<PAGE> 
 
 
 
 
 
                   SECURITIES AND EXCHANGE COMMISSION 
 
                          Washington, DC 20549 
 
 
 
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES  
    EXCHANGE ACT OF 1934 
 
For the quarterly period ended April 30, 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 offices)  (Zip code) 
 
Registrant's telephone number, including area code: (206) 628-2111 
 
 
     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 
                              _____        _____ 
 
Common stock outstanding as of May 26, 1997:  76,985,204 shares of  
common stock. 
 
 
 
 
 
 
 
 
 
 
 
                                 1 of 9 

<PAGE> 
 
 
 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                     -------------------------------- 
                                 INDEX 
                                 ----- 

<TABLE> 
<CAPTION> 
                                                                   Page 
                                                                  Number 
<S>                                                               <C> 

PART I.  FINANCIAL INFORMATION 
 

    Item 1.  Financial Statements (unaudited) 
 
        Consolidated Statements of Earnings 
           Three months ended April 30, 1997 
           and 1996                                                  3 
 
        Consolidated Balance Sheets 
           April 30, 1997 and 1996 and  
           January 31, 1997                                          4 
 
        Consolidated Statements of Cash Flows 
           Three months ended April 30, 1997 
           and 1996                                                  5 
 
        Notes to Consolidated Financial Statements                   6 
 

    Item 2.  Management's Discussion and Analysis of Financial 
             Condition and Results of Operations                     7 
 

PART II.  OTHER INFORMATION 
 

    Item 1.  Legal Proceedings                                       9 
 

    Item 6.  Exhibits and Reports on Form 8-K                        9 
</TABLE>
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 2 of 9 

<PAGE> 
 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                   CONSOLIDATED STATEMENTS OF EARNINGS 
             (dollars in thousands except per share amounts) 
                              (unaudited) 

<TABLE> 
<CAPTION> 
                                                   Three Months 
                                                  Ended April 30, 
                                                ------------------- 
                                                  1997       1996  
                                                --------   -------- 
<S>                                             <C>        <C> 
Net sales                                       $953,747   $905,962 
 
Costs and expenses: 
  Cost of sales and related buying 
    and occupancy                                646,512    617,112 
  Selling, general and administrative            274,287    268,787 
  Interest, net                                    7,510      9,394 
  Service charge income and other, net           (27,911)   (34,580) 
                                                --------   -------- 
  Total costs and expenses                       900,398    860,713 
                                                --------   -------- 
 
Earnings before income taxes 
  and extraordinary item                          53,349     45,249 
Income taxes                                      21,000     17,900 
                                                --------   -------- 
Earnings before extraordinary item                32,349     27,349 
Extraordinary charge related to the 
  early extinguishment of debt, net 
  of income taxes of $900                            ---      1,452 
                                                --------   -------- 
Net earnings                                    $ 32,349   $ 25,897 
                                                ========   ======== 
Earnings before extraordinary item 
  per average share of common stock 
  outstanding                                   $    .41   $    .34 
                                                ========   ======== 
Net earnings per average share of 
  common stock outstanding                      $    .41   $    .32 
                                                ========   ======== 
Cash dividends paid per share of 
  common stock outstanding                      $   .125   $   .125 
                                                ========   ======== 
<FN> 
These statements should be read in conjunction with the Notes to  
Consolidated Financial Statements contained herein and in the Nordstrom  
1996 Annual Report to Shareholders. 
</TABLE>
 
 
 
 
 
 
 
 
 
 
 
                                 3 of 9 

<PAGE> 
 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                        CONSOLIDATED BALANCE SHEETS 
                          (dollars in thousands) 
                               (unaudited) 

<TABLE> 
<CAPTION> 
                                    April 30,   January 31,   April 30, 
                                      1997         1997         1996 
                                   ----------   ----------   ---------- 
<S>                                <C>          <C>          <C> 
ASSETS 
Current Assets: 
  Cash and cash equivalents        $   49,066   $   28,284   $   33,426 
  Accounts receivable, net            661,284      714,589      864,137 
  Merchandise inventories             823,609      719,919      731,647 
  Prepaid income taxes and other       68,612       69,607       67,759 
                                   ----------   ----------   ---------- 
  Total current assets              1,602,571    1,532,399    1,696,969 
Property, buildings and  
  equipment, net                    1,184,278    1,152,454    1,109,287 
Other assets                           18,010       17,654       16,943 
                                   ----------   ----------   ---------- 
TOTAL ASSETS                       $2,804,859   $2,702,507   $2,823,199 
                                   ==========   ==========   ========== 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Current Liabilities: 
  Notes payable                    $  194,040   $  163,770   $  303,423 

  Accounts payable                    398,748      310,430      356,965 
  Accrued salaries, wages 
    and taxes                         154,086      192,750      141,304 
  Accrued expenses                     49,973       56,080       51,487 
  Accrued income taxes                 21,489       13,045       18,282 
  Current portion 
    of long-term debt                 101,303       51,302       74,210 
                                   ----------   ----------   ---------- 
  Total current liabilities           919,639      787,377      945,671 
Long-term debt                        371,469      329,330      322,440 
Deferred lease credits and 
  other deferred items                111,820      112,608      111,121 
Shareholders' Equity: 
  Common stock, no par: 
    250,000,000 shares authorized; 
    77,145,937, 79,634,977 and 
    81,256,947 shares issued  
    and outstanding                   184,607      183,398      176,596 
  Retained earnings                 1,217,324    1,289,794    1,267,371 
                                   ----------   ----------   ---------- 
  Total shareholders' equity        1,401,931    1,473,192    1,443,967 
                                   ----------   ----------   ---------- 
TOTAL LIABILITIES AND  
  SHAREHOLDERS' EQUITY             $2,804,859   $2,702,507   $2,823,199 
                                   ==========   ==========   ========== 
<FN> 
These statements should be read in conjunction with the Notes to  
Consolidated Financial Statements contained herein and in the Nordstrom  
1996 Annual Report to Shareholders. 
</TABLE>
 
 
 
                                 4 of 9 

<PAGE> 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                   CONSOLIDATED STATEMENTS OF CASH FLOWS 
                          (dollars in thousands) 
                               (unaudited) 

<TABLE> 
<CAPTION> 
                                                    Three Months 
                                                   Ended April 30, 
                                                --------------------- 
                                                  1997         1996 
                                                --------     -------- 
<S>                                             <C>          <C> 
OPERATING ACTIVITIES: 
  Earnings before extraordinary item            $ 32,349     $ 27,349 
  Adjustments to reconcile earnings 
    to net cash provided by  
    operating activities: 
      Extraordinary charge related to the 
        early extinguishment of debt, net 
        of income taxes of $900                      ---       (1,452) 
      Depreciation and amortization               36,646       38,080 
      Change in: 
        Accounts receivable, net                  53,305       29,790 
        Merchandise inventories                 (103,690)    (105,344) 
        Prepaid income taxes and other               995          270 
        Accounts payable                          88,318       79,381 
        Accrued salaries, wages and taxes        (38,664)     (44,236) 
        Accrued expenses                          (6,107)       3,653 
        Income tax liabilities                     8,368        1,190 
        Deferred lease credits                      (712)       1,969 
                                                --------     -------- 
Net cash provided by operating activities         70,808       30,650 
                                                --------     -------- 
INVESTING ACTIVITIES: 
  Additions to property, buildings 
    and equipment, net                           (68,307)     (43,548) 
  Other                                               (5)        (920) 
                                                --------     -------- 
Net cash used in investing activities            (68,312)     (44,468) 
                                                --------     -------- 
FINANCING ACTIVITIES: 
  Increase in notes payable                       30,270       70,922 
  Proceeds from issuance of long-term debt, net   91,836          --- 
  Principal payments on long-term debt              (210)     (43,293) 
  Proceeds from issuance of common stock           1,209        8,156 
  Cash dividends paid                             (9,908)     (10,141) 
  Purchase and retirement of common stock        (94,911)      (2,917) 
                                                --------     -------- 
Net cash provided by financing activities         18,286       22,727 
                                                --------     -------- 
Net increase in cash and cash equivalents         20,782        8,909 
Cash and cash equivalents at  
  beginning of period                             28,284       24,517 
                                                --------     -------- 
Cash and cash equivalents at end of period      $ 49,066     $ 33,426 
                                                ========     ======== 
<FN> 
These statements should be read in conjunction with the Notes to  
Consolidated Financial Statements contained herein and in the Nordstrom  
1996 Annual Report to Shareholders. 
</TABLE>
 
                                 5 of 9 

<PAGE> 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
            FOR THE THREE MONTHS ENDED APRIL 30, 1997 AND 1996 
                          (dollars in thousands) 
                                (unaudited) 
 
 
Note 1: 
 
The consolidated balance sheets of Nordstrom, Inc. and subsidiaries (the  
"Company") as of April 30, 1997 and 1996, and the related consolidated  
statements of earnings and cash flows for the periods then ended, have 
been prepared from the accounts without audit. 
 
The consolidated financial information is applicable to interim periods  
and is not necessarily indicative of the results to be expected for the  
year ending January 31, 1998. 
 
It is not considered necessary to include detailed footnote information  
as of April 30, 1997 and 1996.  The financial information should be read  
in conjunction with the Notes to Consolidated Financial Statements  
contained in the Nordstrom 1996 Annual Report to Shareholders. 
 
In the opinion of management, the consolidated financial information  
includes all adjustments (consisting only of normal, recurring  
adjustments) necessary to present fairly the financial position of  
Nordstrom, Inc. and subsidiaries as of April 30, 1997 and 1996, and the  
results of their operations and cash flows for the periods then ended,  
in accordance with generally accepted accounting principles applied on a  
consistent basis. 
 
Note 2: 
 
During the first quarter of 1996, the Company elected to prepay $43,100 of 
Nordstrom Credit, Inc. 9.375% sinking debentures in order to take advantage 
of lower short-term interest rates.  This resulted in an extraordinary charge 
of $1,452, net of applicable income taxes of $900 ($0.02 per share). 
 
Note 3:  The summarized combined results of operations of Nordstrom  
         Credit, Inc. and Nordstrom National Credit Bank are  
         as follows: 

<TABLE> 
<CAPTION> 
Three Months Ended April 30,                     1997       1996 
                                               -------    ------- 
    <S>                                        <C>        <C> 
    Total revenue                              $31,806    $39,212 
    Earnings before income taxes 
      and extraordinary item                    11,643     13,531 
    Extraordinary charge related 
      to the early extinguishment 
      of debt, net of income taxes 
      of $900                                      ---      1,452 
    Net earnings                                 7,373      7,109 
</TABLE>
 
 
 
 
 
 
                                 6 of 9 

<PAGE> 
 
 
                     NORDSTROM, INC. AND SUBSIDIARIES 
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
            FOR THE THREE MONTHS ENDED APRIL 30, 1997 AND 1996 
                          (dollars in thousands) 
                                (unaudited) 
 
 
Note 4: 
 
Statement of Financial Accounting Standards No. 128, which will be effective
for earnings per share calculations after December 15, 1997, will not 
significantly affect the Company's earnings per share. 
 
 
 

I
TEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS  
 
 
The following discussion should be read in conjunction with the Management 
Discussion and Analysis section of the Nordstrom 1996 Annual Report to 
Shareholders. 
 
Results of Operations: 
- ---------------------- 
 
During the first quarter of 1997, sales increased 5.3% when compared with the 
same quarter in 1996.  Sales for comparable stores increased .5% during the 
quarter, with the remainder of the increase coming from new units.  The slight
increase in comparable store sales reflects a change from the decrease in the 
fourth quarter of 1996. 
 
Cost of sales and related buying and occupancy costs decreased as a percentage
of sales for the quarter as compared to the corresponding period in 1996.
Occupancy costs declined as no new stores were opened during the quarter, and
merchandise margins improved due to lower markdowns.  These improvements were
partially offset by an increase in buying costs. 
 
Selling, general and administrative expenses decreased as a percentage of 
sales when compared to the same quarter in 1996. There were several factors
which contributed to this result.  First, there were no major store openings
during the quarter, compared to two major store openings in the first quarter
of 1996.  Second, bad debt expenses were lower because of the securitization
of the Company's VISA credit card receivables in August of last year.  Third
expenses in more mature stores were well controlled. 
 
Interest expense decreased as a percentage of sales when compared to the same 
quarter in 1996 due primarily to lower levels of debt outstanding during the 
quarter. 
 
 
 
 
 
 
 
 
 
 
                                 7 of 9 

<PAGE> 
 
 
Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS  (CONT.) 
 
 
Service charge income and other, net decreased as a percentage of sales for 
the quarter when compared to the corresponding period in 1996 primarily due to 
a reduction in revenues from the Company's VISA card program as a result of 
the securitization of these receivables in August 1996.  Also during the 
quarter, the Company established a reserve of $2 million ($0.02 per share 
after income taxes) for the estimated closing costs related to the closure of 
its twelve leased shoe departments located in Hawaii and Guam, which is 
scheduled for November 1997. 
 
Financial Condition: 
- -------------------- 
 
During the quarter, Nordstrom Credit, Inc. filed a shelf registration 
statement on Form S-3 to register up to $250 million in debt securities, and 
issued $92.4 million in medium-term notes under the registration. 
 
In April, 1997, the Company completed its second repurchase of $100 million of 
its outstanding common stock as approved by the Board of Directors at its 
November 1996 meeting.  To date, the Company has bought $24.6 million of a 
third $100 million stock repurchase authorized in February, 1997. 
 
During the quarter, the Company expanded two Rack stores in Southern 
California. On May 9, a new Rack was opened at Factoria Mall in Bellevue, 
Washington.  Construction is progressing as planned on new stores scheduled to 
open later this year and in 1998. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 8 of 9 

<PAGE> 
 
 
 
                      PART II - OTHER INFORMATION 
 

Item 1.  Legal Proceedings 
- -------------------------- 
The Company is not involved in any material pending legal proceedings,  
other than routine litigation in the ordinary course of business. 
 
 

Item 6.  Exhibits and Reports on Form 8-K 
- ----------------------------------------- 
 
(a)  Exhibits 
     -------- 
 
     (27.1)  Financial Data Schedule is filed herein as an Exhibit. 
 
(b)  Reports on Form 8-K 
     ------------------- 
 
     No reports on Form 8-K were filed during the quarter for which this  
     report is filed. 
 
 
 

                               SIGNATURES 
 
Pursuant to the requirements 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 
                             ------------------------------------------ 
                             John A. Goesling, Executive Vice President 
                                             and Treasurer 
                            (Principal Financial and Accounting Officer) 
 
Date:  June 6, 1997 
- -------------------- 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 9 of 9 

<PAGE> 
 
 
 
NORDSTROM, INC. AND SUBSIDIARIES 

<TABLE> 
<CAPTION> 

Exhibit Index 
 
Exhibit                                    Method of Filing 
- -------                                    ---------------- 
<S>                                        <C> 
27.1  Financial Data Schedule              Filed herewith electronically 
</TABLE>







<TABLE> <S> <C>

<ARTICLE> 5
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JAN-31-1998
<PERIOD-END>                               APR-30-1997
<CASH>                                          49,066
<SECURITIES>                                         0
<RECEIVABLES>                                  661,284
<ALLOWANCES>                                         0
<INVENTORY>                                    823,609
<CURRENT-ASSETS>                             1,602,571
<PP&E>                                       1,184,278
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               2,804,859
<CURRENT-LIABILITIES>                          919,639
<BONDS>                                        371,469
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       184,607
<OTHER-SE>                                   1,217,324
<TOTAL-LIABILITY-AND-EQUITY>                 2,804,859
<SALES>                                        953,747
<TOTAL-REVENUES>                               953,747
<CGS>                                          646,512
<TOTAL-COSTS>                                  900,398
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               7,510
<INCOME-PRETAX>                                 53,349
<INCOME-TAX>                                    21,000
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    32,349
<EPS-PRIMARY>                                      .41
<EPS-DILUTED>                                      .41
        

</TABLE>