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, 1997 / / 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. /X/ AMENDMENT TO FORM 10-K IS BEING SUBMITTED DUE TO TYPOGRAPHICAL ERRORS ON THE CONSOLIDATED STATEMENTS OF EARNINGS AND THE CONSOLIDATED STATEMENTS OF CASH FLOWS IN EXHIBIT 13.1. 1 of 14 EXHIBIT 13.1 CONSOLIDATED STATEMENTS OF EARNINGS Page 14 Nordstrom, Inc. and Subsidiaries
Dollars in thousands except per share amounts % of % of % of Year ended January 31, 1997 sales 1996 sales 1995 sales - ------------------------------------------------------------------------------------------- Net Sales $4,453,063 100.0 $4,113,517 100.0 $3,894,478 100.0 ------------------------------------------------------------ Costs and Expenses: Cost of sales and related buying and occupancy 3,082,037 69.2 2,806,250 68.2 2,599,553 66.7 Selling, general and administrative 1,217,590 27.3 1,120,790 27.2 1,023,347 26.3 Interest, net 39,400 .9 39,295 1.0 30,664 .8 Service charge income and other, net (129,469) (2.9) (125,130) (3.0) (94,644) (2.4) ---------------------------------------------------------- Total Costs and Expenses 4,209,558 94.5 3,841,205 93.4 3,558,920 91.4 ---------------------------------------------------------- Earnings before income taxes 243,505 5.5 272,312 6.6 335,558 8.6 Income taxes 96,000 2.2 107,200 2.6 132,600 3.4 ---------------------------------------------------------- Net Earnings $ 147,505 3.3 $ 165,112 4.0 $ 202,958 5.2 ========================================================== Net Earnings per share $1.82 $2.02 $2.47 ========================================================== Cash dividends paid per share $.50 $.50 $.385 ========================================================== The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. EXHIBIT 13.1 CONSOLIDATED STATEMENTS OF CASH FLOWS ' Nordstrom, Inc. and Subsidiaries Page 17
Dollars in thousands Year ended January 31, 1997 1996 1995 - ----------------------------------------------------------------------------------------- Operating Activities Net earnings $147,505 $165,112 $202,958 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 156,122 134,347 110,789 Change in: Accounts receivable, net (7,262) (218,036) (89,450) Merchandise inventories (93,616) 1,627 (42,328) Prepaid income taxes and other (1,578) (6,634) (9,746) Accounts payable 32,846 4,500 9,029 Accrued salaries, wages, and taxes 7,210 (4,961) 33,554 Accrued expenses 8,246 6,844 4,996 Income tax liabilities (12,216) (12,621) (4,518) Deferred lease credits 11,624 51,756 16,558 ---------------------------------------- Net cash provided by operating activities 248,881 121,934 231,842 ---------------------------------------- Investing Activities Additions to property, buildings and equipment, net (204,278) (252,876) (248,608) Other, net (1,838) (1,103) 1,660 ---------------------------------------- Net cash used in investing activities (206,116) (253,979) (246,948) ---------------------------------------- Financing Activities Proceeds from accounts receivable securitization 186,600 - - (Decrease) increase in notes payable (68,731) 145,113 47,051 Proceeds from issuance of long-term debt 57,729 140,859 49,656 Principal payments on long-term debt (117,311) (75,967) (114,664) Proceeds from issuance of common stock 14,958 5,106 5,960 Cash dividends paid (40,472) (41,001) (31,622) Purchase and retirement of common stock (71,771) (50,045) - ---------------------------------------- Net cash (used in) provided by financing activities (38,998) 124,065 (43,619) ---------------------------------------- Net increase (decrease) in cash and cash equivalents 3,767 (7,980) (58,725) Cash and cash equivalents at beginning of year 24,517 32,497 91,222 ---------------------------------------- Cash and cash equivalents at end of year $ 28,284 $ 24,517 $ 32,497 ======================================== The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. (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) Date April 8, 1997 by /s/ John A. Goesling ------------- ------------------------------------------ John A. Goesling Executive Vice President and Treasurer (Principal Accounting and Financial Officer) 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 Accounting and Principal Executive Officer: Financial Officer: /s/ John A. Goesling /s/ John J. Whitacre - ------------------------------- -------------------------------- John A. Goesling John J. Whitacre Executive Vice President Chairman and Director and Treasurer 11 of 14 Directors: /s/ Philip M. Condit /s/ Bruce A. Nordstrom - ------------------------------- -------------------------------- Philip M. Condit Bruce A. Nordstrom Director Director /s/ D. Wayne Gittinger /s/ John N. Nordstrom - ------------------------------- -------------------------------- D. Wayne Gittinger John N. Nordstrom Director Director /s/ Raymond A. Johnson /s/ Alfred E. Osborne, Jr. - ------------------------------- -------------------------------- Raymond A. Johnson Alfred E. Osborne, Jr. Director Director /s/ Charles A. Lynch /s/ William D. Ruckelshaus - ------------------------------- -------------------------------- Charles A. Lynch William D. Ruckelshaus Director Director /s/ Ann D. McLaughlin /s/ Elizabeth Crownhart Vaughan - ------------------------------- -------------------------------- Ann D. McLaughlin Elizabeth Crownhart Vaughan Director Director /s/ John A. McMillan /s/ John J. Whitacre - ------------------------------- --------------------------------- John A. McMillan John J. Whitacre Director Chairman of the Board of Directors Date April 8, 1997 --------------------------- 12 of 14