Nordstrom (JWN) 10-Q 2 Dec 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Oct. 29, 2022	Nov. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2022
Document Transition Report	false
Entity File Number	001-15059
Entity Registrant Name	Nordstrom, Inc.
Entity Incorporation, State or Country Code	WA
Entity Tax Identification Number	91-0515058
Entity Address, Address Line One	1617 Sixth Avenue
Entity Address, City or Town	Seattle
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	206
Local Phone Number	628-2111
Title of 12(b) Security	Common stock, without par value
Trading Symbol	JWN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,081,323
Entity Central Index Key	0000072333
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--01-28

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income Statement [Abstract]
Net sales	$ 3,433	$ 3,534	$ 10,891	$ 10,020
Credit card revenues, net	113	103	320	283
Total revenues	3,546	3,637	11,211	10,303
Cost of sales and related buying and occupancy costs	(2,294)	(2,294)	(7,211)	(6,646)
Selling, general and administrative expenses	(1,249)	(1,216)	(3,722)	(3,464)
Earnings before interest and income taxes	3	127	278	193
Interest expense, net	(32)	(36)	(101)	(213)
(Loss) earnings before income taxes	(29)	91	177	(20)
Income tax benefit (expense)	9	(27)	(51)	(2)
Net (loss) earnings	$ (20)	$ 64	$ 126	$ (22)
(Loss) earnings per share:
Basic (in dollars per share)	$ (0.13)	$ 0.40	$ 0.79	$ (0.14)
Diluted (in dollars per share)	$ (0.13)	$ 0.39	$ 0.77	$ (0.14)
Weighted-average shares outstanding:
Basic (in shares)	159.5	159.2	160.1	158.9
Diluted (in shares)	159.5	162.5	162.3	158.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net (loss) earnings	$ (20)	$ 64	$ 126	$ (22)
Foreign currency translation adjustment	(10)	1	(11)	7
Post retirement plan adjustments, net of tax	1	2	2	5
Comprehensive net (loss) earnings	$ (29)	$ 67	$ 117	$ (10)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Assets
Cash and cash equivalents	$ 293	$ 322	$ 267
Accounts receivable, net	288	255	273
Merchandise inventories	2,878	2,289	2,863
Prepaid expenses and other	348	306	374
Total current assets	3,807	3,172	3,777
Land, property and equipment (net of accumulated depreciation of $8,135, $7,737 and $7,617)	3,373	3,562	3,558
Operating lease right-of-use assets	1,490	1,496	1,527
Goodwill	249	249	249
Other assets	476	390	423
Total assets	9,395	8,869	9,534
Liabilities and Shareholders’ Equity
Borrowings under revolving line of credit	100	0	200
Accounts payable	2,073	1,529	2,310
Accrued salaries, wages and related benefits	242	383	276
Current portion of operating lease liabilities	256	242	240
Other current liabilities	1,168	1,160	1,063
Total current liabilities	3,839	3,314	4,089
Long-term debt, net	2,855	2,853	2,851
Non-current operating lease liabilities	1,544	1,556	1,602
Other liabilities	551	565	633
Commitments and Contingencies
Shareholders’ equity:
Common stock, no par value: 1,000 shares authorized; 159.7, 159.4 and 159.3 shares issued and outstanding	3,334	3,283	3,269
Accumulated deficit	(2,669)	(2,652)	(2,852)
Accumulated other comprehensive loss	(59)	(50)	(58)
Total shareholders’ equity	606	581	359
Total liabilities and shareholders’ equity	$ 9,395	$ 8,869	$ 9,534

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Assets
Accumulated depreciation	$ 8,135	$ 7,737	$ 7,617
Shareholders’ equity:
Common stock, no par value (in dollars per share)	$ 0	$ 0	$ 0
Common stock, shares authorized	1,000	1,000	1,000
Common stock, shares issued	159.7	159.4	159.3
Common stock, shares outstanding	159.7	159.4	159.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Total shareholders' equity at Jan. 30, 2021		$ 3,205	$ (2,830)	$ (70)
Common stock
Issuance of common stock under stock compensation plans		14
Stock-based compensation		50
Accumulated deficit
Net (loss) earnings	$ (22)		(22)
Dividends			0
Repurchase of common stock	0		0
Accumulated other comprehensive loss
Other comprehensive (loss) income				12
Total shareholders’ equity at Oct. 30, 2021	$ 359	3,269	(2,852)	(58)
Accumulated other comprehensive loss
Dividends per share	$ 0
Total shareholders' equity at Jul. 31, 2021		3,245	(2,916)	(61)
Common stock
Issuance of common stock under stock compensation plans		7
Stock-based compensation		17
Accumulated deficit
Net (loss) earnings	$ 64		64
Dividends			0
Repurchase of common stock	0		0
Accumulated other comprehensive loss
Other comprehensive (loss) income				3
Total shareholders’ equity at Oct. 30, 2021	$ 359	3,269	(2,852)	(58)
Accumulated other comprehensive loss
Dividends per share	$ 0
Total shareholders' equity at Jan. 29, 2022	$ 581	3,283	(2,652)	(50)
Common stock
Issuance of common stock under stock compensation plans		18
Stock-based compensation		33
Accumulated deficit
Net (loss) earnings	126		126
Dividends			(90)
Repurchase of common stock	(53)		(53)
Accumulated other comprehensive loss
Other comprehensive (loss) income				(9)
Total shareholders’ equity at Oct. 29, 2022	$ 606	3,334	(2,669)	(59)
Accumulated other comprehensive loss
Dividends per share	$ 0.57
Total shareholders' equity at Jul. 30, 2022		3,314	(2,601)	(50)
Common stock
Issuance of common stock under stock compensation plans		9
Stock-based compensation		11
Accumulated deficit
Net (loss) earnings	$ (20)		(20)
Dividends			(30)
Repurchase of common stock	(18)		(18)
Accumulated other comprehensive loss
Other comprehensive (loss) income				(9)
Total shareholders’ equity at Oct. 29, 2022	$ 606	$ 3,334	$ (2,669)	$ (59)
Accumulated other comprehensive loss
Dividends per share	$ 0.19

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Operating Activities
Net earnings (loss)	$ 126	$ (22)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization expenses	453	477
Right-of-use asset amortization	141	130
Asset impairment	80	0
Deferred income taxes, net	(85)	25
Stock-based compensation expense	50	64
Other, net	(53)	81
Change in operating assets and liabilities:
Accounts receivable, net	(6)	(27)
Merchandise inventories	(550)	(687)
Prepaid expenses and other assets	(55)	408
Accounts payable	469	90
Accrued salaries, wages and related benefits	(142)	(76)
Other current liabilities	10	15
Lease liabilities	(201)	(218)
Other liabilities	3	17
Net cash provided by operating activities	240	277
Investing Activities
Capital expenditures	(325)	(361)
Proceeds from the sale of assets and other, net	82	(17)
Net cash used in investing activities	(243)	(378)
Financing Activities
Proceeds from revolving line of credit	100	400
Payments on revolving line of credit	0	(200)
Proceeds from long-term borrowings	0	675
Principal payments on long-term borrowings	0	(1,100)
Change in cash book overdrafts	21	(4)
Cash dividends paid	(90)	0
Payments for repurchase of common stock	(53)	0
Proceeds from issuances under stock compensation plans	18	14
Tax withholding on share-based awards	(15)	(15)
Make-whole premium payment and other, net	(4)	(85)
Net cash used in financing activities	(23)	(315)
Effect of exchange rate changes on cash and cash equivalents	(3)	2
Net decrease in cash and cash equivalents	(29)	(414)
Cash and cash equivalents at beginning of period	322	681
Cash and cash equivalents at end of period	293	267
Supplemental Cash Flow Information
Income taxes, net	161	(486)
Interest, net of capitalized interest	$ 108	$ 136

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 29, 2022
Basis of Presentation [Abstract]
Basis Of Presentation	NOTE 1: BASIS OF PRESENTATION The Condensed Consolidated Financial Statements include the balances of Nordstrom, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. The interim Condensed Consolidated Financial Statements have been prepared on a basis consistent in all material respects with the accounting policies described and applied in our 2021 Annual Report and reflect all adjustments of a normal recurring nature that are, in management’s opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. The Condensed Consolidated Financial Statements as of and for the periods ended October 29, 2022 and October 30, 2021 are unaudited. The Condensed Consolidated Balance Sheet as of January 29, 2022 has been derived from the audited Consolidated Financial Statements included in our 2021 Annual Report . The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2021 Annual Report . Seasonality Our business, like that of other retailers, is subject to seasonal fluctuations and cyclical trends in consumer spending. Our sales are typically higher in our second quarter, which usually includes most of our Anniversary Sale, and in the fourth quarter due to the holidays. Approximately one week of our Anniversary Sale shifted from the third quarter in 2021 to the second quarter in 2022. Results for any one quarter are not indicative of the results that may be achieved for a full fiscal year. We plan our merchandise purchases and receipts to coincide with expected sales trends. For instance, our merchandise purchases and receipts increase prior to the Anniversary Sale and in the fall as we prepare for the holiday shopping season in November through December. Consistent with our seasonal fluctuations, our working capital requirements have historically increased during the months leading up to the Anniversary Sale and the holidays as we purchase inventory in anticipation of increased sales. Use of Estimates The preparation of financial statements in conformity with GAAP requires that we make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities during the reporting period. Uncertainties regarding such estimates and assumptions are inherent in the preparation of financial statements and actual results may differ from these estimates and assumptions. Our most significant accounting judgments and estimates include revenue recognition, inventory valuation, long-lived asset recoverability and income taxes, all of which involve assumptions about future events. We may be unable to accurately predict changes in economic conditions going forward and as a result our estimates may change in the near term. Leases We incurred operating lease liabilities arising from lease agreements of $212 for the nine months ended October 29, 2022 and $108 for the nine months ended October 30, 2021. Supply Chain Impairment During the third quarter of 2022, as part of our supply chain optimization initiatives, we decommissioned certain supply chain technology and related assets and incurred a non-cash impairment charge of $70. This included $58 on long-lived tangible assets and $12 on ROU assets to adjust the carrying values to their estimated fair values. These charges are included in our Corporate/Other SG&A expense on the Condensed Consolidated Statement of Earnings and asset impairment on the Condensed Consolidated Statement of Cash Flows. We evaluated the assets for impairment by comparing the carrying values to the related projected future cash flows, among other quantitative and qualitative analyses. After impairment, the carrying values of the remaining long-lived tangible and ROU assets were not material. Trunk Club Wind-down During the first quarter of 2022, in conjunction with the decision to sunset the Trunk Club brand, we incurred non-cash impairment charges of $10 related to a Trunk Club property to adjust the carrying values to their estimated fair value. These charges are included in our Retail segment SG&A expense on the Condensed Consolidated Statement of Earnings and asset impairment on the Condensed Consolidated Statement of Cash Flows. During the second quarter of 2022, we incurred additional costs of $8 associated with the wind-down of Trunk Club. These expenses are primarily included in our Retail segment cost of sales and related buying and occupancy costs on the Condensed Consolidated Statement of Earnings. These charges are classified as operating on the Condensed Consolidated Statement of Cash Flows. Investments In July 2021, we acquired a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands through a strategic partnership with ASOS.com Ltd. From time to time, we invest in financial interests of private companies that align with our business and omni-channel strategies, which are recorded in other assets in the Condensed Consolidated Balance Sheets and proceeds from the sale of assets and other, net on the Condensed Consolidated Statements of Cash Flows. During the first quarter of 2022, in connection with the sale of a limited partnership interest in a corporate office building, we recognized a gain of $51 in our Corporate/Other SG&A expense in the Condensed Consolidated Statement of Earnings and $73 in proceeds from the sale of assets and other, net on the Condensed Consolidated Statement of Cash Flows. Subsequent Event In November 2022, we amended our program agreement with TD. We receive credit card revenue through this agreement, whereby TD is the exclusive issuer of our consumer credit cards and we perform account servicing functions. The original agreement was scheduled to expire in April 2024 and the amendment extends the term through September 2026.

Revenue

Revenue	9 Months Ended
	Oct. 29, 2022
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 2: REVENUE Contract Liabilities Contract liabilities represent our obligation to transfer goods or services to customers and include deferred revenue for The Nordy Club (including points and Nordstrom Notes) and gift cards. Our contract liabilities are classified as current on the Condensed Consolidated Balance Sheets and are as follows: Contract Liabilities Balance as of January 30, 2021 $478 Balance as of May 1, 2021 436 Balance as of July 31, 2021 433 Balance as of October 30, 2021 417 Balance as of January 29, 2022 478 Balance as of April 30, 2022 442 Balance as of July 30, 2022 438 Balance as of October 29, 2022 430 Revenues recognized from our beginning contract liability balance were $100 and $232 for the quarter and nine months ended October 29, 2022 and $106 and $212 for the quarter and nine months ended October 30, 2021. Disaggregation of Revenue The following table summarizes our disaggregated net sales: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Nordstrom $2,264 $2,343 $7,324 $6,614 Nordstrom Rack 1,169 1,191 3,567 3,406 Total net sales $3,433 $3,534 $10,891 $10,020 Digital sales as a % of total net sales 34 % 40 % 37 % 42 % The following table summarizes the percent of net sales by merchandise category: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Women’s Apparel 29 % 29 % 29 % 30 % Shoes 27 % 26 % 26 % 25 % Men’s Apparel 15 % 14 % 15 % 14 % Women’s Accessories 11 % 12 % 12 % 13 % Beauty 11 % 12 % 11 % 11 % Kids’ Apparel 4 % 4 % 4 % 4 % Other 3 % 3 % 3 % 3 % Total net sales 100 % 100 % 100 % 100 %

Debt And Credit Facilities

Debt And Credit Facilities	9 Months Ended
	Oct. 29, 2022
Debt Disclosure [Abstract]
Debt And Credit Facilities	NOTE 3: DEBT AND CREDIT FACILITIES Debt During the first quarter of 2021, we issued $250 aggregate principal amount of 2.30% senior notes due April 2024 and $425 aggregate principal amount of 4.25% senior notes due August 2031. With the net proceeds of these new notes, together with cash on hand, we retired our $600 Secured Notes. We recorded $88 related to the redemption in interest expense, net, which primarily consisted of a one-time payment of $78 for a “make-whole” premium, and the write-off of unamortized balances associated with the debt discount and issuance costs. The “make-whole” premium payment was not included in cash paid during the period for interest, net of capitalized interest in the Supplemental Cash Flow Information. During the second quarter of 2021, we retired our 4.00% senior notes that were due October 2021 using cash on hand. Credit Facilities During the second quarter of 2022, we terminated and replaced our prior revolving credit facility set to expire in September 2023 with a new $800 Revolver that expires in May 2027. Consistent with our prior revolving credit agreement, any outstanding borrowings under the Revolver are secured by substantially all our personal and intellectual property assets and are guaranteed by certain of our subsidiaries. Under the Revolver, our obligation to secure any outstanding borrowings will be eliminated if no default exists and we either have an unsecured investment-grade debt rating from two of three specified ratings agencies, or we have one investment-grade rating and achieve two consecutive fiscal quarters with a Leverage Ratio of less than 2.5 times. Under the Revolver, we have two financial covenant tests that need to be met on a quarterly basis: a Leverage Ratio that is less than or equal to 4 times and a fixed charge coverage ratio that is greater than or equal to 1.25 times. As of October 29, 2022, we were in compliance with all covenants. The Revolver provides us with additional flexibility, compared with our prior revolving credit facility, for dividends and share repurchases, provided we are not in default, and no default would arise as a result of such payments. If the pro-forma Leverage Ratio after such payments is less than 3 times, then such payments are unlimited. If the pro-forma Leverage Ratio is greater than or equal to 3 times but less than 3.5 times then we are limited to $100 per fiscal quarter and if the pro-forma Leverage Ratio is greater than or equal to 3.5 times then the limit is $60 per fiscal quarter. The Revolver contains customary representations, warranties, covenants and terms, including paying a variable rate of interest and a facility fee based on our debt rating, and is available for working capital, capital expenditures and general corporate purposes. Provided that we obtain written consent from the lenders, we have the option to increase the Revolver by up to $200, to a total of $1,000, and two options to extend the Revolver for additional one-year terms. During the third quarter of 2022, we borrowed $100 under our Revolver, which remained outstanding as of October 29, 2022 and is classified in total current liabilities on the Condensed Consolidated Balance Sheets. In November 2022, subsequent to quarter end, we repaid the outstanding balance on our Revolver.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 29, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 4: FAIR VALUE MEASUREMENTS We disclose our financial assets and liabilities that are measured at fair value in our Condensed Consolidated Balance Sheets by level within the fair value hierarchy as defined by applicable accounting standards: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity’s own assumptions Financial Instruments Measured at Carrying Value Financial instruments measured at carrying value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable and our Revolver, which approximate fair value due to their short-term nature. Long-term debt is recorded at carrying value. If long-term debt was measured at fair value, we would use quoted market prices of the same or similar issues, which is considered a Level 2 fair value measurement. The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 29, 2022 January 29, 2022 October 30, 2021 Carrying value of long-term debt $2,855 $2,853 $2,851 Fair value of long-term debt 2,224 2,758 2,992 Non-financial Assets Measured at Fair Value on a Nonrecurring Basis We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill, long-lived tangible and ROU assets, in connection with periodic evaluations for potential impairment. We estimate the fair value of these assets using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. For more information regarding long-lived tangible asset impairment charges for the nine months ended October 29, 2022, see Note 1: Basis of Presentation. There were no material impairment charges for these assets for the nine months ended October 30, 2021.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Oct. 29, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 5: STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 RSUs $10 $12 $32 $41 Stock options 1 5 12 19 Other 1 1 1 6 4 Total stock-based compensation expense, before income tax benefit 12 18 50 64 Income tax benefit (3) (5) (12) (17) Total stock-based compensation expense, net of income tax benefit $9 $13 $38 $47 1 Other stock-based compensation expense includes PSUs, nonemployee director stock awards and ESPP awards. The following table summarizes our grant allocations: Nine Months Ended October 29, 2022 October 30, 2021 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 2.9 $22 1.7 $32 Stock options 1.1 $10 1.2 $13 PSUs 0.5 $23 — — Under our deferred and stock-based compensation plan arrangements, we issued 0.7 and 2.6 shares of common stock during the quarter and nine months ended October 29, 2022 and 0.4 and 1.6 shares during the quarter and nine months ended October 30, 2021.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Oct. 29, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 6: SHAREHOLDERS’ EQUITY Share Repurchases In May 2022, our Board of Directors authorized a program to repurchase up to $500 of our outstanding common stock, with no expiration date. This new program replaced the August 2018 program, which had no expiration date and $707 remaining in repurchase capacity at termination. Our share repurchases are summarized as follows: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Shares of common stock repurchased 0.8 — 2.3 — Average price paid per share $22.52 — $22.95 — Aggregate amount of common stock repurchased $18 — $53 — We had $447 remaining in share repurchase capacity as of October 29, 2022. Dividends In November 2022, subsequent to quarter end, we declared a quarterly dividend of $0.19 per share, which will be paid on December 14, 2022 to shareholders of record at the close of business on November 29, 2022. We have certain limitations with respect to the payment of dividends and share repurchases under our Revolver agreement (see Note 3: Debt and Credit Facilities). Rights Plan In September 2022, our Board of Directors approved a shareholder rights agreement and declared a dividend of one right for each outstanding share of Nordstrom common stock to shareholders of record on September 30, 2022. Each right entitles holders to purchase one newly issued share of Nordstrom common stock at an exercise price of $94 per right, subject to adjustment. Initially, the rights will not be exercisable and will trade with our shares of common stock. In general, the rights become exercisable following a public announcement that a person acquires 10% or more of the outstanding shares of Nordstrom common stock. If the rights are exercised, each holder (except the acquiring person) will have the right to receive common stock equal to two times the exercise price of the right. The Company may redeem the rights for $0.001 per right anytime prior to the rights becoming exercisable. The agreement also provides for exceptions and additional terms for other certain situations and circumstances. The Rights Plan is intended to protect the interests of Nordstrom and its shareholders by reducing the likelihood that any entity, person or group gains control of the Company through open-market accumulation or other means without payment of an adequate control premium and expires September 19, 2023, unless redeemed, exchanged or terminated earlier by our Board of Directors. There is currently no impact to our Condensed Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 29, 2022
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 7: EARNINGS PER SHARE The computation of EPS is as follows: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Net (loss) earnings ($20) $64 $126 ($22) Basic weighted average shares outstanding 159.5 159.2 160.1 158.9 Dilutive effect of common stock equivalents — 3.3 2.2 — Diluted weighted average shares outstanding 159.5 162.5 162.3 158.9 Basic EPS ($0.13) $0.40 $0.79 ($0.14) Diluted EPS ($0.13) $0.39 $0.77 ($0.14) Anti-dilutive common stock equivalents 10.1 7.5 9.2 11.6

Segment Reporting

Segment Reporting	9 Months Ended
	Oct. 29, 2022
Segment Reporting [Abstract]
Segment Reporting	NOTE 8: SEGMENT REPORTING The following table sets forth information for our reportable segment: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Retail segment EBIT $119 $197 $471 $335 Corporate/Other EBIT (116) (70) (193) (142) Interest expense, net (32) (36) (101) (213) (Loss) earnings before income taxes ($29) $91 $177 ($20) For information about disaggregated revenues, see Note 2: Revenue.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Oct. 29, 2022
Basis of Presentation [Abstract]
Subsequent Event	Subsequent Event In November 2022, we amended our program agreement with TD. We receive credit card revenue through this agreement, whereby TD is the exclusive issuer of our consumer credit cards and we perform account servicing functions. The original agreement was scheduled to expire in April 2024 and the amendment extends the term through September 2026.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 29, 2022
Revenue from Contract with Customer [Abstract]
Summary Of Contract Liabilities	Our contract liabilities are classified as current on the Condensed Consolidated Balance Sheets and are as follows: Contract Liabilities Balance as of January 30, 2021 $478 Balance as of May 1, 2021 436 Balance as of July 31, 2021 433 Balance as of October 30, 2021 417 Balance as of January 29, 2022 478 Balance as of April 30, 2022 442 Balance as of July 30, 2022 438 Balance as of October 29, 2022 430
Disaggregated Net Sales	The following table summarizes our disaggregated net sales: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Nordstrom $2,264 $2,343 $7,324 $6,614 Nordstrom Rack 1,169 1,191 3,567 3,406 Total net sales $3,433 $3,534 $10,891 $10,020 Digital sales as a % of total net sales 34 % 40 % 37 % 42 %
Percent Of Net Sales By Merchandise Category Summary	The following table summarizes the percent of net sales by merchandise category: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Women’s Apparel 29 % 29 % 29 % 30 % Shoes 27 % 26 % 26 % 25 % Men’s Apparel 15 % 14 % 15 % 14 % Women’s Accessories 11 % 12 % 12 % 13 % Beauty 11 % 12 % 11 % 11 % Kids’ Apparel 4 % 4 % 4 % 4 % Other 3 % 3 % 3 % 3 % Total net sales 100 % 100 % 100 % 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 29, 2022
Fair Value Disclosures [Abstract]
Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt	The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities: October 29, 2022 January 29, 2022 October 30, 2021 Carrying value of long-term debt $2,855 $2,853 $2,851 Fair value of long-term debt 2,224 2,758 2,992

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Oct. 29, 2022
Share-Based Payment Arrangement [Abstract]
Summary Of Stock-Based Compensation Expense	The following table summarizes our stock-based compensation expense: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 RSUs $10 $12 $32 $41 Stock options 1 5 12 19 Other 1 1 1 6 4 Total stock-based compensation expense, before income tax benefit 12 18 50 64 Income tax benefit (3) (5) (12) (17) Total stock-based compensation expense, net of income tax benefit $9 $13 $38 $47 1 Other stock-based compensation expense includes PSUs, nonemployee director stock awards and ESPP awards.
Summary Of Grants	The following table summarizes our grant allocations: Nine Months Ended October 29, 2022 October 30, 2021 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 2.9 $22 1.7 $32 Stock options 1.1 $10 1.2 $13 PSUs 0.5 $23 — —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Oct. 29, 2022
Stockholders' Equity Note [Abstract]
Summary Of Share Repurchase Program Activity	Our share repurchases are summarized as follows: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Shares of common stock repurchased 0.8 — 2.3 — Average price paid per share $22.52 — $22.95 — Aggregate amount of common stock repurchased $18 — $53 —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 29, 2022
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of EPS is as follows: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Net (loss) earnings ($20) $64 $126 ($22) Basic weighted average shares outstanding 159.5 159.2 160.1 158.9 Dilutive effect of common stock equivalents — 3.3 2.2 — Diluted weighted average shares outstanding 159.5 162.5 162.3 158.9 Basic EPS ($0.13) $0.40 $0.79 ($0.14) Diluted EPS ($0.13) $0.39 $0.77 ($0.14) Anti-dilutive common stock equivalents 10.1 7.5 9.2 11.6

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Oct. 29, 2022
Segment Reporting [Abstract]
Information By Reportable Segment	The following table sets forth information for our reportable segment: Quarter Ended Nine Months Ended October 29, 2022 October 30, 2021 October 29, 2022 October 30, 2021 Retail segment EBIT $119 $197 $471 $335 Corporate/Other EBIT (116) (70) (193) (142) Interest expense, net (32) (36) (101) (213) (Loss) earnings before income taxes ($29) $91 $177 ($20)

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
	Jul. 30, 2022	Oct. 29, 2022	Oct. 30, 2021
Basis of Presentation [Line Items]
Operating lease liabilities arising from lease agreements		$ 212	$ 108
Asset impairment		80	$ 0
Long-lived tangible asset impairment		58
ROU asset impairment		12
Other Trunk Club wind-down costs	$ 8
Gain on sale of a limited partnership interest		51
Proceeds from sale of a limited partnership interest		73
Supply Chain [Member]
Basis of Presentation [Line Items]
Asset impairment		70
Trunk Club property [Member]
Basis of Presentation [Line Items]
Asset impairment		$ 10

Revenue (Summary Of Contract Li

Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 430	$ 438	$ 442	$ 478	$ 417	$ 433	$ 436	$ 478

Revenue (Disaggregated Net Sale

Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,433	$ 3,534	$ 10,891	$ 10,020
Disaggregated sales by category	100%	100%	100%	100%
Digital Sales [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	34%	40%	37%	42%
Nordstrom [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,264	$ 2,343	$ 7,324	$ 6,614
Nordstrom Rack [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,169	$ 1,191	$ 3,567	$ 3,406

Revenue (Percent Of Net Sales B

Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details)	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	100%	100%	100%	100%
Women's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	29%	29%	29%	30%
Shoes [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	27%	26%	26%	25%
Men's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	15%	14%	15%	14%
Women's Accessories [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	11%	12%	12%	13%
Beauty [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	11%	12%	11%	11%
Kids' Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	4%	4%	4%	4%
Other [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	3%	3%	3%	3%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from beginning contract liability balance	$ 100	$ 106	$ 232	$ 212

Debt And Credit Facilities (Nar

Debt And Credit Facilities (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022 USD ($) covenant numberOfRatingsAgencies numberOfPeriods	Oct. 30, 2021 USD ($)	Oct. 29, 2022 USD ($) covenant numberOfRatingsAgencies numberOfPeriods	Oct. 30, 2021 USD ($)	May 01, 2021
Debt Instrument [Line Items]
Proceeds from long-term borrowings			$ 0	$ 675
Principal payments on long-term borrowings			0	1,100
Interest expense, net	$ 32	$ 36	$ 101	213
Number of specified ratings agencies | numberOfRatingsAgencies	3		3
Number of financial covenant tests | covenant	2		2
Number of options to extend revolver	2		2
Proceeds from revolving line of credit	$ 100		$ 100	400
Commercial paper [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	800		800
Commercial paper issuances outstanding	$ 0		$ 0
Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	2		2
Middle range of Leverage Ratio limits on dividends and share repurchases [Member]
Debt Instrument [Line Items]
Limit on dividends and share repurchases	$ 100
Lower limit on dividends and share repurchases [Member]
Debt Instrument [Line Items]
Limit on dividends and share repurchases	$ 60
Senior notes, 2.30%, due April 2024 [Member]
Debt Instrument [Line Items]
Proceeds from long-term borrowings				250
Debt instrument interest rate	2.30%		2.30%
Senior notes, 4.25%, due August 2031 [Member]
Debt Instrument [Line Items]
Proceeds from long-term borrowings				425
Debt instrument interest rate	4.25%		4.25%
Secured Notes, 8.75%, due May 2025 [Member]
Debt Instrument [Line Items]
Principal payments on long-term borrowings				600
2021 Refinancing
Debt Instrument [Line Items]
Interest expense, net				88
One-time "make whole" payment				$ 78
Senior notes, 4.00%, due October 2021 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate					4%
Revolver [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 800		$ 800
Debt covenant leverage ratio	4		4
Fixed charge coverage ratio	1.25		1.25
Option to increase the maximum capacity of revolving credit facility	$ 200		$ 200
Maximum borrowing capacity	$ 1,000		$ 1,000
Revolver [Member] | Lower limit of agencies providing investment grade rating [Member] | Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	1		1
Number of consecutive fiscal quarters meeting leverage ratio threshold | numberOfPeriods	2		2
Debt covenant leverage ratio	2.5		2.5
Revolver [Member] | Maximum leverage ratio for unlimited dividends and share repurchases [Member]
Debt Instrument [Line Items]
Debt covenant leverage ratio	3		3
Revolver [Member] | Upper limit of Leverage Ratio
Debt Instrument [Line Items]
Debt covenant leverage ratio	3.5		3.5

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt) (Details) - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Fair Value Measurements, Long-term Debt [Line Items]
Carrying value of long-term debt	$ 2,855	$ 2,853	$ 2,851
Level 2 [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair value of long-term debt	$ 2,224	$ 2,758	$ 2,992

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) $ in Millions	9 Months Ended
	Oct. 30, 2021 USD ($)
Fair Value Disclosures [Abstract]
Asset impairment charges	$ 0

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		$ 12	$ 18	$ 50	$ 64
Income tax benefit		(3)	(5)	(12)	(17)
Total stock-based compensation expense, net of income tax benefit		9	13	38	47
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		10	12	32	41
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		1	5	12	19
Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	[1]	$ 1	$ 1	$ 6	$ 4
[1]Other stock-based compensation expense includes PSUs, nonemployee director stock awards and ESPP awards.

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary Of Grants) (Details) - $ / shares shares in Millions	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	2.9	1.7
Weighted-average grant-date fair value per unit (in dollars per share)	$ 22	$ 32
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	1.1	1.2
Weighted-average grant-date fair value per stock option (in dollars per share)	$ 10	$ 13
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	0.5	0
Weighted-average grant-date fair value per unit (in dollars per share)	$ 23	$ 0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Share-Based Payment Arrangement [Abstract]
Issuance of common stock under stock compensation plans (in shares)	0.7	0.4	2.6	1.6

Shareholders' Equity (Summary O

Shareholders' Equity (Summary Of Share Repurchase Program Activity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Stockholders' Equity Note [Abstract]
Shares of common stock repurchased	0.8	0	2.3	0
Average price paid per share	$ 22.52	$ 0	$ 22.95	$ 0
Aggregate amount of common stock repurchased	$ 18	$ 0	$ 53	$ 0

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Dec. 02, 2022 $ / shares	Oct. 29, 2022 USD ($) $ / shares shares
Shareholders' Equity [Line Items]
Dividend record date		Sep. 30, 2022
Number of rights declared for each outstanding share of common stock		1
Number of shares each right holders is entitled to purchase per right | shares		1
Exercise price per right | $ / shares		$ 94
Ownership percentage required that triggers exercisability for right holders		10%
Multiple of exercise price of right, value of common stock received		2
Redemption price per right | $ / shares		$ 0.001
Rights Plan expiration date		Sep. 19, 2023
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Quarterly dividend declared and paid in subsequent quarter | $ / shares	$ 0.19
Dividend payable date	Dec. 14, 2022
Dividend record date	Nov. 29, 2022
2022 Program [Member]
Shareholders' Equity [Line Items]
Share repurchase authorization | $		$ 500
Remaining share repurchase capacity | $		447
2018 Program [Member]
Shareholders' Equity [Line Items]
Remaining share repurchase capacity | $		$ 707

Earnings Per Share (Computation

Earnings Per Share (Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Earnings Per Share [Abstract]
Net (loss) earnings	$ (20)	$ 64	$ 126	$ (22)
Basic weighted average shares outstanding (in shares)	159.5	159.2	160.1	158.9
Dilutive effect of common stock equivalents (in shares)	0	3.3	2.2	0
Diluted weighted average shares outstanding (in shares)	159.5	162.5	162.3	158.9
Basic EPS (in dollars per share)	$ (0.13)	$ 0.40	$ 0.79	$ (0.14)
Diluted EPS (in dollars per share)	$ (0.13)	$ 0.39	$ 0.77	$ (0.14)
Anti-dilutive common stock equivalents (in shares)	10.1	7.5	9.2	11.6

Segment Reporting (Information

Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ 3	$ 127	$ 278	$ 193
Interest expense, net	(32)	(36)	(101)	(213)
(Loss) earnings before income taxes	(29)	91	177	(20)
Retail Segment [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	119	197	471	335
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ (116)	$ (70)	$ (193)	$ (142)