<PAGE>
                               UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                 FORM 10-K

/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the fiscal year ended January 31, 1994

/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

    For the transition period from _______ to _______

                      Commission file number 0-6074

                            Nordstrom, Inc.
        ______________________________________________________
        (Exact name of Registrant as specified in its charter)

              Washington                          91-0515058
  _______________________________              __________________
  (State or other jurisdiction of                (IRS employer
   incorporation or organization)              Identification No.)

              1501 Fifth Avenue, Seattle, Washington  98101
          ______________________________________________________
            (Address of principal executive office)  (Zip code)

   Registrant's telephone number, including area code:  206-628-2111

     Securities registered pursuant to Section 12(b) of the Act:
                               None

     Securities registered pursuant to Section 12(g) of the Act:

                   Common Stock, without par value
                 ____________________________________
                           (Title of class)

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
Registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.  YES /X/  NO / /


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 
of Regulation S-K is not contained herein, and will not be contained, to the 
best of Registrant's knowledge, in definitive proxy or information statements 
incorporated by reference in Part III of this Form 10-K or any amendment to 
this Form 10-K.  / /



                                    1 of 16

<PAGE>
On March 22, 1994, 82,080,065 shares of common stock were outstanding, and the 
aggregate market value of those shares (based upon the closing price as 
reported by the NASDAQ) held by non-affiliates was approximately $2.1 billion.


                   Documents Incorporated by Reference:
Portions of Nordstrom, Inc. 1993 Annual Report to Shareholders
    (Parts I and II)
Portions of Proxy Statement for 1994 Annual Meeting of Shareholders
    (Part III)















































                                    2 of 16

<PAGE>

                                 PART I


Item 1.  Business.
- - ------------------

Nordstrom, Inc. (the "Company") was incorporated in the State of Washington in 
1946 as successor to a retail shoe business started in 1901.  Today, the 
Company operates 53 large specialty stores and four smaller specialty stores
in Washington, Oregon, California, Utah, Alaska, Virginia, New Jersey, 
Illinois, Maryland and Minnesota, selling a wide selection of apparel, shoes 
and accessories for women, men and children.

The Company also operates eighteen clearance stores under the name "Nordstrom 
Rack" which serve as outlets for clearance merchandise from the Company's 
large specialty stores.  The Racks also purchase merchandise directly from 
manufacturers.  The Racks are located in Washington, Oregon, California, Utah, 
Virginia, Maryland, Pennsylvania and Illinois.  The Company also operates 
a men's specialty store in New York and leased shoe departments in 11 
department stores in Hawaii.  The Company commenced operations of its Direct 
Sales division with the mailing of the first catalog at the end of 1993. 
Over the next twelve to eighteen months, the Company will be involved in tests
of Interactive Television Shopping.

The Company regularly employs on a full or part-time basis an average of 
approximately 33,000 employees.  Due to the seasonal nature of the Company's 
business, the number increased to approximately 40,000 employees in December.

The Company's business is highly competitive.  Its stores compete with other 
national, regional and local retail establishments within its operating areas 
which carry similar lines of merchandise, including department stores, 
specialty stores and boutiques.  The Company believes the principal methods of 
competing in its industry include customer service, value, fashion, 
advertising, store location and depth of selection.

Certain other information required under Item 1 is contained within the 
following sections of the Company's 1993 Annual Report to Shareholders, which 
sections are incorporated by reference herein from Exhibit 13.1 of this 
report:

                     Message to the Shareholders

                     Management Discussion and Analysis
                     Note 13 in Notes to Consolidated 
                       Financial Statements














                                    3 of 16

<PAGE>
Executive Officers of the Registrant
- - ------------------------------------

<TABLE>
<CAPTION>
                                               Officer
       Name          Age      Title             Since      Family Relationship
- - -------------------- --- ------------------    -------    --------------------
<S>                  <C>  <C>                  <C>         <C>
Jammie Baugh         40   Executive Vice        1990              None
                           President
Gail Cottle          42   Executive Vice        1985              None
                           President
Joseph V. Demarte    42   Vice President        1990              None

John A. Goesling     48   Executive Vice        1980              None
                           President and Treasurer

Jack Irving          49   Executive Vice        1980              None
                           President

Raymond A. Johnson   52   Co-President          1976              None

John A. McMillan     62   Co-Chairman of the    1969     Cousin by marriage of
                           Board of Directors              Bruce A., James F.,
                                                         and John N. Nordstrom

Blake Nordstrom      33   Vice President        1991        Son of Bruce A.
                                                              Nordstrom

Bruce A. Nordstrom   60   Co-Chairman of the    1966       Cousin of James F.
                           Board of Directors            and John N. Nordstrom

James A. Nordstrom   32   Vice President        1991        Son of John N.
                                                              Nordstrom

James F. Nordstrom   54   Co-Chairman of the    1969       Brother of John N.
                           Board of Directors                  Nordstrom

John N. Nordstrom    56   Co-Chairman of the    1966      Brother of James F.
                           Board of Directors                  Nordstrom

Robert T. Nunn       54   Executive Vice        1983              None
                           President

Cynthia C. Paur      43   Executive Vice        1983              None
                           President

John Walgamott       48   President of          1991              None
                           Nordstrom Credit, Inc.
                           and Nordstrom National
                           Credit Bank

John Whitacre        41   Co-President          1989              None
</TABLE>


All of the above people that have not been officers for the past five years 
have been full-time employees of the Company during that period.  The officers 
are re-elected annually by the Board of Directors following each year's Annual 
Meeting.  Each officer is elected for a term of one year or until a successor 
is elected and qualifies.

                                     4 of 16

<PAGE>

I
tem 2.  Properties.
- - --------------------

The following table summarizes at January 31, 1994 the number of stores owned 
or operated by the Company and the percentage of total store area represented 
by each listed category:

<TABLE>
<CAPTION>
                                     Number of     % of total store
                                      stores        square footage
                                     ---------     ----------------
         <S>                         <C>           <C>
         Owned Stores                   20                29%
         Leased Stores                  35                29
         Owned on leased land           18                39
         Partly owned & partly leased    1                 3
                                     ---------     ----------------
                                        74               100%
                                     =========     ================
</TABLE>

The Company also operates eight merchandise distribution centers, five of 
which are owned and three of which are leased.  The Company leases its 
principal offices in Seattle, Washington, and owns an office building in the 
Denver, Colorado metropolitan area which serves as the principal offices of 
Nordstrom Credit, Inc. and Nordstrom National Credit Bank.

The Company operates 25 full-line stores, six clearance stores and two 
distribution centers in California.  Because of its high cost, the Company 
does not carry earthquake insurance.

Certain other information required under this item is included in the 
following section of the Company's 1993 Annual Report to Shareholders, which 
section is incorporated by reference herein from Exhibit 13.1 of this report:

	Retail Store Facilities



Item 3.  Legal Proceedings.
- - --------------------------

The Company is not involved in any material pending legal proceedings, other
than routine litigation in the ordinary course of business.



Item 4.  Submission of Matters to a Vote of Security Holders
- - ------------------------------------------------------------
         None






                                    5 of 16

<PAGE>

                                PART II


Item 5. Market for Registrant's Common Equity and Related Stockholder
        Matters.
- - ---------------------------------------------------------------------

The Company's Common Stock, without par value, is traded in the over-the-
counter market and is quoted daily by the NASDAQ.  The approximate number of 
holders of Common Stock as of March 22, 1994 was 71,500.

Certain other information required under this Item with respect to stock 
prices and dividends is included in the following sections of the Company's 
1993 Annual Report to Shareholders, which sections are incorporated by 
reference herein from Exhibit 13.1 of this report:

	Financial Highlights - Stock Trading
	Consolidated Statements of Shareholders' Equity
	Note 9 in Notes to Consolidated Financial Statements
	Note 14 in Notes to Consolidated Financial Statements



Item 6.  Selected Financial Data.
- - ---------------------------------

The information required under this item is included in the following section 
of the Company's 1993 Annual Report to Shareholders, which section is 
incorporated by reference herein from Exhibit 13.1 of this report:

	Ten-Year Statistical Summary



Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations.
- - ------------------------------------------------------------------------

The information required under this item is included in the following section 
of the Company's 1993 Annual Report to Shareholders, which section is 
incorporated by reference herein from Exhibit 13.1 of this report:

	   Management Discussion and Analysis



Item 8.  Financial Statements and Supplementary Data.
- - -----------------------------------------------------

The information required under this item is included in the following sections 
of the Company's 1993 Annual Report to Shareholders, which sections are 
incorporated by reference herein from Exhibit 13.1 of this report:

	   Consolidated Statements of Earnings
	   Consolidated Balance Sheets
	   Consolidated Statements of Shareholders' Equity
	   Consolidated Statements of Cash Flows

	   Notes to Consolidated Financial Statements

	   Independent Auditors' Report


                                     6 of 16

I
tem 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure.
- - ------------------------------------------------------------------------
         None



                                PART III


Item 10. Directors and Executive Officers of the Registrant.
- - ------------------------------------------------------------

The information required under this item with respect to the Company's 
Directors and compliance with Section 16(a) of the Exchange Act is included in 
the following sections of the Company's Proxy Statement for its 1994 Annual 
Meeting of Shareholders, which sections are incorporated by reference herein 
and will be filed within 120 days after the end of the Company's fiscal year:

	   Election of Directors
	   Compliance with Section 16(a) of the Exchange Act of 1934

The information required under this item with respect to the Company's 
Executive Officers is incorporated by reference from Part I, Item 1 of this 
report under "Executive Officers of the Registrant".



Item 11. Executive Compensation.
- - --------------------------------

The information required under this item is included in the following sections 
of the Company's Proxy Statement for its 1994 Annual Meeting of Shareholders, 
which sections are incorporated by reference herein and will be filed within 
120 days after the end of the Company's fiscal year:

         Compensation of Executive Officers in the Year Ended
           January 31, 1994

         Compensation and Stock Option Committee Report on Executive 
           Compensation
         Stock Price Performance
         Compensation of Directors
	   Compensation Committee Interlocks and Insider Participation
	   1993 Non-Employee Director Stock Incentive Plan (Effectiveness of the
           Plan is subject to approval of the shareholders at the 1994 Annual
           Meeting of Shareholders.)


Item 12. Security Ownership of Certain Beneficial Owners and Management.
- - ------------------------------------------------------------------------

The information required under this item is included in the following section 
of the Company's Proxy Statement for its 1994 Annual Meeting of Shareholders, 
which sections are incorporated by reference herein and will be filed within 
120 days after the end of the Company's fiscal year:

	   Principal Shareholders





                                    7 of 16

Item 13. Certain Relationships and Related Transactions.
- - --------------------------------------------------------

The information required under this item is included in the following sections 
of the Company's Proxy Statement for its 1994 Annual Meeting of Shareholders, 
which sections are incorporated by reference herein and will be filed within 
120 days after the end of the Company's fiscal year:

	   Election of Directors
	   Transactions with Management



                                PART IV


Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
- - --------------------------------------------------------------------------
(a)1.    Financial Statements
         --------------------

         The following consolidated financial information and statements of
         Nordstrom, Inc. and its subsidiaries and the Independent Auditors' 
         Report are incorporated by reference herein from Exhibit 13.1 of this
         report:

		  Consolidated Statements of Earnings
		  Consolidated Balance Sheets
		  Consolidated Statements of Shareholders' Equity
		  Consolidated Statements of Cash Flows

		  Notes to Consolidated Financial Statements
		  Independent Auditors' Report

(a)2.    Financial Statement Schedules
         -----------------------------

<TABLE>
<CAPTION>
                                                                    Page
                                                                    ----
         <S>                                                        <C>
	   Independent Auditors' Consent and Report on Schedules            12
            V - Property, Buildings and Equipment                    13
           VI - Accumulated Depreciation and Amortization
                of Property, Buildings and Equipment                 14
         VIII - Valuation and Qualifying Accounts                    15
           IX - Short-term Borrowings                                16
</TABLE>

         Other schedules for which provision is made in Regulation S-X are not 
         required, are inapplicable, or the information is included in the 
         Company's 1993 Annual Report to Shareholders as incorporated by 
         reference herein from Exhibit 13.1 of this report.









                                     8 of 16

<PAGE>
(a)3.	Exhibits
      --------

     (3.1)  Articles of Incorporation of the Registrant are hereby 
            incorporated by reference from the Registrant's Form 10-K for the
            year ended January 31, 1990, Exhibit A.

     (3.2)  By-laws of the Registrant are hereby incorporated by reference
            from the Registrant's Form 10-K for the year ended January 31, 
            1992, Exhibit 3.2.

     (4.1)  The Indenture between Nordstrom Credit, Inc. (a wholly-owned 
            subsidiary of the Registrant) and First Interstate Bank of 
            Washington, N.A. dated November 15, 1984, the First Supplement 
            thereto dated January 15, 1988, the Second Supplement thereto 
            dated June 1, 1989 and the Third Supplement thereto dated October 
            19, 1990 are hereby incorporated by reference from Registration 
            No. 33-3765, Exhibit 4.2; Registration No. 33-19743, Exhibit 4.2; 
            Registration No. 33-29193, Exhibit 4.3; and the Nordstrom Credit, 
            Inc. Annual Report on Form 10-K (SEC File No. 0-12994) for the 
            year ended January 31, 1991, Exhibit 4.2, respectively.

	      Securities authorized under each of any other long-term debt 
            instruments of the Company or its subsidiaries do not exceed 10% 
            of the consolidated total assets of the Company and its 
            subsidiaries.  The Company will furnish a copy of any such long-
            term debt instrument or agreement to the Commission upon request.

     (10.1) Operating Agreement dated August 30, 1991 between Nordstrom
            Credit, Inc. and Nordstrom National Credit Bank is hereby 
            incorporated by reference from the Nordstrom Credit, Inc. 
            Quarterly Report on Form 10-Q, as amended (SEC File No.
            0-12994) for the quarter ended July 31, 1991, Exhibit 10.1.

     (10.2) The 1987 Nordstrom Stock Option Plan is hereby incorporated by 
            reference from the Registrants' Proxy Statement for its 1987  
            Annual Meeting of Shareholders.

     (10.3) The Nordstrom Supplemental Retirement Plan is hereby incorporated 
            by reference from the Registrant's Form 10-K for the year ended
            January 31, 1992, Exhibit 10.3.

     (10.4) The 1993 Non-Employee Director Stock Incentive Plan is filed
            herein as an Exhibit. (Effectiveness of the Plan is subject to
            approval of the shareholders at the 1994 Annual Meeting of 
            Shareholders.)

     (13.1) The Company's 1993 Annual Report to Shareholders is filed herein 
            as an Exhibit.

     (21.1) List of the Registrant's Subsidiaries is filed herein as an 
            Exhibit.

     (23.1) Independent Auditors' consent is on page 12 of this report.

      All other exhibits are omitted because they are not applicable, not 
      required, or because the required information is included in the
      Company's 1993 Annual Report to Shareholders.

                                    9 of 16

<PAGE>
(b)   Reports on Form 8-K
      -------------------

      No reports on Form 8-K were filed during the last quarter of the period
      for which this report is filed.



 
                              Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange 
Act of 1934, the Registrant has duly caused this report to be signed on its 
behalf by the undersigned, thereunto duly authorized.

	NORDSTROM, INC.
	   (Registrant)
                             /s/                       John A. Goesling
Date   March 31, 1994     by __________________________________________
     ____________________                              John A. Goesling
                                 Executive Vice President and Treasurer
                            (Principal Accounting and Financial Officer)



































                                    10 of 16

<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, this 
report has been signed below by the following persons on behalf of the 
Registrant and in the capacities and on the date indicated.

Principal Executive Officers:          Principal Accounting and
                                       Financial Officer:

/s/          Raymond A. Johnson        /s/             John A. Goesling
_______________________________        ________________________________
             Raymond A. Johnson                        John A. Goesling
                   Co-President                Executive Vice President
                                                          and Treasurer
/s/               John Whitacre
_______________________________
                  John Whitacre
                   Co-President


Directors:

/s/          D. Wayne Gittinger          /s/           James F. Nordstrom
_______________________________          ________________________________
             D. Wayne Gittinger                        James F. Nordstrom
                       Director                               Co-Chairman

/s/            John F. Harrigan          /s/            John N. Nordstrom
_______________________________          ________________________________
               John F. Harrigan                         John N. Nordstrom
                       Director                               Co-Chairman

/s/            Charles A. Lynch          /s/        Alfred E. Osborne Jr.
_______________________________          ________________________________
               Charles A. Lynch                     Alfred E. Osborne Jr.
                       Director                                  Director

/s/           Ann D. McLaughlin           /s/       William D. Ruckelshaus
_______________________________          ________________________________
              Ann D. McLaughlin                    William D. Ruckelshaus
                       Director                                  Director

/s/            John A. McMillan          /s/           Malcolm T. Stamper
_______________________________          ________________________________
               John A. McMillan                        Malcolm T. Stamper
                    Co-Chairman                                  Director

/s/          Bruce A. Nordstrom          /s/  Elizabeth Crownhart Vaughan
_______________________________          ________________________________
             Bruce A. Nordstrom               Elizabeth Crownhart Vaughan
                    Co-Chairman                                  Director


Date             March 31, 1994
    ___________________________




                                   11 of 16

<PAGE>

            INDEPENDENT AUDITORS' CONSENT AND REPORT ON SCHEDULES



Shareholders and Board of Directors
Nordstrom, Inc.

We consent to the incorporation by reference in Registration Statements Nos. 
33-18321 and 2-81695 of Nordstrom, Inc. on Form S-8 of our reports dated March 
11, 1994 appearing in and incorporated by reference in this Annual Report on 
Form 10-K of Nordstrom, Inc. and subsidiaries for the year ended January 31, 
1994.

We have audited the consolidated financial statements of Nordstrom, Inc. and 
subsidiaries as of January 31, 1994 and 1993, and for each of the three years 
in the period ended January 31, 1994, and have issued our report thereon dated 
March 11, 1994; such financial statements and report are included in your 1993 
Annual Report to Shareholders and are incorporated herein by reference.  Our 
audits also included the consolidated financial statement schedules of 
Nordstrom, Inc. and subsidiaries, listed in Item 14(a)2.  These financial 
statement schedules are the responsibility of the Company's management.  Our
responsibility is to express an opinion based on our audits.  In our opinion,
such consolidated financial statement schedules, when considered in relation
to the basic consolidated financial statements taken as a whole, present
fairly in all material respects the information set forth therein.



Deloitte & Touche
March 31, 1994

Seattle, Washington











                                12 of 16

<PAGE>
                    NORDSTROM, INC. AND SUBSIDIARIES
              SCHEDULE V - PROPERTY, BUILDINGS AND EQUIPMENT
                          (Dollars in thousands)

<TABLE>
<CAPTION>
       Column A          Column B   Column C  Column D   Column E     Column F
                        Balance at                                    Balance
                         beginning  Additions  Retire-   Reclassi-   at end of
Description              of period   at cost    ments    fications    period
- - -----------             ----------  ---------  --------  ---------  ----------
Year ended January 31, 1994:
<S>                     <C>         <C>        <C>       <C>        <C>
Land and land
  improvements          $   40,806   $    400   $     -    $   604  $   41,810
Property leased under
  capitalized leases        27,421          -         -     (4,500)     22,921
Buildings                  370,878      8,242        25      2,894     381,989
Leasehold improvements     456,087     15,206         -          -     471,293
Store fixtures and
  equipment                472,759     46,966     9,938      1,002     510,789
Construction in 
  progress                  17,123     53,697         -          -      70,820
                        ----------   --------   -------    -------  ----------
                        $1,385,074   $124,511   $ 9,963    $     -  $1,499,622
                        ==========   ========   =======    =======  ==========
</TABLE>


<TABLE>
<CAPTION>
Year ended January 31, 1993:
<S>                     <C>          <C>        <C>        <C>      <C>
Land and land
  improvements          $   39,454   $  1,665   $   313    $     -  $   40,806
Property leased under
  capitalized leases        29,826          -     2,405          -      27,421
Buildings                  327,026     44,033       181          -     370,878
Leasehold improvements     452,359      4,035       307          -     456,087
Store fixtures and
  equipment                424,509     58,352    10,102          -     472,759
Construction in 
  progress                  54,046    (36,923)        -          -      17,123
                        ----------   --------   -------    -------  ----------
                        $1,327,220   $ 71,162   $13,308    $     -  $1,385,074
                        ==========   ========   =======    =======  ==========
</TABLE>


<TABLE>
<CAPTION>
Year ended January 31, 1992:
<S>                     <C>          <C>        <C>        <C>      <C>
Land and land
  improvements          $   38,772   $  1,296   $   614    $     -  $   39,454
Property leased under
  capitalized leases        29,826          -         -          -      29,826
Buildings                  302,672     24,360         6          -     327,026
Leasehold improvements     370,835     81,524         -          -     452,359
Store fixtures and
  equipment                347,799     80,262     3,552          -     424,509
Construction in 
  progress                  94,965    (40,919)        -          -      54,046
                        ----------   --------   -------    -------  ----------
                        $1,184,869   $146,523   $ 4,172    $     -  $1,327,220
                        ==========   ========   =======    =======  ==========
</TABLE>

                                 13 of 16

<PAGE>
                    NORDSTROM, INC. AND SUBSIDIARIES

               SCHEDULE VI - ACCUMULATED DEPRECIATION AND
           AMORTIZATION OF PROPERTY, BUILDINGS AND EQUIPMENT

                         (Dollars in thousands)

<TABLE>
<CAPTION>
        Column A          Column B   Column C    Column D  Column E   Column F
                                     Additions
                         Balance at  charged to                       Balance
                         beginning    costs and  Retire-  Reclassi-  at end of
Description              of period    expenses    ments   fications    period
- - -----------              ----------  ----------  -------  ---------  ---------

Year ended January 31, 1994:
<S>                      <C>         <C>         <C>      <C>        <C>
Land improvements          $  6,024    $  1,059  $    (2)  $   (133)  $  7,218
Property leased under
  capitalized leases         14,055         830        -      2,193     12,692
Buildings                   119,502      20,148       32     (1,058)   140,676
Leasehold improvements      103,316      21,973       19          -    125,270
Store fixtures and
  equipment                 318,035      58,933    9,800     (1,002)   368,170
                           --------    --------  -------   --------   --------
                           $560,932    $102,943  $ 9,849   $      -   $654,026
                           ========    ========  =======   ========   ========
</TABLE>


<TABLE>
<CAPTION>
Year ended January 31, 1993:
<S>                        <C>         <C>       <C>       <C>        <C>
Land improvements          $  5,103    $    959  $    38   $      -   $  6,024
Property leased under
  capitalized leases         15,066         903    1,914          -     14,055
Buildings                   100,081      19,569      148          -    119,502
Leasehold improvements       83,378      20,241      303          -    103,316
Store fixtures and
  equipment                 267,188      60,572    9,725          -    318,035
                           --------    --------  -------   --------   --------
                           $470,816    $102,244  $12,128   $      -   $560,932
                           ========    ========  =======   ========   ========
</TABLE>


<TABLE>
<CAPTION>
Year ended January 31, 1992:
<S>                        <C>         <C>       <C>       <C>        <C>
Land improvements          $  4,177    $    926  $    -    $      -   $  5,103
Property leased under
  capitalized leases         14,086         980       -           -     15,066
Buildings                    81,933      18,153       5           -    100,081
Leasehold improvements       65,026      18,352       -           -     83,378
Store fixtures and
  equipment                 213,456      57,137   3,405           -    267,188
                           --------    --------  ------    --------   --------
                           $378,678    $ 95,548  $3,410    $      -   $470,816
                           ========    ========  ======    ========   ========
</TABLE>



                                14 of 16

<PAGE>
                     NORDSTROM, INC. AND SUBSIDIARIES

             SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS

                         (Dollars in thousands)

<TABLE>
<CAPTION>
       Column A             Column B     Column C       Column D    Column E
       --------            ----------    ----------    ----------   ---------

                                         Additions     Deductions
                                         ----------    ----------
                                                        Account
                           Balance at    Charged to    write-offs    Balance
                            beginning    costs and       net of     at end of
Description                 of period     expenses     recoveries     period
- - -----------                ----------    ----------    ----------   ---------

Allowance for doubtful accounts:

Year ended:
  <S>                      <C>           <C>           <C>          <C>
  January 31, 1994            $23,969       $25,713       $26,537     $23,145

  January 31, 1993            $24,192       $29,469       $29,692     $23,969

  January 31, 1992            $19,635       $33,235       $28,678     $24,192
</TABLE>






















                                 15 of 16

<PAGE>
                      NORDSTROM INC. AND SUBSIDIARIES

                    SCHEDULE IX - SHORT-TERM BORROWINGS

                          (Dollars in thousands)

<TABLE>
<CAPTION>
  Column A           Column B    Column C   Column D     Column E   Column F
  --------           --------    --------   --------     --------   --------
                                                                    Weighted
                                             Maximum     Average    average
Category of                      Weighted     amount      amount    interest
aggregate             Balance     average  outstanding  outstanding   rate
short-term           at end of   interest  during the   during the   during
borrowings            period       rate      period       period     period
- - ----------           ---------   --------  -----------  ----------- --------
    (A)                                                     (B)        (C)

<S>                  <C>         <C>       <C>          <C>         <C>
January 31, 1994
  Notes payable        $25,000       3.0%     $ 55,000     $ 26,479     3.1%
    to banks

  Commercial paper      15,337       3.4        92,023       50,300     3.2



January 31, 1993
  Notes payable        $25,000       3.0%     $125,000     $ 66,139     3.8%
    to banks

  Commercial paper      13,319       3.5       136,038       75,840     3.7



January 31, 1992
  Notes payable        $50,000       4.1%     $110,000     $ 55,710     5.7%
    to banks

  Commercial paper      84,735       4.1       184,500      128,112     5.7

<FN>
(A) The notes payable to banks have maturities of up to six months or on 
    demand.  Notes payable to holders of commercial paper generally have 
    maturities ranging from one day to two months.  

(B) Average amount outstanding during the period is computed by dividing the 
    total of daily outstanding principal balances by the number of days in the 
    period.

(C) Weighted average interest rate during the period is computed by dividing 
    the actual short-term interest expense by the average short-term 
    borrowings outstanding.
</TABLE>




                                16 of 16

<PAGE>
NORDSTROM INC. AND SUBSIDIARIES



Exhibit Index

<TABLE>
<CAPTION>
Exhibit                                          Method of Filing
- - -------                                          ----------------
<C>   <S>                                        <C>
 3.1  Articles of Incorporation                  Incorporated by reference
                                                   from Form 10-K for the year
                                                   ended January 31, 1990.

 3.2  By-laws                                    Incorporated by reference
                                                   from Form 10-K for the year
                                                   ended January 31, 1992.

 4.1  Indenture between Nordstrom, Credit,       Incorporated by reference 
        Inc. and First Interstate Bank of          from Registration 
        Washington, the First Supplement,          No. 33-3765, Registration 
        the Second Supplement and the Third        No. 33-19743, Registration 
        Supplement                                 No. 33-29193 and the 
                                                   Nordstrom Credit, Inc. 
                                                   Annual Report on Form 10-K
                                                   for the year ended January 
                                                   31, 1991.

10.1  Operating Agreement between Nordstrom,     Incorporated by reference 
        Credit, Inc. and Nordstrom National        from the Nordstrom Credit,
        Credit Bank                                Inc. Quarterly Report on 
                                                   Form 10-Q, as amended for 
                                                   the quarter ended July 31, 
                                                   1991.

10.2  1987 Stock Option Plan                     Incorporated by reference
                                                   from the Proxy Statement
                                                   for the 1987 Annual Meeting
                                                   of Shareholders.

10.3  Supplemental Retirement Plan               Incorporated by reference
                                                   from Form 10-K for the year 
                                                   ended January 31, 1992.

10.4  1993 Non-Employee Director Stock 
        Incentive Plan                           Filed herewith electronically

13.1  1993 Annual Report to Shareholders         Filed herewith electronically

21.1  Subsidiaries of the Registrant             Filed herewith electronically

23.1  Independent Auditors' consent              Filed herewith electronically








</TABLE>






<PAGE>
EXHIBIT 10.4
NORDSTROM, INC. AND SUBSIDIARIES
1993 NON-EMPLOYEE DIRECTOR STOCK INCENTIVE PLAN



  1.  Purpose.  The purposes of the 1993 Non-Employee Director Stock Incentive 
Plan (the "Plan") are to attract and retain well-qualified persons for service 
as directors of Nordstrom, Inc. (the "Company"), to provide directors through 
the payment of an incentive payable in shares of the Company's Common Stock,
without par value ("Common Stock"), with the opportunity to increase their 
proprietary interest in the Company, and thereby to increase their personal 
interest in the Company's continued success.


  2.  Administration.  Responsibility and authority to administer and 
interpret the provisions of the Plan shall be conferred upon the Compensation
and Stock Option Committee ("Committee").
  The Committee may employ attorneys, consultants, accountants or other 
persons and the Committee, the Company and its officers and directors shall be
entitled to rely upon the advice, opinions or valuations of any such persons.
All usual and reasonable expenses of the Committee shall be paid by the 
Company.  All actions taken and all interpretations and determinations made by
the Committee in good faith shall be final and binding upon
 all recipients who
have received awards, the Company and other interested persons.  No member of
the Committee shall be personally liable for any action, determination or
interpretations taken or made in good faith with respect to the Plan or awards
made hereunder, and all members of the Committee shall be fully indemnified
and protected by the Company in respect of any action, determination or
interpretation.


  3.  Eligibility.  All directors of the Company who are neither full-time 
employees of the Company nor officers of the Company shall be participants
in the Plan.


  4.  Awards.  Awards under the Plan shall consist of two parts, a stock award
(the "Stock Award") and a cash award (the "Tax Gross Up") intended to offset
the federal income tax liability attributable to the Stock Award.  The Stock
Award and the Tax Gross Up shall be payable in stock and cash as provided
hereunder.
  Within thirty (30) days after each annual meeting of shareholders of the 
Company during the term hereof, the Company shall cause to be issued to each 
person who is an eligible director immediately following the annual meeting
that number of full shares of Common Stock (rounded to the nearest whole 
share) determined by dividing $10,000 by the mean of the closing bid and ask
prices of a share of Common Stock as of the date of the annual meeting, or, if
no sale of Common Stock has been recorded on that date, then on the next 
preceding date on which a sale was made (the "Fair Market Value").
  Concurrently with the issuance of each Stock Award, the Company shall 
deliver to each eligible director a cash payment of $4,000 as the Tax Gross 
Up.


<PAGE>
  No payment will be required from the director upon the issuance or delivery
of a Stock Award or Tax Gross Up, except that any amount necessary to satisfy 
applicable federal, state or local tax requirements shall be withheld or paid
promptly upon notification of the amount due and prior to or concurrently
with issuance of a certificate representing a Stock Award; provided that
notwithstanding anything contained herein to the contrary, the Committee may
accept stock received in connection with the Stock Award being taxed or 
otherwise previously acquired in satisfaction of any withholding requirements.


  5.  Terms and Conditions.  Up to 25,000 shares of Common Stock may be issued
from authorized shares of the Company pursuant to the Plan.  Shares of Common
Stock issued pursuant to the Plan shall be from authorized but unissued 
shares.  To the extent the shares are not registered under the Securities Act
of 1933, as amended (the "Act"), they may not be sold, assigned, transferred 
or otherwise disposed of in the absence of an effective registration statement 
covering the shares, or an available exemption under the Act.
  A director may not sell or otherwise transfer shares issued as a Stock Award
under the Plan for a period of six (6) months from the date of the award.
  The Committee shall appropriately adjust the number of shares for which 
awards may be granted pursuant to the Plan in the event of reorganization,
recapitalization, stock split, reverse stock split, stock dividend, exchange
or combination of shares, merger, consolidation, rights offering, or any 
change in capitalization of the Company.


  6.  Amendment or Discontinuance.  The Board of Directors of the Company may,
at any time, amend, rescind or terminate the Plan, as it shall deem advisable;
provided, however, that (i) no change may be made in any Stock Award or Tax
Gross Up previously made under the Plan which would impair the recipients' 
rights without their consent; (ii) no amendment to the Plan may be made 
without approval of the Company's shareholders if the effect of the amendment
would be to: (a) materially increase the number of shares reserved for 
issuance hereunder or benefits accruing to participants under the Plan, (b)
materially change the requirements for eligibility under Section 3 hereof, or
(c) materially modify the method for determining the number of shares awarded
under Section 4 hereof, except that any such increase or modification that
results from adjustments authorized by the last paragraph of Section 5 shall
not require such approval; and (iii) no amendment may be made to the Plan 
within six months of a prior amendment, except as required for compliance
with the Internal Revenue Code of 1986 or the rules thereunder.


  7.  Effective Date and Term of Plan.  The Plan shall become effective as of
May 17, 1993 and shall remain in effect until December 31, 2002.  Stock Awards
granted prior to termination of the Plan, shall, notwithstanding termination 
of the Plan, continue to be effective and shall be governed by the Plan.


  8.  Governing Law.  The Plan and all determinations made and actions taken
pursuant hereto shall be governed by the laws of the state of Washington
pertaining to contracts made and to be performed wholly within such 
jurisdiction.






<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES   1


About the Company


Nordstrom has grown from its origins as a small shoe store, to become one of
the nation's leading fashion specialty retailers, offering a wide variety of
fine quality apparel, shoes and accessories for women, men and children.  Now
in its 93rd year, Nordstrom operates 52 large specialty stores in Washington, 
Oregon, California, Utah, Alaska, Virginia, Maryland, New Jersey, Illinois and 
Minnesota, plus four smaller specialty stores, 17 clearance and off-price 
stores, a men's wear boutique in New York City, and leased shoe departments in 
11 department stores in Hawaii.  Currently led by the third generation of the 
Nordstrom family, the Company remains committed to its founding principles of 
quality, value, selection and service.











































<PAGE>
2   NORDSTROM, INC. AND SUBSIDIARIES


              Table of Contents

           3  Financial Highlights

           4  Message to the Shareholders

           5  Management Discussion & Analysis

           9  Consolidated Statements of Earnings

          10  Consolidated Balance Sheets

          11  Consolidated Statements of Shareholders' Equity

          12  Consolidated Statements of Cash Flows

          13  Notes to Consolidated Financial Statements

          22  Report of Management

          23  Independent Auditors' Report

          24  Ten-Year Statistical
 Summary

          26  Officers, Directors and Committees

          30  Retail Store Facilities





























<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES   3


Financial Highlights

<TABLE>
<CAPTION>
Dollars in thousands except per share amounts
Fiscal Year                                 1993            1992      % Change
- - ------------------------------------------------------------------------------
<S>                                   <C>             <C>             <C>
Net sales                             $3,589,938      $3,421,979          +4.9
Earnings before income taxes             230,918         222,119          +4.0
Net earnings                             140,418         136,619          +2.8
Net earnings per share                      1.71            1.67          +2.4
Cash dividends paid per share                .34             .32          +6.3
</TABLE>



Stock Trading

<TABLE>
<CAPTION>
                              Fiscal Year 1993          Fiscal Year 1992
- - --------------------------------------------------------------------------
                             High          Low         High          Low
<S>                         <C>           <C>         <C>           <C>
1st Quarter                 43 1/2        27 3/4      42 3/4        30
2nd Quarter                 32 1/4        25 1/4      35 1/4        25 1/2
3rd Quarter                 35 3/4        26 1/4      35            26 1/2
4th Quarter                 36 1/2        31          40 1/2        30 5/8
</TABLE>


Nordstrom, Inc. common stock is traded over-the-counter and quoted daily in 
leading financial publications.  NASDAQ Symbol -- Nobe.


Net Sales 
The vertical bar graph shows the growth in net sales for the past ten years.  
Dollars are in millions.  In fiscal year 1993, net sales were $3,590; 1992-
$3,422; 1991-$3,180; 1990-$2,894; 1989-$2,671; 1988-$2,328; 1987-$1,920; 1986-
$1,630; 1985-$1,302 and 1984-$959.


Net Earnings
The vertical bar graph compares net earnings for the past ten years.  
Beginning with the most recent fiscal year on the left, net earnings (dollars 
in millions) were as follows: 1993-$140.4; 1992-$136.6; 1991-$135.8; 1990-
$115.8; 1989-$114.9; 1988-$123.3; 1987-$92.7; 1986-$72.9; 1985-$50.1 and 1984-
$40.7.











<PAGE>
4   NORDSTROM, INC. AND SUBSIDIARIES


Message to the Shareholders

Our sales totaled $3.59 billion in 1993 compared with $3.42 billion in 1992. 
Earnings for 1993 were $140.4 million compared with $136.6 million in 1992.

Our full-line Nordstrom stores previously scheduled to open in 1993 were 
postponed by developers until 1994 or 1995 due to financing or permit delays, 
but we did open a Nordstrom Factory Direct store in Philadelphia on August 5 
and a Facconable store on 54th Street and 5th Avenue in New York City on 
October 1 of 1993.

We are now back on a more normal expansion schedule for 1994 through 1996.  
Annapolis Mall, Annapolis, Maryland; Santa Anita Mall, Arcadia, California; 
Old Orchard Mall, Skokie, Illinois; and a move to an expanded Washington 
Square store in Southwest Portland, Oregon are all Nordstrom full-line stores 
opening this year.  The first phase of our Bellevue, Washington expansion 
opens this fall as well.

Store openings for 1995 include Woodfield Mall, Schaumburg, Illinois; 
Westchester Mall, White Plains, New York; Short Hills Mall, Millburn, New 
Jersey; Circle Centre, Indianapolis, Indiana; and the final phase of the 
Bellevue Square expansion.  In 1996 we expect to open new stores in Dallas, 
Denver, Philadelphia and Detroit.

We also welcomed our Direct Sales Division's first catalog on January 27.  
Telephone answering service is performed by the Nordstrom Direct Sales team in 
Seattle, and merchandise is shipped from our Memphis, Tennessee warehouse via 
Federal Express.  Early results are very encouraging for this first catalog.  
Additional catalog mailings will follow about every other month.  As we 
previously announced, our Direct Sales Division will be involved in tests of 
Interactive Television Shopping over the next 12 to 18 months.

We believe our Company is moving toward a better 1994 for several reasons:
1) Our 4th quarter was the strongest of the past year, and outperformed a good 
4th quarter in 1992.
2) Our business in California appears to be recovering well in spite of the 
earthquake, fires, floods and droughts that have recently affected business in 
that region.
3) Our sales in our newer markets are most encouraging, with Chicago, 
Washington, D.C. and New Jersey all doing well.
4) The national economy is improved and our customers seem to be feeling 
better about the future.

As we move through the '90s, you can be sure your Company's policies will 
continue to focus on improved customer service, high quality merchandise, wide 
selection and great value, to better serve more customers than ever.

John A. McMillan
Bruce A. Nordstrom
James F. Nordstrom
John N. Nordstrom





<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES   5


Management Discussion and Analysis

The following discussion and analysis gives a more detailed review of the past 
three years, as well as additional information on future commitments and 
trends.  This discussion and analysis should be read in conjunction with the 
basic consolidated financial statements and the Ten-Year Statistical Summary.

Sales
Sales have increased to record levels in each of the past three years.  As 
shown below, the sales increases are primarily attributable to additional 
stores.

<TABLE>
<CAPTION>
Fiscal Year                                   1993        1992        1991
- - --------------------------------------------------------------------------
<S>                                           <C>         <C>         <C>
Additional sales in comparable stores
  (open at least fourteen months)             2.7%        1.4%        1.4%
Sales in new stores                           2.2%        6.2%        8.5%
                                              ----        ----        ----
Total percentage increase                     4.9%        7.6%        9.9%
                                              ====        ====        ====
</TABLE>

During the last three years, there has been very modest growth in overall 
comparable stores' sales.  Consumers have been more cautionary in their 
spending patterns in nearly all regions of the Company's operations during 
this period of time.  Many consumers have reacted to various economic and 
political issues by slowing or reducing purchases.  This trend has been more 
noticeable in California where, after many years of sustained high growth in 
sales, comparable sales have decreased at some stores.  In addition, sales of 
women's apparel in 1993 were disappointing.  While other categories of 
merchandise showed improving sales trends, women's apparel sales decreased 
slightly in comparable stores because fashion trends were not widely accepted.  
This phenomenon was experienced by many other retailers as well.

It generally takes new stores several years to reach the high sales 
productivity of the Company's average store, due to the established customer 
base and traffic patterns of the Company's more mature stores.  As a result, 
sales growth from new stores during the last three years has increased at a 
somewhat lower rate than the increase in average store square footage each 
year.

While management believes that some portion of the increase in merchandise 
sales is due to inflation, it is difficult to measure because of changes in 
merchandise styles and selections.  The change in the retail prices of 
apparel, shoes and accessories as measured by the Bureau of Labor Statistics 
on an overall basis was 3% for 1991, 1% for 1992 and 1% for 1993.  Management 
believes that these statistics are the best available measure of the effect of 
inflation on the Company's selling prices.

Percentage of 1993 Sales by Merchandise Category
The pie chart depicts each merchandise category and the percent to total 
sales.  Clockwise: Shoes - 20%; Men's Apparel and Furnishings - 16%; 
Children's Apparel and Accessories - 4%; Other - 2%; Women's Apparel - 38% and 
Women's Accessories - 20%.  The caption below the graph reads, "Sales by major 
merchandise category have changed only slightly over the past several years."

<PAGE>
6   NORDSTROM, INC. AND SUBSIDIARIES



Management Discussion and Analysis

Costs and Expenses
As a result of increased sales, total costs and expenses have increased in 
each year.  As a percentage of sales, total costs and expenses were 93.2% in
1991, 93.5% in 1992 and 93.6% in 1993.  These percentages are higher than the 
1980s because of the minimal rate of growth in comparable store sales.  Unless 
otherwise indicated, the changes discussed below are stated as a percentage of 
sales as shown on page 9.

Cost of sales and related buying and occupancy costs fluctuate primarily 
because of changes in the merchandise gross margin.  During 1991 and 1992,
the merchandise gross margin improved because inventory levels were well 
controlled and more emphasis was placed on merchandise price points.  In 1993,
the merchandise gross margin decreased because of the softness of demand for 
women's apparel as noted earlier.  Buying costs increased in 1992 and 1993, as 
the Company spent more to develop its own merchandise brands and to develop 
and implement a new inventory management system.  These costs are expected 
to further increase in 1994.

Selling, general and administrative expenses increased in 1991 and 1992 as 
sales growth slowed.  Salaries, wages, workers' compensation claims and 
medical plan benefits increased in comparable stores at a faster rate than
sales.  In addition, bad debts increased in 1991 as a result of the effects of 
the recession, with a high proportion of the increase occurring in California.
In 1992, management implemented programs to control these expenses, and as a 
result, the rate of growth of these expenses has slowed.  In 1993, selling, 
general and administrative expenses decreased primarily because of a reduction 
in bad debts.

Interest expense decreased in 1991 because the Company refinanced long-term 
debt during the prior two years at lower interest rates, and short-term 
interest rates declined.  In 1992 and 1993, interest expense decreased because 
of lower short-term interest rates and reductions in debt outstanding.

Other income in the fourth quarter of 1992 was reduced by a charge of $6.6 
million ($.05 per share after income taxes) for plaintiffs' legal fees in 
connection with the settlement of a class action lawsuit.  The Company 
established a reserve in 1989 for potential wage claims alleged in that same 
lawsuit.  The Company has now paid nearly all resulting claims, and 
accordingly has adjusted the reserve to reflect actual claims paid.  This 
resulted in an increase in other income in the fourth quarter of 1993 of $4.5 
million ($.03 per share after income taxes).  Also, in the fourth quarter of 
1993, other income was reduced by $5 million ($.04 per share after income 
taxes) for estimated expenses and property losses resulting from the 
earthquake in Southern California.  The Company does not carry earthquake 
insurance because of its high cost.

Income Taxes
The provision for income taxes increased in 1991 and 1992 as a percentage of 
earnings before income taxes because of a reduction in deferred tax credits.  
In 1993, the provision increased because of the increase in the Federal income 
tax rate.

Net Earnings
Earnings growth over the past several years has been difficult to achieve 
because of the effect of the recession on consumers' purchasing power and the 
promotional environment in the retail industry.
























































<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES   7


Management Discussion and Analysis

Liquidity and Capital Resources
During the past three years, cash provided by operating activities has 
exceeded cash used in investing activities as shown on page 12.  The Company 
has used this excess cash flow to reduce total debt outstanding.  This
situation will be reversed starting in 1994 as the Company increases spending 
on new store construction.

The Company's operating working capital (net working capital less short-term 
investments plus notes payable and the current portion of long-term debt) has 
fluctuated as shown below:

<TABLE>
<CAPTION>
Fiscal year                                      1993        1992        1991
- - -----------------------------------------------------------------------------
<S>                                          <C>         <C>         <C>
Operating working capital (in thousands)     $745,040    $765,893    $758,581
Percentage change from prior year               (2.7%)       1.0%       11.8%
                                             --------    --------    --------
Net sales/average operating working capital       4.8         4.5         4.4
                                             ========    ========    ========
</TABLE>

The Company believes that operating working capital is a more appropriate 
measure of the Company's on-going working capital requirements than net 
working capital because it eliminates the effect of changes in the levels of 
short-term investments and borrowings.  These levels can vary each year 
depending on financing activities.

In 1991, operating working capital increased at a faster rate than sales.  The 
primary cause for this increase relates to the increase in prepaid expenses 
arising from changes in the timing of deductions for income tax purposes.  
Operating working capital increased at a slower rate in 1992 and decreased in 
1993 because of reduced customer accounts receivable.  Credit sales on the 
Company's credit card have decreased, reflecting more cautious use of credit 
by consumers in general and increased competition from third-party cards.  The 
Company intends to issue its own VISA card in 1994 to counteract this trend.

Investing and Operating Cash Flows
The vertical bar graph compares cash provided by operating activities and cash 
used in investing activities for each year, for the past ten years.  Dollars
are in millions.

<TABLE>
<CAPTION>
        Investing     Operating 
Year    activities    activities
- - ----    ----------    ----------
<S>     <C>           <C>
1993        $132.7        $262.1
1992        $ 71.9        $235.6
1991        $147.2        $154.0
1990        $200.7        $148.1
1989        $168.7        $122.2
1988        $153.4        $ 46.0
1987        $128.3        $ 87.7
1986        $ 69.8        $115.0
1985        $120.9        $ (3.5)
1984        $134.5        $ 26.7
</TABLE>


<PAGE>
8   NORDSTROM, INC. AND SUBSIDIARIES


Management Discussion and Analysis

Liquidity and Capital Resources (continued)
The Company has spent $347 million during the last three years to add new 
stores and facilities and to improve existing stores and facilities.  Over 1.6
million square feet of selling space has been added during this time period, 
representing an increase of 21%.  Most of the new stores have been constructed 
by the Company on land that it owns or leases under long-term agreements, thus 
providing a strong basis for future operations.

The rate of growth in square footage will increase in 1994 as compared to 
1993.  The Company plans to spend over $750 million on capital projects during 
the next three years, with over $100 million allocated to the refurbishment of 
existing stores.  Although the Company has made commitments for stores to be 
opening in 1994 and beyond, it is possible that some stores may not be opened 
as scheduled because of environmental and land use regulations and the 
difficulties encountered by shopping center developers in securing financing.  

The anticipated growth of the Company's operations will require some external 
capital in the next three years.  Most of these external capital requirements 
will be funded with additional long- and short-term debt issued by the 
Company's captive finance subsidiary.

The Company's capital base has expanded over the last three years.  At the end 
of 1993, the Company's capital totaled $1,645 million.  Because the Company 
has experienced strong positive cash flows, outstanding debt has decreased in 
total and as a percentage of total capital.  The percentage of debt to total 
capital is lower than it has been in over 10 years.  Management believes that 
the expansion of the Company's operations over the next several years will not 
significantly increase its debt to capital percentage.  Management also 
believes that the Company's current financial strength provides the resources 
necessary to maintain its existing stores and the flexibility to take 
advantage of new store opportunities.

Square Footage by Market Area at end of 1993
The pie chart shows the percent of total square feet in each region and also 
gives the number of square for that region.  Clockwise: Northern California, 
20.7%, 1,922,000; Washington, 13.5%, 1,251,000; Capital, 11.5%, 1,067,000; 
Oregon, 8.0%, 742,000; Northeast, 7.8%, 722,000; Midwest, 5.3%, 489,000; Utah, 
3.8%, 357,000; Place Two and Clearance, 1.1%, 99,000; Alaska, 1.0%, 97,000 and 
Southern California, 27.3%, 2,536,000.









<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES   9


Consolidated Statements of Earnings

<TABLE>
<CAPTION>
Dollars in thousands except per share amounts
                                                  % of                   % of                   % of
Year ended January 31,                    1994   Sales           1993   Sales           1992   Sales
- - ----------------------------------------------------------------------------------------------------
<S>                                 <C>          <C>       <C>          <C>       <C>          <C>
Net sales                           $3,589,938   100.0     $3,421,979   100.0     $3,179,820   100.0
                                    ----------   -----     ----------   -----     ----------   -----
Costs and expenses:
  Cost of sales and related
    buying and occupancy             2,469,304    68.8      2,339,107    68.3      2,169,437    68.2
  Selling, general and
    administrative                     940,579    26.2        902,083    26.4        831,505    26.2
  Interest, net                         37,646     1.1         44,810     1.3         49,106     1.5
  Service charge income
    and other, net                     (88,509)   (2.5)       (86,140)   (2.5)       (87,443)   (2.7)
                                    ----------   -----     ----------   -----     ----------   -----
Total costs and expenses             3,359,020    93.6      3,199,860    93.5      2,962,605    93.2
                                    ----------   -----     ----------   -----     ----------   -----
Earnings before income taxes           230,918     6.4        222,119     6.5        217,215     6.8
Income taxes                            90,500     2.5         85,500     2.5         81,400     2.5
                                    ----------   -----     ----------   -----     ----------   -----
Net earnings                        $  140,418     3.9     $  136,619     4.0     $  135,815     4.3
                                    ==========   =====     ==========   =====     ==========   =====
Net earnings per share              $     1.71             $     1.67             $     1.66
                                    ==========             ==========             ==========
Cash dividends paid per share       $      .34             $      .32             $      .31
                                    ==========             ==========             ==========
</TABLE>

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.








<PAGE>
10  NORDSTROM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

<TABLE>
<CAPTION>
Dollars in thousands
January 31,                                                              1994                    1993
- - -----------------------------------------------------------------------------------------------------
<S>                                                                <C>                     <C>
Assets
Current assets:
  Cash and cash equivalents                                        $   91,222              $   29,136
  Accounts receivable, net                                            586,441                 603,198
  Merchandise inventories                                             585,602                 536,739
  Prepaid income taxes and other                                       51,649                  50,771
                                                                   ----------              ----------
Total current assets                                                1,314,914               1,219,844
Property, buildings and equipment, net                                845,596                 824,142
Other assets                                                           16,971                   9,184
                                                                   ----------              ----------
Total assets                                                       $2,177,481              $2,053,170
                                                                   ==========              ==========


Liabilities and Shareholders' Equity
Current liabilities:
  Notes payable                                                    $   40,337              $   38,319

  Accounts payable                                                    264,055                 220,176
  Accrued salaries, wages and taxes                                   156,947                 158,028
  Accrued expenses                                                     35,994                  31,141
  Accrued income taxes                                                 27,988                  22,216
  Current portion of long-term debt                                   102,164                  41,316
                                                                   ----------              ----------
Total current liabilities                                             627,485                 511,196
Long-term debt                                                        336,410                 440,629
Deferred income taxes                                                  47,082                  49,314
Shareholders' equity                                                1,166,504               1,052,031
                                                                   ----------              ----------
Total liabilities and shareholders' equity                         $2,177,481              $2,053,170
                                                                   ==========              ==========
</TABLE>

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.

<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES  11


Consolidated Statements of Shareholders' Equity

<TABLE>
<CAPTION>
Dollars in thousands except per share amounts
Year ended January 31,                                          1994             1993             1992
- - ------------------------------------------------------------------------------------------------------
<S>                                                       <C>              <C>              <C>
Common Stock
Authorized 250,000,000 shares; issued and outstanding
  82,059,128, 81,974,797 and 81,844,227 shares
Balance at beginning of year                              $  155,439       $  153,055       $  150,699
Issuance of common stock                                       1,935            2,384            2,356
                                                          ----------       ----------       ----------
Balance at end of year                                       157,374          155,439          153,055
                                                          ----------         --------       ----------



Retained Earnings
Balance at beginning of year                                 896,592          786,176          675,711
Net earnings                                                 140,418          136,619          135,815
Cash dividends paid ($.34, $.32 and $.31 per share)          (27,880)         (26,203)         (25,350)
                                                          ----------       ----------       ----------
Balance at end of year                                     1,009,130          896,592          786,176
                                                          ----------       ----------       ----------
Total shareholders' equity                                $1,166,504       $1,052,031       $  939,231
                                                          ==========       ==========       ==========
</TABLE>

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.











<PAGE>
12  NORDSTROM, INC. AND SUBSIDIARIES


Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>
Dollars in thousands
Year ended January 31,                                             1994              1993              1992
- - -----------------------------------------------------------------------------------------------------------
<S>                                                            <C>               <C>               <C>
Operating Activities
Net earnings                                                   $140,418          $136,619          $135,815
Adjustments to reconcile net earnings to net
  cash provided by operating activities:
    Depreciation and amortization                               103,466           102,763            96,034
    Change in:
      Accounts receivable, net                                   16,757             5,029           (32,719)
      Merchandise inventories                                   (48,863)          (30,107)          (58,288)
      Prepaid income taxes and other                               (878)           (2,643)           (6,263)
      Accounts payable                                           43,879             3,744            12,166
      Accrued salaries, wages and taxes                          (1,081)           12,236            17,095
      Accrued expenses                                            4,853              (600)           (2,927)
      Income tax liabilities                                      3,540             8,586            (6,926)
                                                               --------          --------          --------
Net cash provided by operating activities                       262,091           235,627           153,987
                                                               --------          --------          --------


Investing Activities
Additions to property, buildings and equipment, net            (124,401)          (69,982)         (145,761)
Other, net                                                       (8,306)           (1,870)           (1,393)
                                                               --------          --------          --------
Net cash used in investing activities                          (132,707)          (71,852)         (147,154)
                                                               --------          --------          --------

Financing Activities
Increase (decrease) in notes payable                              2,018           (96,416)          (14,771)
Principal payments on long-term debt                            (43,371)          (29,055)          (85,647)
Proceeds from issuance of common stock                            1,935             2,384             2,356
Cash dividends paid                                             (27,880)          (26,203)          (25,350)
Proceeds from issuance of long-term debt, net                        --               -             106,568
                                                               --------          --------          --------
Net cash used in financing activities                           (67,298)         (149,290)          (16,844)
                                                               --------          --------          --------
Net increase (decrease) in cash and cash equivalents             62,086            14,485           (10,011)
Cash and cash equivalents at beginning of year                   29,136            14,651            24,662
                                                               --------          --------          --------
Cash and cash equivalents at end of year                       $ 91,222          $ 29,136          $ 14,651
                                                               ========          ========          ========
</TABLE>

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.


<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES  13


Notes to Consolidated Financial Statements

Dollars in thousands except per share amounts             
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation: The Consolidated Financial Statements include the 
accounts of Nordstrom, Inc. and its subsidiaries.  All significant 
intercompany transactions and accounts are eliminated in consolidation.

Merchandise Inventories:  Merchandise inventories are stated at the lower of 
cost (first-in, first-out basis) or market, using the retail method.

Property, Buildings and Equipment: Straight-line and accelerated methods are 
applied in the calculation of depreciation and amortization.  Accelerated 
methods are generally applied for income tax purposes.

Lives used for calculating depreciation and amortization rates for the 
principal asset classifications are as follows: buildings, 10 to 50 years; 
store fixtures and equipment, three to 15 years; leasehold improvements and 
property leased under capitalized leases, life of lease or applicable shorter 
period.

Store Preopening Costs:  Store opening and preopening costs are charged to 
expense when incurred.

Capitalization of Interest:  The interest carrying costs of facilities being 
constructed are capitalized during their construction period based on the 
Company's weighted average borrowing rate.

Income Taxes:  The Company adopted Statement of Financial Accounting Standards 
No. 109 in 1993.  This statement supersedes Accounting Principles Board 
Opinion No. 11, which the Company previously followed.  Implementation of this 
standard had no significant impact on the Company's results of operations.

Earnings per Share:  Earnings per share are computed on the basis of the 
weighted average number of common shares outstanding during the year.  Average 
shares outstanding were 82,003,407, 81,892,829 and 81,779,997 in 1993, 1992 
and 1991.

Cash Equivalents:  The Company considers all short-term investments with a 
maturity at date of purchase of three months or less to be cash equivalents.  
The carrying amount approximates fair value because of the short maturity of 
these instruments.

Customer Accounts Receivable:  In accordance with trade practices, 
installments maturing in more than one year or deferred payment accounts 
receivable are included in current assets.

Cash Management:  The Company's cash management system provides for the 
reimbursement of all major bank disbursement accounts on a daily basis.  
Accounts payable at January 31, 1994 and 1993 include $15,817 and $2,643 of 
checks drawn in excess of cash balances not yet presented for payment.




<PAGE>
14  NORDSTROM, INC. AND SUBSIDIARIES


Notes to Consolidated Financial Statements

(Note 1 continued)
Post-Employment Benefits:  The Company provides post-retirement medical 
benefits for a limited group of employees.  In 1993, the Company adopted 
Statement of Financial Accounting Standards No. 106, which requires accrual of 
these costs over the period of employment.  These costs were previously 
expensed when paid.

In addition, the Company provides continuation of medical benefits, workers 
compensation and disability benefits to certain former or inactive employees.  
In 1993, the Company adopted Statement of Financial Accounting Standards No. 
112, which requires full accrual of these costs by the date the employees' 
services terminate or suspend.  These costs were previously expensed on an 
incurred-claim basis.

Implementation of these standards had no material impact on the Company's 
results of operations.

Reclassifications:  Certain reclassifications have been made for consistent 
presentation.


Note 2:  EMPLOYEE BENEFITS

The Company provides a profit sharing plan for employees.  The plan is
non-contributory except for employee contributions made underSection 401(k) of
the Internal Revenue Code.  Under this provision, the Company provides
matching contributions up to a stipulated percentage of employee 
contributions.  The plan is fully funded by the Company, and the contribution
is established each year by the Board of Directors.  The Company contribution
was $35,500, $34,000 and $31,500 for 1993, 1992 and 1991.


Note 3:  SUPPLEMENTARY STATEMENTS OF EARNINGS INFORMATION

The following amounts are included in the Company's expenses:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>
Payroll taxes                        $65,752       $63,083       $55,872
Other taxes (excluding 
     income taxes)                    18,549        16,010        16,880
Advertising costs                     60,112        58,424        55,320
</TABLE>










<PAGE>
                                    NORDSTROM, INC. AND SUBSIDIARIES  15


Notes to Consolidated Financial Statements

Note 4:  INTEREST EXPENSE
The components of interest expense are as follows:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>
Nordstrom, Inc.
 Short-term debt                     $    46       $   799       $ 2,756
 Long-term debt                       12,830        14,084        18,880
Nordstrom Credit, Inc.
 Short-term debt                       2,361         4,474         7,753
 Long-term debt                       25,543        28,906        27,105
                                     -------       -------       -------
Total interest incurred               40,780        48,263        56,494
Less:  Interest income                (1,624)       (1,161)       (1,680)
       Capitalized interest           (1,510)       (2,292)       (5,708)
                                     -------       -------       -------
Interest, net                        $37,646       $44,810       $49,106
                                     =======       =======       =======
</TABLE>


Note 5:  INCOME TAXES

Income taxes consist of the following:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
 -----------------------------------------------------------------------
<S>                                  <C>           <C>           <C>
Current income taxes:
  Federal                            $77,231       $71,181       $70,561
  State and local                     16,149        14,931        17,034
                                     -------       -------       -------
Total current income taxes            93,380        86,112        87,595
                                     -------       -------       -------
Deferred income taxes:
   Current                              (648)       (3,588)       (7,135)
   Non-current                        (2,232)        2,976           940
                                     -------       -------       -------
Total deferred income taxes           (2,880)         (612)       (6,195)
                                     -------       -------       -------
Total income taxes                   $90,500       $85,500       $81,400
                                     =======       =======       =======
</TABLE>










<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES  16


Notes to Consolidated Financial Statements

(Note 5 continued)
A reconciliation of the statutory Federal income tax rate with the
effective tax rate is as follows:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>
Statutory rate                        35.00%        34.00%        34.00%
State and local income taxes, net
   of Federal income taxes             4.41           4.38          4.35
Other, net                            (0.21)          0.11         (0.88)
                                     -------       -------       -------
Effective tax rate                    39.20%        38.49%        37.47%
                                     =======       =======       =======

Deferred income taxes result from temporary differences in the timing of
recognition of revenue and expenses for tax and financial statement
reporting as follows:
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
Excess tax basis depreciation         $2,557        $2,342        $1,687
Accrued expenses                      (2,850)       (3,039)       (5,808)
Other                                 (2,587)           85        (2,074)
                                      -------      -------       -------
Total deferred income taxes          ($2,880)      ($  612)      ($6,195)
                                     =======       =======       =======
</TABLE>


Note 6:  ACCOUNTS RECEIVABLE

The components of accounts receivable are as follows:

<TABLE>
<CAPTION>
January 31,                                          1994           1993
- - ------------------------------------------------------------------------
<S>                                              <C>            <C>
Customers                                        $588,296       $608,348
Other                                              21,290         18,819
Allowance for doubtful accounts                   (23,145)       (23,969)
                                                 --------       --------
Accounts receivable, net                         $586,441       $603,198
                                                 ========       ========
</TABLE>

Credit risk with respect to accounts receivable is concentrated in the 
geographic regions in which the Company operates stores.  At January 31, 1994 
and 1993, approximately 50% of the Company's receivables were concentrated in 
California.  Concentration of the remaining receivables is considered to be 
limited due to their geographical dispersion.

Bad debt expense totaled $25,713, $29,469 and $33,235 for 1993, 1992 and 1991.



<PAGE>
                                    NORDSTROM, INC. AND SUBSIDIARIES  17


Notes to Consolidated Financial Statements

Note 7: PROPERTY, BUILDINGS AND EQUIPMENT

Property, buildings and equipment consist of the following (at cost):

<TABLE>
<CAPTION>
January 31,                                        1994             1993
- - ------------------------------------------------------------------------
<S>                                          <C>              <C>
Land and land improvements                   $   41,810       $   40,806
Buildings                                       404,910          398,299
Leasehold improvements                          471,293          456,087
Store fixtures and equipment                    510,789          472,759
                                             ----------       ----------
                                              1,428,802        1,367,951
Less accumulated depreciation 
   and amortization                            (654,026)        (560,932)
                                             ----------       ----------
                                                774,776          807,019
Construction in progress                         70,820           17,123
                                             ----------       ----------
Property, buildings and equipment, net       $  845,596       $  824,142
                                             ==========       ==========
</TABLE>

At January 31, 1994 the Company had contractual commitments of approximately 
$76,209 for construction of new stores.


Note 8:  NOTES PAYABLE

A summary of notes payable is as follows:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
<S>                                 <C>           <C>           <C>
Average daily short-term 
   borrowings                       $ 76,779      $141,979      $183,822
Maximum amount outstanding           117,023       186,038       253,971
Weighted average interest rate
   during the year                      3.1%          3.7%          5.7%
</TABLE>

The carrying amount of notes payable approximates fair value because of the 
short maturity of these instruments.

At January 31, 1994 Nordstrom Credit, Inc. had unsecured lines of credit with 
commercial banks totaling $150,000 which are available as liquidity support 
for short-term debt.  Nordstrom Credit, Inc. pays commitment fees for the 
lines in lieu of compensating balance requirements.






<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES  18


Notes to Consolidated Financial Statements

Note 9:  LONG-TERM DEBT

A summary of long-term debt is as follows:

<TABLE>
<CAPTION>
January 31,                                          1994           1993
- - ------------------------------------------------------------------------
<S>                                              <C>            <C>
Senior notes, 8.875%-9%, due 1994-1998           $150,000       $150,000

Medium-term notes,
   Nordstrom Credit, Inc.,
   8.05%-9.6%, due 1994-2001                      210,000        250,000

Sinking fund debentures,
   Nordstrom Credit, Inc., 9.375%, due 2016,
   payable in annual installments of $3,750
   beginning in 1997                               55,600         55,600

Other                                              22,974         26,345
                                                 --------       --------
Total long-term debt                              438,574        481,945
Less current portion                             (102,164)       (41,316)
                                                 --------       --------
Total due beyond one year                        $336,410       $440,629
                                                 ========       ========
</TABLE>

The senior note agreements contain restrictive covenants which, among other 
things, restrict dividends to shareholders to a formula amount.  At January 
31, 1994, approximately $569,993 of retained earnings was not restricted.

Aggregate principal payments on long-term debt are as follows:  1994-$102,164;
1995-$75,967; 1996-$74,210; 1997-$5,053; and 1998-$105,183.

The fair value of long-term debt at January 31, 1994, estimated using quoted 
market prices of the same or similar issues with the same remaining maturity, 
was approximately $478,000.

















<PAGE>
                                         NORDSTROM, INC. AND SUBSIDIARIES  19


Notes to Consolidated Financial Statements

Note 10:  LEASES

The Company leases land, buildings and equipment under non-cancelable lease 
agreements with expiration dates ranging from 1994 to 2080.  Certain of the 
leases include renewal provisions at the Company's option.  Most of the leases 
provide for additional rentals based upon specific percentages of sales and 
require the Company to pay for certain other costs.

Future minimum lease payments as of January 31, 1994 are as follows:  1994-
$29,356; 1995-$26,218; 1996-$25,616; 1997-$24,721; 1998-$23,369; and 
thereafter -$218,582.

The following is a schedule of rent expense:

<TABLE>
<CAPTION>
Year ended January 31,                      1994        1993        1992
- - ------------------------------------------------------------------------
<S>                                      <C>         <C>         <C>
Minimum rent:
  Store locations                        $14,899     $14,719     $12,023
  Offices, warehouses and equipment       19,390      17,660      16,913
Contingent rent:
  Store location percentage rent          13,964      13,398      12,287
  Common area costs, taxes and other       8,692       8,105       8,124
                                         -------     -------     -------
Total rent expense                       $56,945     $53,882     $49,347
                                         =======     =======     =======
</TABLE>


Note 11:  STOCK OPTION PLAN

The Company provides a stock option plan for certain key employees.  Options 
are issued at market value on the date of grant and become exercisable over a 
five-year period.  The number of shares reserved for future stock options 
grants is 996,831.

A summary of stock option activity follows:

<TABLE>
<CAPTION>
                                                         Range of prices
                                             Shares            per share
- - ------------------------------------------------------------------------
<S>                                       <C>            <C>
Outstanding, February 1, 1993             1,444,357        $ 7.44-$43.25
Granted                                     450,950         27.75- 36.00
Exercised                                    81,410          7.44- 32.50
Cancelled                                    81,433         22.00- 43.25
                                          ---------      ---------------
Outstanding, January 31, 1994             1,732,464        $ 7.44-$43.25
                                          =========      ===============
Exercisable, January 31, 1994               796,717        $ 7.44-$43.25
                                          =========      ===============
</TABLE>


<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES  20


Notes to Consolidated Financial Statements

Note 12:  SUPPLEMENTARY CASH FLOW INFORMATION
Supplementary cash flow information includes the following:

<TABLE>
<CAPTION>
Year ended January 31,                  1994          1993          1992
- - ------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>
Cash paid during the year for:
   Interest (net of capitalized
      interest)                      $41,122       $47,994       $50,905
   Income taxes                       86,485        79,740        94,766
</TABLE>


Note 13:  CREDIT CARD AND FINANCING SUBSIDIARIES

Nordstrom National Credit Bank (the Bank), a wholly-owned subsidiary, issues 
credit cards for use in Company stores.  Nordstrom Credit, Inc., a wholly-
owned subsidiary, finances customer receivables generated by the Bank.

Condensed combined financial information of the subsidiaries is as follows:

<TABLE>
<CAPTION>
Year ended January 31,                    1994         1993         1992
- - ------------------------------------------------------------------------
<S>                                    <C>          <C>          <C>
Service charge income                  $91,026      $92,553      $88,626
Other income                             5,086        4,121        1,821
                                       -------      -------      -------
   Total revenue                       $96,112      $96,674      $90,447
                                       =======      =======      =======
Net earnings                           $22,209      $19,699      $15,545
                                       =======      =======      =======
</TABLE>


<TABLE>
<CAPTION>
January 31,                                            1994         1993
- - ------------------------------------------------------------------------
<S>                                                <C>          <C>
Assets:
  Cash and cash equivalents                        $ 21,972     $ 18,444
  Accounts receivable, net                          564,605      583,186
  Other assets                                        8,527        9,552
                                                   --------     --------
Total assets                                       $595,104     $611,182
                                                   ========     ========
Liabilities and investment of Nordstrom, Inc.:
   Notes Payable                                   $152,837     $150,819
   Accounts payable and accrued liabilities          20,902       21,207
   Long-term debt                                   265,600      305,600
   Investment of Nordstrom, Inc.                    155,765      133,556
                                                   --------     --------
Total liabilities and investment
   of Nordstrom, Inc.                              $595,104     $611,182
                                                   ========     ========
</TABLE>











<PAGE>
21  NORDSTROM, INC. AND SUBSIDIARIES


Notes to Consolidated Financial Statements

Note 14:  SELECTED QUARTERLY DATA (UNAUDITED)

<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------------------------------
Year ended January 31, 1994       1st Quarter    2nd Quarter    3rd Quarter    4th Quarter         Total
- - --------------------------------------------------------------------------------------------------------
<S>                               <C>            <C>            <C>            <C>            <C>
Net Sales                            $695,559     $1,017,582       $769,373     $1,107,424    $3,589,938
Gross Profit                          212,971        306,565        245,057        356,041     1,120,634
Earnings before income taxes           18,395         70,151         42,056        100,316       230,918
Net earnings                           11,295         42,651         25,456         61,016       140,418
Earnings per share                        .14            .52            .31            .74          1.71
Dividends per share                      .085           .085           .085           .085           .34

Year ended January 31, 1993       1st Quarter    2nd Quarter    3rd Quarter    4th Quarter         Total
- - --------------------------------------------------------------------------------------------------------
Net Sales                            $663,809       $951,616       $737,301     $1,069,253    $3,421,979
Gross Profit                          211,920        299,584        239,103        332,265     1,082,872
Earnings before income taxes           35,282         67,953         37,729         81,155       222,119
Net earnings                           21,582         41,653         23,429         49,955       136,619
Earnings per share                        .26            .51            .29            .61          1.67
Dividends per share                       .08            .08            .08            .08           .32


<PAGE>
22  NORDSTROM, INC. AND SUBSIDIARIES


Management and Independent Auditors' Reports


REPORT OF MANAGEMENT

The accompanying consolidated financial statements, including the notes 
thereto, and the other financial information presented in this Annual Report 
have been prepared by management.  The financial statements have been prepared 
in accordance with generally accepted accounting principles and include 
amounts that are based upon our best estimates and judgments.  Management is 
responsible for the consolidated financial statements, as well as the other 
financial information in this Annual Report.

The Company maintains an effective system of internal accounting control.  We 
believe that this system provides reasonable assurance that transactions are 
executed in accordance with management authorization, and that they are 
appropriately recorded, in order to permit preparation of financial statements 
in conformity with generally accepted accounting principles and to adequately 
safeguard, verify and maintain accountability of assets.  The concept of 
reasonable assurance is based on the recognition that the cost of a system of 
internal control should not exceed the benefits derived.

The consolidated financial statements and related notes have been audited by 
Deloitte & Touche, independent certified public accountants.  The accompanying 
auditors' report expresses an independent professional opinion on the fairness 
of presentation of management's financial statements.

The Audit Committee of the Board of Directors is composed of the outside 
directors, and is responsible for recommending the independent certified 
public accounting firm to be retained for the coming year, subject to 
shareholder approval.  The Audit Committee meets periodically with the 
independent auditors, as well as with management and internal auditors, to 
review accounting, auditing, internal accounting controls and financial 
reporting matters.  The independent auditors and the internal auditors also 
meet privately with the Audit Committee.



John A. Goesling
Executive Vice President and Chief Financial Officer















<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES  23



INDEPENDENT AUDITORS' REPORT

We have audited the accompanying consolidated balance sheets of Nordstrom, 
Inc. and subsidiaries as of January 31, 1994 and 1993, and the related 
consolidated statements of earnings, shareholders' equity and cash flows for 
each of the three years in the period ended January 31, 1994.  These financial 
statements are the responsibility of the Company's management.  Our 
responsibility is to express an opinion on these financial statements based on 
our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are free of 
material misstatement.  An audit includes examining, on a test basis, evidence 
supporting the amounts and disclosures in the financial statements.  An audit 
also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial 
statement presentation.  We believe that our audits provide a reasonable basis 
for our opinion.

In our opinion, such consolidated financial statements present fairly, in all 
material respects, the financial position of Nordstrom, Inc. and subsidiaries 
as of January 31, 1994 and 1993, and the results of their operations and their 
cash flows for each of the three years in the period ended January 31, 1994, 
in conformity with generally accepted accounting principles.



Deloitte & Touche
Seattle, Washington; March 11, 1994


























<PAGE>

24  NORDSTROM, INC. AND SUBSIDIARIES


Ten-Year Statistical Summary

Dollars in thousands except square footage and per share amounts

</TABLE>


<TABLE>
<CAPTION>
Year ended January 31,                         1994          1993          1992          1991          1990
- - ------------------------------------------------------------------------------------------------------------
<S>                                      <C>           <C>           <C>           <C>           <C>
Financial Position
Customer accounts receivable, net        $  565,151    $  584,379    $  585,490    $  558,573    $  519,656
Merchandise inventories                     585,602       536,739       506,632       448,344       419,976
Current assets                            1,314,914     1,219,844     1,177,638     1,090,379     1,011,148
Current liabilities                         627,485       511,196       553,903       551,835       489,888
Working capital                             687,429       708,648       623,735       538,544       521,260
Working capital ratio                          2.10          2.39          2.13          1.98          2.06
Property, buildings and equipment, net      845,596       824,142       856,404       806,191       691,937
Long-term debt                              438,574       481,945       511,000       489,172       468,412
Debt/capital ratio                            29.11         33.09         40.74         43.59         43.78
Shareholders' equity                      1,166,504     1,052,031       939,231       826,410       733,250
Shares outstanding                       82,059,128    81,974,797    81,844,227    81,737,910    81,584,710
Book value per share                          14.22         12.83         11.48         10.11          8.99
Total assets                              2,177,481     2,053,170     2,041,875     1,902,589     1,707,420

Operations
Net sales                                 3,589,938     3,421,979     3,179,820     2,893,904     2,671,114
Costs and expenses:
  Cost of sales and related 
    buying and occupancy                  2,469,304     2,339,107     2,169,437     2,000,250     1,829,383
  Selling, general and administrative       940,579       902,083       831,505       747,770       669,159
  Interest, net                              37,646        44,810        49,106        52,228        49,121
  Service charge income and other, net      (88,509)      (86,140)      (87,443)      (84,660)      (55,958)
Total costs and expenses                  3,359,020     3,199,860     2,962,605     2,715,588     2,491,705
Earnings before income taxes                230,918       222,119       217,215       178,316       179,409
Income taxes                                 90,500        85,500        81,400        62,500        64,500
Net earnings                                140,418       136,619       135,815       115,816       114,909
Earnings per share                             1.71          1.67          1.66          1.42          1.41
Dividends per share                             .34           .32           .31           .30           .28
Net earnings as a percent of net sales        3.91%         3.99%         4.27%         4.00%         4.30%
Return on average shareholders' equity       12.66%        13.72%        15.38%        14.85%        16.74%
Sales per square foot for Company-
  operated stores                               383           381           388           391           398

Stores and Facilities
Company-operated stores                          74            72            68            63            59
Total square footage                      9,282,000     9,224,000     8,590,000     7,655,000     6,898,000
</TABLE>








































<PAGE>
25  NORDSTROM INC. AND SUBSIDIARIES


Ten-Year Statistical Summary (continued)

<TABLE>
<CAPTION>
Dollars in thousands except square footage and per share amounts
- - -----------------------------------------------------------------------------------------------------------
Year ended January 31,                         1989          1988          1987          1986          1985
- - -----------------------------------------------------------------------------------------------------------
<S>                                     <C>           <C>           <C>           <C>           <C>
Financial Position
Customer accounts receivable, net       $   465,929   $   391,387   $   344,045   $   296,030   $   214,831
Merchandise inventories                     403,795       312,696       257,334       226,017       162,361
Current assets                              913,986       730,182       645,326       546,756       402,898
Current liabilities                         448,165       394,699       324,697       339,503       239,331
Working capital                             465,821       335,483       320,629       207,253       163,567
Working capital ratio                          2.04          1.85          1.99          1.61          1.68
Property, buildings and equipment, net      594,038       502,661       424,228       397,380       313,818
Long-term debt                              389,216       260,343       271,054       276,419       199,387
Debt/capital ratio                            43.12         39.57         41.57         56.41         50.12
Shareholders' equity                        639,941       533,209       451,196       314,119       271,709
Shares outstanding                       81,465,027    81,371,106    80,981,722    74,504,392    74,382,408
Book value per share                           7.86          6.55          5.57          4.22          3.65
Total assets                              1,511,703     1,234,267     1,071,124       945,880       717,557

Operations
Net sales                                 2,327,946     1,920,231     1,629,918     1,301,857       958,678
Costs and expenses:
  Cost of sales and related 
    buying and occupancy                  1,563,832     1,300,720     1,095,584       893,874       648,270
  Selling, general and administrative       582,973       477,488       408,664       326,758       243,845
  Interest, net                              39,977        32,952        34,910        30,482        20,682
  Service charge income and other, net      (57,268)      (53,662)      (49,479)      (36,636)      (26,630)
Total costs and expenses                  2,129,514     1,757,498     1,489,679     1,214,478       886,167
Earnings before income taxes                198,432       162,733       140,239        87,379        72,511
Income taxes                                 75,100        70,000        67,300        37,300        31,800
Net earnings                                123,332        92,733        72,939        50,079        40,711
Earnings per share                             1.51          1.13           .91           .65           .54
Dividends per share                             .22           .18           .13           .11           .10
Net earnings as a percent of net sales        5.30%         4.83%         4.48%         3.85%         4.25%
Return on average shareholders' equity       21.03%        18.84%        19.06%        17.10%        15.98%
Sales per square foot for Company-
  operated stores                               380           349           322           293           267

Stores and Facilities
Company-operated stores                          58            56            53            52            44
Total square footage                      6,374,000     5,527,000     5,098,000     4,727,000     3,924,000
</TABLE>



<PAGE>
26  NORDSTROM INC. AND SUBSIDIARIES


Officers, Directors and Committees

<TABLE>
<CAPTION>
Officers
<S>                    <C>  <C>                         <C>
Jammie Baugh           40   Executive Vice President    Southern California
                                                          General Manager

Gail A. Cottle         42   Executive Vice President    Product Development

Dale C. Crichton       45   Vice President              Cosmetics and Gift 
                                                          Gallery Merchandise 
                                                          Manager

Joseph V. Demarte      42   Vice President              Personnel

Annette S. Dresser     33   Vice President              Individualist and 
                                                          Petite Focus 
                                                          Merchandise Manager

Charles L. Dudley      43   Vice President              Human Resources

John A. Goesling       48   Executive Vice President
                              and Treasurer             Finance

Tamela J. Hickel       33   Vice President              Oregon General Manager

Darrel J. Hume         46   Vice President              Men's Sportswear
                                                          Merchandise Manager

Jack F. Irving         49   Executive Vice President    Men's Wear Merchandise 
                                                          Manager

Raymond A. Johnson     52   Co-President

Barbara J. Kanaya      47   Vice President              Accessories 
                                                          Merchandise Manager

Cody K. Kondo          38   Vice President              Northeast General 
                                                          Manager

David P. Lindsey       44   Vice President              Store Planning

David L. Mackie        45   Vice President              Legal and Real Estate

Robert J. Middlemas    37   Vice President              Midwest General
                                                          Manager

Blake W. Nordstrom     33   Vice President              Washington and Alaska
                                                          General Manager

James A. Nordstrom     32   Vice President              Northern California 
                                                          General Manager
</TABLE>



<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES  27



<TABLE>
<S>                    <C>  <C>                         <C>
Robert T. Nunn         54   Executive Vice President    Shoe Merchandise 
                                                          Manager

Cynthia C. Paur        43   Executive Vice President    Better Apparel
                                                          Merchandise Manger

Karen E. Purpur        50   Secretary

John J. Whitacre       41   Co-President

Martha S. Wikstrom     37   Vice President              Capital General 
                                                          Manager
</TABLE>










































<PAGE>
28  NORDSTROM, INC. AND SUBSIDIARIES

<TABLE>
<CAPTION>
Directors
<S>                         <C>  <C>        <C>
D. Wayne Gittinger          61   Director   Partner, Lane Powell Spears 
                                              Lubersky, Seattle, WA

John F. Harrigan            68   Director   Retired Chairman, Union Bank,
                                              Los Angeles, CA

Charles A. Lynch            66   Director   Chairman, Market Value Partners
                                              Company, Menlo Park, CA

Ann D. McLaughlin           52   Director   President, Federal City Council,
                                              Washington, D.C. and Vice
                                              Chairman, The Aspen Institute, 
                                              Aspen, CO

John A. McMillan            62   Co-Chairman of the Board of Directors

Bruce A. Nordstrom          60   Co-Chairman of the Board of Directors

James F. Nordstrom          54   Co-Chairman of the Board of Directors

John N. Nordstrom           56   Co-Chairman of the Board of Directors

Alfred E. Osborne, Jr.      49   Director   Director, Entrepreneurial Studies 
                                              Center and Associate Professor 
                                              of Business Economics, The John 
                                              E. Anderson Graduate School of 
                                              Management, University of 
                                              California, Los Angeles, CA

William D. Ruckelshaus      61   Director   Chairman of the Board and Chief 
                                              Executive Officer, 
                                              Browning-Ferris Industries, 
                                              Inc., Houston, TX

Malcolm T. Stamper          68   Director   Publisher, Chairman and Chief 
                                              Executive Officer,
                                              Storytellers, Ink., Seattle, WA

Elizabeth Crownhart Vaughan 65   Director   President, Salar Enterprises, 
                                              Portland, OR
</TABLE>














<PAGE>
                                          NORDSTROM, INC. AND SUBSIDIARIES  29


Committees

EXECUTIVE
John A. McMillan
Bruce A. Nordstrom
James F. Nordstrom
John N. Nordstrom

AUDIT
John F. Harrigan
Charles A. Lynch
Ann D. McLaughlin
Alfred E. Osborne, Jr.
William D. Ruckelshaus, Chair
Elizabeth Crownhart Vaughan

COMPENSATION AND STOCK OPTION
D. Wayne Gittinger
John F. Harrigan
Ann D. McLaughlin
Alfred E. Osborne, Jr.
William D. Ruckelshaus
Elizabeth Crownhart Vaughan, Chair

CONTRIBUTIONS
Anne E. Gittinger, Secretary-ex officio
Bruce A. Nordstrom
James F. Nordstrom, Chair
John N. Nordstrom
William D. Ruckelshaus
Malcolm T. Stamper

FINANCE
John A. Goesling--ex officio
John F. Harrigan, Chair
Charles A. Lynch
Alfred E. Osborne, Jr.
Malcolm T. Stamper

ORGANIZATION AND NOMINATING
D. Wayne Gittinger
Charles A. Lynch
Malcolm T. Stamper, Chair
Elizabeth Crownhart Vaughan

PROFIT SHARING AND BENEFITS
Joseph V. Demarte-ex officio
D. Wayne Gittinger
Raymond A. Johnson-ex officio
Bruce A. Nordstrom, Chair
John N. Nordstrom






<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES  30


Retail Store Facilities
The following table sets forth certain information with respect to each of the
stores operated by the Company.  The Company also operates leased shoe
departments in 11 department stores in Hawaii.  In addition, the Company
operates eight distribution centers and leases other space for administrative
functions.

<TABLE>
<CAPTION>
                                         Present                                              Present
                        Year opened  total store                             Year opened  total store
Location                or acquired  area/sq. ft.    Location                or acquired  area/sq. ft.
- - ------------------------------------------------     -------------------------------------------------
<S>                     <C>          <C>             <C>                     <C>          <C>
WASHINGTON GROUP                                     NORTHERN CALIFORNIA GROUP
Downtown Seattle(1)            1963      245,000     Hillsdale Shopping Center      1982      149,000
Northgate Mall                 1965      122,000     Broadway Plaza                 1984      193,000
Tacoma Mall                    1966      132,000     Stanford Shopping Center       1984      187,000
Bellevue Square                1967      184,000     The Village at Corte Madera    1985      116,000
Southcenter Mall               1968      170,000     Oakridge Mall                  1985      150,000
Yakima                         1972       44,000     Valley Fair                    1987      165,000
Spokane                        1974      121,000     280 Metro Center Rack          1987       31,000
Alderwood Mall                 1979      127,000     Stonestown Galleria            1988      174,000
Pavilion Rack                  1985       39,000     Downtown San Francisco         1988      350,000
Alderwood Rack                 1985       25,000     Arden Fair                     1989      190,000
Downtown Seattle Rack          1987       42,000     Stoneridge Mall                1990      173,000
                                                     Marina Square Rack             1990       44,000
OREGON GROUP
Lloyd Center                   1963      150,000     ALASKA GROUP
Downtown Portland              1966      174,000     Anchorage                      1975       97,000
Washington Square              1974      108,000
Vancouver Mall                 1977       71,000     UTAH GROUP
Salem Centre                   1980       71,000     Crossroads Plaza               1980      140,000
Clackamas Town Center          1981      121,000     Fashion Place Mall             1981      110,000
Clackamas Rack                 1983       28,000     Ogden City Mall                1982       76,000
Downtown Portland Rack         1986       19,000     Sugarhouse Center Rack         1991       31,000

SOUTHERN CALIFORNIA GROUP                            CAPITAL GROUP
South Coast Plaza              1978      235,000     Tysons Corner Center           1988      239,000
Brea Mall                      1979      195,000     The Fashion Centre at
Los Cerritos Center            1981      122,000       Pentagon City                1989      241,000
Fashion Valley Mall            1981      156,000     Potomac Mills Rack             1990       46,000
Glendale Galleria              1983      147,000     Montgomery Mall                1991      225,000
Santa Ana Rack                 1983       22,000     City Place Rack                1992       37,000
Topanga Plaza                  1984      154,000     Towson Town Center             1992      205,000
University Towne Centre        1984      130,000     Towson Rack                    1992       31,000
Woodland Hills Rack            1984       48,000     Franklin Mills Factory Direct  1993       43,000
The Galleria at South Bay      1985      161,000
Westside Pavilion              1985      150,000     NORTHEAST GROUP
Horton Plaza                   1985      151,000     Garden State Plaza             1990      272,000
Mission Valley Rack            1985       27,000     Menlo Park Mall                1991      266,000
Montclair Plaza                1986      133,000     Freehold Raceway Mall          1992      174,000
North County Fair              1986      156,000     Facconable                     1993       10,000
MainPlace Mall                 1987      169,000
Chino Town Square Rack         1987       30,000     MIDWEST GROUP
Paseo Nuevo                    1990      186,000     Oakbrook Center                1991      249,000
The Galleria at Tyler          1991      164,000     Mall of America                1992      240,000

                                                     PLACE TWO AND CLEARANCE STORES
                                                     Washington and Arizona                    99,000
<FN>
(1) Excludes approximately 23,000 square feet of corporate and administrative 
    offices.
(2) Includes four Place Two stores and one clearance store.
</TABLE>



<PAGE>







Shareholder Information



Independent Auditors
Deloitte & Touche


Counsel
Lane Powell Spears Lubersky


Transfer Agent and Registrar
First Interstate Bank of California
Telephone (800) 522-6645


General Offices
1501 Fifth Avenue, Seattle, WA 98101-1603
Telephone (206) 628-2111


Annual Meeting
May  17, 1994 at 9:00 a.m. Central Time
Oakbrook Hills Hotel and Resort
Oak Brook, Illinois


Form 10-K

The Company's Annual Report to the Securities and Exchange Commission on Form
10-K for the year ended January 31, 1994 will be provided to shareholders upon
written request to:
Investors Relations, Nordstrom, Inc., P.O. Box 2737,
Seattle, WA 98111 or by calling (206) 233-6690.



















<PAGE>
NORDSTROM, INC. AND SUBSIDIARIES


Appendix

<TABLE>
<CAPTION>
Graph                                                                  Page
- - ------------------------------------------------                       ----
<S>                                                                    <C>
Net Sales                                                                 3

Net Earnings                                                              3

Percentage of 1993 Sales by Merchandise Category                          5

Investing and Operating Cash Flows                                        7

Square Footage by Market Area at end of 1993                              8

</TABLE>









EXHIBIT 22.1
NORDSTROM, INC. AND SUBSIDIARIES
SUBSIDIARIES OF THE REGISTRANT





Name of Subsidiary                                State of Incorporation
- - ------------------------------                    ----------------------

Nordstrom Credit, Inc.                            Colorado

Nordstrom National Credit Bank                    Colorado