contingencies Shareholders' equity: Common
stock, no par value: 1,000 shares authorized; 173.3, 173.5 and
188.2 shares issued and outstanding
2,612 2,539 2,460
(Accumulated deficit) Retained earnings
(1,635 )
(1,610 ) 97 Accumulated other comprehensive loss
(40
) (58 ) (66 ) Total shareholders' equity
937
871 2,491
Total liabilities and shareholders'
equity $ 8,130 $ 7,698 $ 9,700
NORDSTROM, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited; amounts in millions)
Six Months Ended July 30, 2016
August 1, 2015 Operating Activities Net earnings
$ 163 $ 339 Adjustments to reconcile net earnings to
net cash provided by operating activities: Depreciation and
amortization expenses
319 277 Amortization of deferred
property incentives and other, net
(34 ) (95 )
Deferred income taxes, net
(53 ) (24 ) Stock-based
compensation expense
47 41 Tax (deficiency) benefit from
stock-based compensation
(1 ) 13 Excess tax
deficiency (benefit) from stock-based compensation
1 (13 )
Bad debt expense
— 20 Change in operating assets and
liabilities: Accounts receivable
(66 ) (216 )
Merchandise inventories
(59 ) (280 ) Prepaid expenses
and other assets
96 (19 ) Accounts payable
262 240
Accrued salaries, wages and related benefits
(40 )
(30 ) Other current liabilities
175 56 Deferred property
incentives
31 97 Other liabilities
12 9
Net cash provided by operating activities
853 415
Investing Activities Capital expenditures
(407 ) (521 ) Change in credit card receivables
originated at third parties
— (64 ) Other, net
33
4 Net cash used in investing activities
(374
) (581 )
Financing Activities Proceeds from
long-term borrowings, net of discounts
— 16 Principal
payments on long-term borrowings
(5 ) (4 ) (Decrease)
increase in cash book overdrafts
(18 ) 49 Cash
dividends paid
(128 ) (142 ) Payments for repurchase
of common stock
(59 ) (267 ) Proceeds from issuances
under stock compensation plans
30 71 Excess tax (deficiency)
benefit from stock-based compensation
(1 ) 13 Other,
net
(1 ) 26 Net cash used in financing
activities
(182 ) (238 ) Net increase
(decrease) in cash and cash equivalents
297 (404 ) Cash and
cash equivalents at beginning of period
595 827
Cash and cash equivalents at end of period $
892 $ 423
NORDSTROM, INC.STATEMENTS OF EARNINGS — RETAIL
BUSINESS(unaudited; dollar amounts in millions)
Retail Business
Our Retail Business includes our Nordstrom U.S. and Canada
full-line stores, Nordstrom.com, Nordstrom Rack stores,
Nordstromrack.com/HauteLook, Trunk Club, Jeffrey and our Last
Chance clearance store. It also includes unallocated corporate
center expenses. The following tables summarize the results of our
Retail Business for the quarter and six months ended July 30, 2016
compared with the same periods in 2015:
Quarter Ended July 30, 2016 August
1, 2015 Amount % of net sales1
Amount % of net sales1 Net sales
$
3,592 100.0 % $ 3,598 100.0 % Cost of sales
and related buying and occupancy costs
(2,358 )
(65.6 %) (2,326 ) (64.6 %) Gross profit
1,234
34.4 % 1,272 35.4 % Selling, general and
administrative expenses
(1,030 ) (28.7
%) (1,009 ) (28.0 %) Earnings before interest and income
taxes
$ 204 5.7 % $ 263
7.3 %
Six Months Ended July 30, 2016 August
1, 2015 Amount % of net sales1
Amount %
of net sales1 Net sales
$ 6,784 100.0
% $ 6,714 100.0 % Cost of sales and related buying and
occupancy costs
(4,456 ) (65.7 %)
(4,323 ) (64.4 %) Gross profit
2,328 34.3 %
2,391 35.6 % Selling, general and administrative expenses
(2,034 ) (30.0 %) (1,930 ) (28.7 %)
Earnings before interest and income taxes
$ 294
4.3 % $ 461 6.9 %
1 Subtotals and totals may not foot due to
rounding.
The following table summarizes net sales and comparable sales
within our Retail Business:
Quarter Ended Six Months Ended
July 30, 2016 August 1, 2015 July 30,
2016 August 1, 2015 Sales Comp
% Sales Comp % Sales Comp
% Sales Comp % Nordstrom full-line stores
- U.S.
$ 1,978 (6.5 %) $ 2,097 0.8 %
$ 3,560 (7.0 %) $ 3,796 0.7 %
Nordstrom.com
683 9.4 % 625 20.4
%
1,178 6.7 % 1,105 20.1 %
Full-price
2,661 (2.8 %) 2,722 4.8 %
4,738 (4.0 %) 4,901 4.5 % Nordstrom
Rack
926 1.1 % 857 1.7 %
1,819
0.2 % 1,688 0.8 % Nordstromrack.com/HauteLook
157 34.7 % 117 49.6 %
323
38.3 % 234 50.4 % Off-price
1,083 5.3 % 974 6.5 %
2,142 4.9 % 1,922
5.7 % Other retail1
127 79
249
143 Total Retail segment
3,871 3,775
7,129 6,966 Corporate/Other
(279 ) (177 )
(345 ) (252 )
Total Company $
3,592 (1.2 %) $ 3,598 4.9 %
$ 6,784 (1.5 %) $ 6,714
4.6 %
1 Other retail includes Nordstrom Canada
full-line stores, Trunk Club and Jeffrey boutiques.
NORDSTROM, INC.STATEMENTS OF EARNINGS — CREDIT(unaudited;
amounts in millions)
Credit
On October 1, 2015, we completed the sale of a substantial
majority of our U.S. Visa and private label credit card portfolio
to TD. Prior to the close of the credit card receivable
transaction, credit card revenues included finance charges,
interchange fees, late fees and other revenue, recorded net of
estimated uncollectible finance charges and fees. We continue to
recognize revenue in this manner for the credit card receivables
retained subsequent to the close of the transaction.
Following the close of the transaction and pursuant to the
program agreement with TD, we receive our portion of the ongoing
credit card revenue, net of credit losses, from both the sold and
newly generated credit card receivables, which is recorded in
credit card revenues, net. Asset amortization and deferred revenue
recognition associated with the assets and liabilities recorded as
part of the transaction are also recorded in credit card revenues,
net.
The following table summarizes the results of our Credit segment
for the quarter and six months ended July 30, 2016 compared with
the same periods in 2015:
Quarter Ended Six Months Ended July
30, 2016 August 1, 2015 July 30, 2016
August 1, 2015 Credit card revenues, net
$
59 $ 103
$ 116 $ 202 Credit expenses
(42 ) (50 )
(83 ) (102 ) Credit
transaction, net
— 61
— 61
Earnings before interest and income taxes 17
114
33 161 Interest expense
— (5 )
—
(10 ) Earnings before income taxes
$ 17
$ 109
$ 33 $ 151
NORDSTROM, INC.RETURN ON INVESTED CAPITAL (NON-GAAP FINANCIAL
MEASURE)(unaudited; dollar 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 compensation measures. For the 12 fiscal months
ended July 30, 2016, our ROIC decreased to 9.1% compared with
12.3% for the 12 fiscal months ended August 1, 2015, primarily
due to reduced earnings.
We define ROIC as our net operating profit after tax divided by
our average invested capital using the trailing 12-month average.
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' methods 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.
Prior period amounts exclude certain line items to conform with
current period presentation. The following is a reconciliation of
the components of ROIC and return on assets:
12 Fiscal Months Ended July 30, 2016
August 1, 2015 Net earnings
$ 424 $ 736 Add:
income tax expense
261 481 Add: interest expense
121
133 Earnings before interest and income tax expense
806 1,350 Add: rent expense
190 154 Less:
estimated depreciation on capitalized operating leases1
(101
) (83 ) Net operating profit
895 1,421 Less:
estimated income tax expense
(341 ) (561 )
Net
operating profit after tax $ 554 $ 860
Average total assets
$ 8,332 $ 9,275
Less: average non-interest-bearing current liabilities
(3,062 ) (2,892 ) Less: average deferred property
incentives
(549 ) (521 ) Add: average estimated asset
base of capitalized operating leases2
1,388 1,117
Average invested capital $ 6,109
$ 6,979
Return on assets 5.1 %
7.9 %
ROIC 9.1 % 12.3 %
1 Capitalized 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 2 below.
2 Based 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; dollar amounts in millions)
Adjusted Debt to earnings before interest, income taxes,
depreciation, amortization and rent ("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 an 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 borrowing costs. We also have a debt
covenant that requires an adjusted debt to EBITDAR leverage ratio
of less than four times. As of July 30, 2016, our Adjusted
Debt to EBITDAR was 2.6, compared with 2.1 as of August 1,
2015. This increase was primarily driven by reduced earnings.
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' methods 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:
20161
20151 Debt
$ 2,782
$ 3,141 Add: estimated capitalized operating lease liability2
1,518 1,231 Less: fair value hedge adjustment included in
long-term debt
(18 ) (30 )
Adjusted Debt
$ 4,282 $ 4,342 Net earnings
$ 424 $ 736 Add: income tax expense
261 481
Add: interest expense, net
121 133 Earnings
before interest and income taxes
806 1,350 Add:
depreciation and amortization expenses
617 541 Add: rent
expense
190 154 Add: non-cash acquisition-related charges
7 16
EBITDAR $ 1,620
$ 2,061
Debt to Net Earnings 6.6
4.3
Adjusted Debt to EBITDAR 2.6 2.1
1 The components of Adjusted Debt are as
of July 30, 2016 and August 1, 2015, while the components of
EBITDAR are for the 12 months ended July 30, 2016 and August 1,
2015.
2 Based 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 when
used in conjunction with GAAP measures, provides investors with a
meaningful analysis of our ability to generate cash from our
business. For the six months ended July 30, 2016, we had Free Cash
Flow of $300 compared with ($263) for the six months ended August
1, 2015.
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'
methods 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:
Six Months Ended July 30, 2016
August 1, 2015 Net cash provided by operating activities
$ 853 $ 415 Less: capital expenditures
(407
) (521 ) Less: cash dividends paid
(128 ) (142
) Less: change in credit card receivables originated at third
parties
— (64 ) (Less) Add: change in cash book overdrafts
(18 ) 49
Free Cash Flow $
300 $ (263 ) Net cash used in investing
activities
$ (374 ) $ (581 ) Net cash used in
financing activities
(182 ) (238 )
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version on businesswire.com: http://www.businesswire.com/news/home/20160811005984/en/
INVESTOR CONTACT:Nordstrom, Inc.Trina Schurman,
206-303-6503orMEDIA CONTACT:Nordstrom, Inc.Dan Evans,
206-303-3036
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