Nordstrom (JWN) 10-Q 1 Sep 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 29, 2023	Aug. 25, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2023
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
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		161,678,415
Entity Central Index Key	0000072333
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-03
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, without par value
Trading Symbol	JWN
Security Exchange Name	NYSE
Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock purchase rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Statement [Abstract]
Net sales	$ 3,662	$ 3,991	$ 6,726	$ 7,458
Credit card revenues, net	110	104	227	207
Total revenues	3,772	4,095	6,953	7,665
Cost of sales and related buying and occupancy costs	(2,380)	(2,586)	(4,407)	(4,917)
Selling, general and administrative expenses	(1,200)	(1,307)	(2,304)	(2,473)
Canada wind-down costs	0	0	(309)	0
Earnings (loss) before interest and income taxes	192	202	(67)	275
Interest expense, net	(26)	(34)	(54)	(69)
Earnings (loss) before income taxes	166	168	(121)	206
Income tax (expense) benefit	(29)	(42)	54	(60)
Net earnings (loss)	$ 137	$ 126	$ (67)	$ 146
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.85	$ 0.78	$ (0.42)	$ 0.91
Diluted (in dollars per share)	$ 0.84	$ 0.77	$ (0.42)	$ 0.90
Weighted-average shares outstanding:
Basic (in shares)	161.7	160.6	161.3	160.3
Diluted (in shares)	163.2	162.9	161.3	162.9

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings (loss)	$ 137	$ 126	$ (67)	$ 146
Foreign currency translation adjustment	0	0	(4)	(1)
Post retirement plan adjustments, net of tax	0	0	0	1
Comprehensive net earnings (loss)	$ 137	$ 126	$ (71)	$ 146

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Assets
Cash and cash equivalents	$ 885	$ 687	$ 494
Accounts receivable, net	246	265	300
Merchandise inventories	1,979	1,941	2,399
Prepaid expenses and other current assets	400	316	408
Total current assets	3,510	3,209	3,601
Land, property and equipment (net of accumulated depreciation of $8,254, $8,289 and $7,943)	3,181	3,351	3,443
Operating lease right-of-use assets	1,381	1,470	1,466
Goodwill	249	249	249
Other assets	480	466	403
Total assets	8,801	8,745	9,162
Liabilities and Shareholders’ Equity
Accounts payable	1,434	1,238	1,747
Accrued salaries, wages and related benefits	375	291	302
Current portion of operating lease liabilities	224	258	253
Other current liabilities	1,264	1,203	1,254
Current portion of long-term debt	249	0	0
Total current liabilities	3,546	2,990	3,556
Long-term debt, net	2,609	2,856	2,853
Noncurrent operating lease liabilities	1,392	1,526	1,526
Other liabilities	580	634	564
Commitments and contingencies (Note 2)
Shareholders’ equity:
Common stock, no par value: 1,000 shares authorized; 161.7, 160.1 and 159.8 shares issued and outstanding	3,388	3,353	3,314
Accumulated deficit	(2,717)	(2,588)	(2,601)
Accumulated other comprehensive gain (loss)	3	(26)	(50)
Total shareholders’ equity	674	739	663
Total liabilities and shareholders’ equity	$ 8,801	$ 8,745	$ 9,162

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Assets
Accumulated depreciation	$ 8,254	$ 8,289	$ 7,943
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	161.7	160.1	159.8
Common stock, shares outstanding	161.7	160.1	159.8

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. 29, 2022			$ 3,283	$ (2,652)	$ (50)
Common stock
Issuance of common stock under stock compensation plans			9
Stock-based compensation			22
Accumulated deficit
Net earnings (loss)	$ 146			146
Dividends				(60)
Repurchase of common stock	(35)			(35)
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings					0
Other comprehensive loss					0
Total shareholders’ equity at Jul. 30, 2022	$ 663		3,314	(2,601)	(50)
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.38
Total shareholders' equity at Apr. 30, 2022			3,301	(2,662)	(50)
Common stock
Issuance of common stock under stock compensation plans			1
Stock-based compensation			12
Accumulated deficit
Net earnings (loss)	$ 126			126
Dividends				(30)
Repurchase of common stock				(35)
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings					0
Other comprehensive loss					0
Total shareholders’ equity at Jul. 30, 2022	$ 663		3,314	(2,601)	(50)
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.19
Total shareholders' equity at Jan. 28, 2023	$ 739		3,353	(2,588)	(26)
Common stock
Issuance of common stock under stock compensation plans			13
Stock-based compensation			22
Accumulated deficit
Net earnings (loss)	(67)			(67)
Dividends				(61)
Repurchase of common stock	(1)			(1)
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings	(33)	[1]			33
Other comprehensive loss					(4)
Total shareholders’ equity at Jul. 29, 2023	$ 674		3,388	(2,717)	3
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.38
Total shareholders' equity at Apr. 29, 2023			3,372	(2,824)	3
Common stock
Issuance of common stock under stock compensation plans			2
Stock-based compensation			14
Accumulated deficit
Net earnings (loss)	$ 137			137
Dividends				(30)
Repurchase of common stock				0
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings					0
Other comprehensive loss					0
Total shareholders’ equity at Jul. 29, 2023	$ 674		$ 3,388	$ (2,717)	$ 3
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.19
[1]Non-cash amounts are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows.

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Operating Activities
Net (loss) earnings	$ (67)	$ 146
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization expenses	285	301
Canada wind-down costs	220	0
Right-of-use asset amortization	86	93
Deferred income taxes, net	(17)	(31)
Stock-based compensation expense	28	39
Other, net	(47)	(41)
Change in operating assets and liabilities:
Merchandise inventories	(78)	(38)
Other current and noncurrent assets	(81)	(116)
Accounts payable	99	133
Accrued salaries, wages and related benefits	89	(82)
Lease liabilities	(134)	(133)
Other current and noncurrent liabilities	82	102
Net cash provided by operating activities	465	373
Investing Activities
Capital expenditures	(225)	(215)
Decrease in cash and cash equivalents resulting from Canada deconsolidation	(33)	0
Proceeds from the sale of assets and other, net	29	82
Net cash used in investing activities	(229)	(133)
Financing Activities
Change in cash book overdrafts	18	36
Cash dividends paid	(61)	(60)
Payments for repurchase of common stock	(1)	(35)
Proceeds from issuances under stock compensation plans	13	9
Other, net	(7)	(18)
Net cash used in financing activities	(38)	(68)
Net increase in cash and cash equivalents	198	172
Cash and cash equivalents at beginning of period	687	322
Cash and cash equivalents at end of period	885	494
Supplemental Cash Flow Information
Income taxes paid, net of refunds received	12	91
Interest paid, net of capitalized interest	$ 68	$ 69

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 29, 2023
Basis of Presentation [Abstract]
Basis Of Presentation	NOTE 1: BASIS OF PRESENTATION 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 2022 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 July 29, 2023 and July 30, 2022 are unaudited. The Condensed Consolidated Balance Sheet as of January 28, 2023 has been derived from the audited Consolidated Financial Statements included in our 2022 Annual Report . The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2022 Annual Report . Principles of Consolidation The Condensed Consolidated Financial Statements include the balances of Nordstrom, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. On March 2, 2023, Nordstrom Canada commenced a wind-down of its business operations (see Note 2: Canada Wind-down) and as of this date, Nordstrom Canada was deconsolidated from Nordstrom, Inc.’s financial statements. Nordstrom Canada results prior to March 2, 2023 are included in the Company’s Condensed Consolidated Financial Statements. Fiscal Year We operate on a 52/53-week fiscal year ending on the Saturday closest to January 31st. References to 2023 relate to the 53-week fiscal year ending February 3, 2024. References to any other years included within this document are based on a 52-week fiscal year. 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. One week of our Anniversary Sale shifted from the second quarter in 2022 to the third quarter in 2023. 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 (typically from 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, income taxes and contingent liabilities, including assumptions related to our Canada wind-down, all of which involve assumptions about future events. Leases We incurred operating lease liabilities arising from lease agreements of $121 for the six months ended July 29, 2023 and $113 for the six months ended July 30, 2022. 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 value to the estimated fair value. These charges are included in our Retail segment SG&A expense on the Condensed Consolidated Statement of Earnings. During the second quarter of 2022, we also 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. All charges are classified as operating on the Condensed Consolidated Statement of Cash Flows. Investments From time to time, we invest in financial interests of private companies and venture capital funds 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 within investing activities 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 within investing activities on the Condensed Consolidated Statement of Cash Flows. Reclassification We reclassified amounts in our fiscal 2022 Condensed Consolidated Statement of Cash Flows to conform with current period presentation. As a result, we aggregated: • Accounts receivable, net with prepaid expenses and other assets into other current and noncurrent assets • Other current liabilities with other liabilities into other current and noncurrent liabilities • Tax withholding on share-based awards with other financing, net These reclassifications had no impact on cash flows from operations, cash flows from investing or cash flows from financing.

Canada Wind-Down

Canada Wind-Down	6 Months Ended
	Jul. 29, 2023
Restructuring and Related Activities [Abstract]
Canada Wind-Down	NOTE 2: CANADA WIND-DOWN Background On March 2, 2023, as part of our initiatives to drive long-term profitable growth and enhance shareholder value, and after careful consideration of all reasonably available options, we announced the decision to discontinue support for Nordstrom Canada’s operations. Accordingly, Nordstrom Canada commenced a wind-down of its business operations, obtaining an Initial Order from the Ontario Superior Court of Justice under the CCAA on March 2, 2023 to facilitate the wind-down in an orderly fashion. Nordstrom Canada’s ecommerce platform ceased operations on March 2, 2023 and the closure of our six Nordstrom and seven Nordstrom Rack stores was completed in June 2023. The Ontario Superior Court of Justice has appointed a monitor to oversee the wind-down process. Subsequent to the CCAA filing, Nordstrom has been providing limited support to Nordstrom Canada for the purpose of supporting an orderly wind-down, including providing shared services and temporary use of intellectual property. Wind-down Costs and Deconsolidation of Nordstrom Canada The following table provides detail of pre-tax charges, recorded in the first quarter of 2023, associated with the wind-down of operations in Canada: Six Months Ended July 29, 2023 Loss on Canada write-off 1 $187 Accumulated translation loss reclassified to earnings 1 33 Contingent liabilities 2 77 Other exit costs 3 12 Total pre-tax costs $309 1 Non-cash amounts are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows. 2 Amounts are included in other current liabilities on the Condensed Consolidated Balance Sheets. 3 Other exit costs include funding an employee trust and professional fees. These charges are primarily included in Corporate/Other in Note 9: Segment Reporting. The decrease in cash due to the deconsolidation of Nordstrom Canada is included in investing activities on the Condensed Consolidated Statement of Cash Flows and all other impacts are included in operating cash flows. Loss on Canada Write-off and Accumulated Translation Loss While Nordstrom continues to own 100% of the shares of Nordstrom Canada, as of March 2, 2023, the date of the CCAA filing, we no longer have a controlling interest under GAAP and have deconsolidated Nordstrom Canada. We hold a variable interest in the Nordstrom Canada entities, which are considered variable interest entities, but are not consolidated, as we are no longer the primary beneficiary. In the first quarter of 2023, we recorded a pre-tax loss on Canada write-off of $187 that included the derecognition of Nordstrom Canada’s assets and liabilities and the write-down of both our Nordstrom Canada investment and related-party receivables to estimated fair value. In addition, in the first quarter of 2023, we recognized a charge of $33 related to the derecognition of the accumulated comprehensive loss on foreign currency translation. To assess the estimated fair value of our Nordstrom Canada investment and our related-party receivables, we estimated the assets available for distribution in relation to expected claims. At the time of filing, the estimated amount of Nordstrom Canada’s liabilities exceeded the estimated fair value of assets available for distribution to creditors, and in relation to the receivables, we may not recover any proceeds. As a result, our fair value was recorded as zero in our Condensed Consolidated Balance Sheets as of April 29, 2023. As of July 29, 2023, based on currently available information, there have been no significant changes in our estimates. Prior to deconsolidation, Nordstrom made loans to and incurred receivables from the Canadian subsidiaries. These loans were considered intercompany transactions and were eliminated in consolidation of Nordstrom. Subsequent to deconsolidation, these receivables were no longer eliminated through consolidation, are considered related-party transactions and are recorded in our Condensed Consolidated Balance Sheets at estimated fair value. As of July 29, 2023, Nordstrom had an outstanding liability to Nordstrom Canada of $62 related to certain intercompany charges incurred prior to deconsolidation, which is expected to be addressed as part of the wind-down process. Contingent Liabilities and Guarantees As of July 29, 2023, we recorded a contingent liability of $77 as our current best estimate of expected payments for claims that may be asserted against us, primarily consisting of lease guarantees. Nordstrom has guaranteed certain lease obligations of Nordstrom Canada, with payment required by Nordstrom, Inc. upon failure of Nordstrom Canada to fulfill its obligations under the leases. Our estimate is based on expectations that claims will be asserted against us and negotiated settlements will be reached, and not on any determination that it is probable that we would be found liable were these claims to be litigated and for how much. The maximum potential undiscounted future minimum lease and real estate tax payments under these guarantees were approximately $200 as of July 29, 2023. Employee Trust In connection with the filing, Nordstrom established an employee trust to fund termination and severance payments to employees of Nordstrom Canada. For the six months ended July 29, 2023, we contributed $10 based on our best estimate to fully fund the employee trust, and we committed to provide up to an additional $8 depending on eligible employee claims. The cash balance of the employee trust is not recorded in Nordstrom, Inc.’s Condensed Consolidated Balance Sheets. Debtor-in-Possession Financing If needed, Nordstrom has agreed to provide Nordstrom Canada debtor-in-possession financing up to $11. However, we believe Nordstrom Canada has sufficient liquidity to sustain operations through the wind-down period. As of July 29, 2023, there were no outstanding borrowings. Estimates All our estimates are dependent on the outcome of the Nordstrom Canada wind-down process, including the amount of third-party and Nordstrom claims asserted and recognized in the claims process, the amount of assets available for distribution, the negotiation of a CCAA plan of arrangement approved by the creditors and the Ontario Superior Court of Justice and the outcome of negotiations regarding the leases. We continue to work through the wind-down process and our estimates of losses are based on currently available information and our assessment of the validity of certain expected claims. These estimates may change as new information becomes available and it is reasonably possible that they may materially change from the estimated amounts. Increases in estimated costs to settle claims and decreases in estimated assets available for distribution may result in additional material charges. At the same time, any future decreases in estimated costs to settle claims or increases in estimated assets available for distribution may result in a gain, which would reduce our estimated charges. Amendment of Revolver Agreement On March 1, 2023, we amended our Revolver originally dated May 6, 2022. Prior to this amendment, Nordstrom Canada Retail, Inc. was a loan party under the Revolver and the obligations under the Revolver were secured, in part, by the assets of this subsidiary. As a result of this amendment, Nordstrom Canada Retail, Inc. was removed as a loan party and obligations under the Revolver are no longer secured by these assets. In addition, this amendment excludes as subsidiaries or affiliates all Nordstrom Canada entities and carves out certain CCAA-related expenses and obligations from financial covenants under the Revolver. Income Taxes In the first quarter of 2023, we recognized net tax benefits of $93 primarily related to the write-off of excess tax basis in our investment in Canada, net of tax expense related to an increase in valuation allowance for Canada deferred tax assets.

Revenue

Revenue	6 Months Ended
	Jul. 29, 2023
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 3: 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), gift cards and our amended 2022 TD program agreement. Our contract liabilities are classified on the Condensed Consolidated Balance Sheets as follows: Other current liabilities Other liabilities Balance as of January 29, 2022 $478 $— Balance as of April 30, 2022 442 — Balance as of July 30, 2022 438 — Balance as of January 28, 2023 536 136 Balance as of April 29, 2023 489 123 Balance as of July 29, 2023 464 111 Revenues recognized from our beginning contract liability balance were $131 and $218 for the quarter and six months ended July 29, 2023 and $119 and $197 for the quarter and six months ended July 30, 2022. Disaggregation of Revenue The following table summarizes our disaggregated net sales: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Nordstrom $2,491 $2,771 $4,518 $5,060 Nordstrom Rack 1,171 1,220 2,208 2,398 Total net sales $3,662 $3,991 $6,726 $7,458 Digital sales as a % of total net sales 36 % 38 % 36 % 38 % The following table summarizes the percent of net sales by merchandise category: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Women’s Apparel 28 % 29 % 28 % 29 % Shoes 26 % 25 % 26 % 25 % Men’s Apparel 15 % 15 % 15 % 15 % Accessories 12 % 13 % 12 % 13 % Beauty 12 % 11 % 12 % 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	6 Months Ended
	Jul. 29, 2023
Debt Disclosure [Abstract]
Debt And Credit Facilities	NOTE 4: DEBT AND CREDIT FACILITIES Credit Facilities As of July 29, 2023, we had total short-term borrowing capacity of $800 and no outstanding borrowings under the Revolver that expires in May 2027. 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. 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. On March 1, 2023, we amended our Revolver agreement (see Note 2: Canada Wind-down). 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 July 29, 2023, we were in compliance with all covenants. 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. The Revolver allows us to issue dividends and repurchase shares 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. Our $800 commercial paper program allows us to use the proceeds to fund operating cash requirements. Under the terms of the commercial paper agreement, we pay a rate of interest based on, among other factors, the maturity of the issuance and market conditions. The issuance of commercial paper has the effect of reducing available liquidity under the Revolver by an amount equal to the principal amount of commercial paper outstanding. Conversely, borrowings under our Revolver have the effect of reducing the available capacity of our commercial paper program by an amount equal to the amount outstanding. As of July 29, 2023, we had no issuances outstanding under our commercial paper program.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 29, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5: 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: July 29, 2023 January 28, 2023 July 30, 2022 Carrying value of long-term debt $2,858 $2,856 $2,853 Fair value of long-term debt 2,324 2,278 2,433 Non-financial Assets Measured at Fair Value on a Nonrecurring Basis We 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 and liabilities using primarily unobservable inputs and, as such, these are considered Level 3 fair value measurements. In the first quarter of 2023, we measured our investment in Nordstrom Canada, our related-party receivables and related lease guarantees at fair value (see Note 2: Canada Wind-down for additional information). Investments Measured at NAV We have certain investments that are measured at fair value using the NAV per share, or its equivalent, as a practical expedient. This class of investments consists of partnership interests that mainly invest in venture capital strategies with a focus on privately held consumer and technology companies. The NAV is based on the fair value of the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. Our interest in these partnerships is generally not redeemable and is subject to significant restrictions regarding transfers. Distributions from each fund will be received as the underlying assets of the funds are liquidated. Liquidation is triggered by clauses within the partnership agreements or at the funds’ stated end date. The contractual terms of the partnership interests range from six ten

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 29, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 6: STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 RSUs $10 $11 $20 $23 Stock options 3 6 4 11 Other 1 2 3 4 5 Total stock-based compensation expense, before income tax benefit 15 20 28 39 Income tax benefit (4) (5) (7) (10) Total stock-based compensation expense, net of income tax benefit $11 $15 $21 $29 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards. The following table summarizes our grant allocations: Six Months Ended July 29, 2023 July 30, 2022 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 2.8 $17 2.3 $23 Stock options 1.2 $8 1.1 $10 PSUs 0.4 $16 0.5 $23 Under our deferred and stock-based compensation plan arrangements, we issued 0.3 and 1.7 shares of common stock during the quarter and six months ended July 29, 2023 and 0.8 and 1.9 shares during the quarter and six months ended July 30, 2022.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jul. 29, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 7: 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. We repurchased 0.03 shares of common stock for $1 at an average purchase price per share of $19.41 during the six months ended July 29, 2023, compared with 1.5 shares for $35 at an average purchase price per share of $23.17 during the six months ended of July 30, 2022, and had $438 remaining in share repurchase capacity as of July 29, 2023. Dividends In August 2023, subsequent to quarter end, we declared a quarterly dividend of $0.19 per share, which will be paid on September 13, 2023 to shareholders of record at the close of business on August 29, 2023. We have certain limitations with respect to the payment of dividends and share repurchases under our Revolver agreement (see Note 4: 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. In June 2023, shareholders approved an advisory vote on the extension of our Rights Plan at our 2023 Annual Meeting, and in August 2023, the Board of Directors extended the expiration date to September 19, 2025, unless redeemed, exchanged or terminated earlier by our Board. 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 are not exercisable and 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. There is currently no impact to our Condensed Consolidated Financial Statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 8: EARNINGS PER SHARE The computation of EPS is as follows: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Net earnings (loss) $137 $126 ($67) $146 Basic weighted-average shares outstanding 161.7 160.6 161.3 160.3 Dilutive effect of common stock equivalents 1.5 2.3 — 2.6 Diluted weighted-average shares outstanding 163.2 162.9 161.3 162.9 Basic EPS $0.85 $0.78 ($0.42) $0.91 Diluted EPS $0.84 $0.77 ($0.42) $0.90 Anti-dilutive common stock equivalents 8.1 8.9 10.5 9.5

Segment Reporting

Segment Reporting	6 Months Ended
	Jul. 29, 2023
Segment Reporting [Abstract]
Segment Reporting	NOTE 9: SEGMENT REPORTING The following table sets forth information for our reportable segment: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Retail segment EBIT $246 $265 $386 $352 Corporate/Other EBIT (54) (63) (453) (77) Interest expense, net (26) (34) (54) (69) Earnings (loss) before income taxes $166 $168 ($121) $206 For information about disaggregated revenues, see Note 3: Revenue.

Canada Wind-Down (Tables)

Canada Wind-Down (Tables)	6 Months Ended
	Jul. 29, 2023
Restructuring and Related Activities [Abstract]
Detail Of Pre-Tax Charges Associated With Canada Wind-down	The following table provides detail of pre-tax charges, recorded in the first quarter of 2023, associated with the wind-down of operations in Canada: Six Months Ended July 29, 2023 Loss on Canada write-off 1 $187 Accumulated translation loss reclassified to earnings 1 33 Contingent liabilities 2 77 Other exit costs 3 12 Total pre-tax costs $309 1 Non-cash amounts are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows. 2 Amounts are included in other current liabilities on the Condensed Consolidated Balance Sheets. 3 Other exit costs include funding an employee trust and professional fees.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 29, 2023
Revenue from Contract with Customer [Abstract]
Summary Of Contract Liabilities	Our contract liabilities are classified on the Condensed Consolidated Balance Sheets as follows: Other current liabilities Other liabilities Balance as of January 29, 2022 $478 $— Balance as of April 30, 2022 442 — Balance as of July 30, 2022 438 — Balance as of January 28, 2023 536 136 Balance as of April 29, 2023 489 123 Balance as of July 29, 2023 464 111
Disaggregated Net Sales	The following table summarizes our disaggregated net sales: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Nordstrom $2,491 $2,771 $4,518 $5,060 Nordstrom Rack 1,171 1,220 2,208 2,398 Total net sales $3,662 $3,991 $6,726 $7,458 Digital sales as a % of total net sales 36 % 38 % 36 % 38 %
Percent Of Net Sales By Merchandise Category Summary	The following table summarizes the percent of net sales by merchandise category: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Women’s Apparel 28 % 29 % 28 % 29 % Shoes 26 % 25 % 26 % 25 % Men’s Apparel 15 % 15 % 15 % 15 % Accessories 12 % 13 % 12 % 13 % Beauty 12 % 11 % 12 % 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)	6 Months Ended
	Jul. 29, 2023
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: July 29, 2023 January 28, 2023 July 30, 2022 Carrying value of long-term debt $2,858 $2,856 $2,853 Fair value of long-term debt 2,324 2,278 2,433

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 29, 2023
Share-Based Payment Arrangement [Abstract]
Summary Of Stock-Based Compensation Expense	The following table summarizes our stock-based compensation expense: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 RSUs $10 $11 $20 $23 Stock options 3 6 4 11 Other 1 2 3 4 5 Total stock-based compensation expense, before income tax benefit 15 20 28 39 Income tax benefit (4) (5) (7) (10) Total stock-based compensation expense, net of income tax benefit $11 $15 $21 $29 1 Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.
Summary Of Grants	The following table summarizes our grant allocations: Six Months Ended July 29, 2023 July 30, 2022 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 2.8 $17 2.3 $23 Stock options 1.2 $8 1.1 $10 PSUs 0.4 $16 0.5 $23

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 29, 2023
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of EPS is as follows: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Net earnings (loss) $137 $126 ($67) $146 Basic weighted-average shares outstanding 161.7 160.6 161.3 160.3 Dilutive effect of common stock equivalents 1.5 2.3 — 2.6 Diluted weighted-average shares outstanding 163.2 162.9 161.3 162.9 Basic EPS $0.85 $0.78 ($0.42) $0.91 Diluted EPS $0.84 $0.77 ($0.42) $0.90 Anti-dilutive common stock equivalents 8.1 8.9 10.5 9.5

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jul. 29, 2023
Segment Reporting [Abstract]
Information By Reportable Segment	The following table sets forth information for our reportable segment: Quarter Ended Six Months Ended July 29, 2023 July 30, 2022 July 29, 2023 July 30, 2022 Retail segment EBIT $246 $265 $386 $352 Corporate/Other EBIT (54) (63) (453) (77) Interest expense, net (26) (34) (54) (69) Earnings (loss) before income taxes $166 $168 ($121) $206

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Basis of Presentation [Line Items]
Operating lease liabilities arising from lease agreements	$ 121	$ 113
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
Trunk Club property [Member]
Basis of Presentation [Line Items]
Asset impairment		$ 10

Canada Wind-Down (Detail Of Pre

Canada Wind-Down (Detail Of Pre-Tax Charges Associated With Canada Wind-down) (Details) $ in Millions	6 Months Ended
	Jul. 29, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Loss on Canada write-off	$ 187	[1]
Accumulated translation loss reclassified to earnings	33	[1]
Contingent liabilities	77	[2]
Other exit costs	12	[3]
Total pre-tax costs	$ 309
[1]Non-cash amounts are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows.[2]Amounts are included in other current liabilities on the Condensed Consolidated Balance Sheets.[3]Other exit costs include funding an employee trust and professional fees.

Canada Wind-Down (Narrative) (D

Canada Wind-Down (Narrative) (Details) $ in Millions		6 Months Ended
		Jul. 29, 2023 USD ($)	Mar. 02, 2023 store
Restructuring Cost and Reserve [Line Items]
Pre-tax loss on Canada write-off	[1]	$ 187
Derecognition of the accumulated comprehensive loss on foreign currency translation	[1]	33
Nordstrom Canada investment		0
Outstanding intercompany liability to Nordstrom Canada		62
Contingent liabilities	[2]	77
Maximum potential undiscounted future minimum lease and real estate tax payments under guarantees		200
Other exit costs	[3]	12
Debtor-in-possession financing		11
Debtor-in-possession financing, borrowings outstanding		0
Net tax benefit		93
Termination and severance payments
Restructuring Cost and Reserve [Line Items]
Other exit costs		10
Incremental employee trust commitment based on eligible employee claims		$ 8
Nordstrom, Inc
Restructuring Cost and Reserve [Line Items]
Nordstrom, Inc. ownership of Nordstrom Canada		100%
Nordstrom Canada
Restructuring Cost and Reserve [Line Items]
Number of stores | store			6
Canada Nordstrom Rack
Restructuring Cost and Reserve [Line Items]
Number of stores | store			7
[1]Non-cash amounts are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows.[2]Amounts are included in other current liabilities on the Condensed Consolidated Balance Sheets.[3]Other exit costs include funding an employee trust and professional fees.

Revenue (Summary Of Contract Li

Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities in other current liabilities	$ 489	$ 464	$ 536	$ 442	$ 438	$ 478
Contract liabilities in other liabilities	$ 111	$ 123	$ 136	$ 0	$ 0	$ 0

Revenue (Disaggregated Net Sale

Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,662	$ 3,991	$ 6,726	$ 7,458
Disaggregated sales by category	100%	100%	100%	100%
Digital Sales [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	36%	38%	36%	38%
Nordstrom [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,491	$ 2,771	$ 4,518	$ 5,060
Nordstrom Rack [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,171	$ 1,220	$ 2,208	$ 2,398

Revenue (Percent Of Net Sales B

Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details)	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
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	28%	29%	28%	29%
Shoes [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	26%	25%	26%	25%
Men's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	15%	15%	15%	15%
Accessories [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	12%	13%	12%	13%
Beauty [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	12%	11%	12%	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		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from beginning contract liability balance	$ 131	$ 119	$ 218	$ 197

Debt And Credit Facilities (Nar

Debt And Credit Facilities (Narrative) (Details) $ in Millions	3 Months Ended
	Jul. 29, 2023 USD ($) numberOfRatingsAgencies numberOfPeriods covenant
Debt Instrument [Line Items]
Number of options to extend revolver	2
Number of specified ratings agencies | numberOfRatingsAgencies	3
Number of financial covenant tests | covenant	2
Commercial paper [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 0
Maximum borrowing capacity	800
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
Minimum [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	2
Revolver [Member]
Debt Instrument [Line Items]
Current borrowing capacity	$ 800
Outstanding borrowings	0
Option to increase the maximum capacity of revolving credit facility	200
Maximum borrowing capacity	$ 1,000
Debt covenant leverage ratio	4
Fixed charge coverage ratio	1.25
Revolver [Member] | Maximum leverage ratio for unlimited dividends and share repurchases [Member]
Debt Instrument [Line Items]
Debt covenant leverage ratio	3
Revolver [Member] | Upper limit of Leverage Ratio
Debt Instrument [Line Items]
Debt covenant leverage ratio	3.5
Revolver [Member] | Minimum [Member] | Lower limit of agencies providing investment grade rating [Member]
Debt Instrument [Line Items]
Number of specified ratings agencies | numberOfRatingsAgencies	1
Number of consecutive fiscal quarters meeting leverage ratio threshold | numberOfPeriods	2
Debt covenant leverage ratio	2.5

Fair Value Measurements (Summar

Fair Value Measurements (Summary Of Carrying Value And Fair Value Estimate Of Long-Term Debt) (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Fair Value Measurements, Long-term Debt [Line Items]
Carrying value of long-term debt	$ 2,858	$ 2,856	$ 2,853
Level 2 [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair value of long-term debt	$ 2,324	$ 2,278	$ 2,433

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	6 Months Ended
	Jul. 29, 2023
Minimum [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Contractual terms of partnership interest range	6 years
Maximum [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Contractual terms of partnership interest range	10 years

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		$ 15	$ 20	$ 28	$ 39
Income tax benefit		(4)	(5)	(7)	(10)
Total stock-based compensation expense, net of income tax benefit		11	15	21	29
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		10	11	20	23
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		3	6	4	11
Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	[1]	$ 2	$ 3	$ 4	$ 5
[1]Other stock-based compensation expense includes PSUs, ESPP and nonemployee director stock awards.

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary Of Grants) (Details) - $ / shares shares in Millions	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	2.8	2.3
Weighted-average grant-date fair value per unit (in dollars per share)	$ 17	$ 23
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	1.2	1.1
Weighted-average grant-date fair value per stock option (in dollars per share)	$ 8	$ 10
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	0.4	0.5
Weighted-average grant-date fair value per unit (in dollars per share)	$ 16	$ 23

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Share-Based Payment Arrangement [Abstract]
Issuance of common stock under stock compensation plans (in shares)	0.3	0.8	1.7	1.9

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 01, 2023 $ / shares	Jul. 29, 2023 USD ($) $ / shares shares	Jul. 30, 2022 USD ($)	Jul. 29, 2023 USD ($) $ / shares shares	Jul. 30, 2022 USD ($) $ / shares shares
Shareholders' Equity [Line Items]
Shares of common stock repurchased | shares				30,000	1,500,000
Aggregate amount of common stock repurchased | $				$ 1	$ 35
Average price paid per share | $ / shares				$ 19.41	$ 23.17
Number of rights declared for each outstanding share of common stock		1		1
Number of shares each right holders is entitled to purchase per right | shares		1		1
Exercise price per right | $ / shares		$ 94		$ 94
Ownership percentage required that triggers exercisability for right holders		10%		10%
Multiple of exercise price of right, value of common stock received		2		2
Redemption price per right | $ / shares		$ 0.001		$ 0.001
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Quarterly dividend declared and paid in subsequent quarter | $ / shares	$ 0.19
Accumulated Deficit [Member]
Shareholders' Equity [Line Items]
Aggregate amount of common stock repurchased | $		$ 0	$ 35	$ 1	$ 35
2022 Program [Member]
Shareholders' Equity [Line Items]
Share repurchase authorization | $		500		500
Remaining share repurchase capacity | $		$ 438		$ 438

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		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Earnings Per Share [Abstract]
Net earnings (loss)	$ 137	$ 126	$ (67)	$ 146
Basic weighted average shares outstanding (in shares)	161.7	160.6	161.3	160.3
Dilutive effect of common stock equivalents (in shares)	1.5	2.3	0	2.6
Diluted weighted average shares outstanding (in shares)	163.2	162.9	161.3	162.9
Basic EPS (in dollars per share)	$ 0.85	$ 0.78	$ (0.42)	$ 0.91
Diluted EPS (in dollars per share)	$ 0.84	$ 0.77	$ (0.42)	$ 0.90
Anti-dilutive common stock equivalents (in shares)	8.1	8.9	10.5	9.5

Segment Reporting (Information

Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ 192	$ 202	$ (67)	$ 275
Interest expense, net	(26)	(34)	(54)	(69)
Earnings (loss) before income taxes	166	168	(121)	206
Retail Segment [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	246	265	386	352
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ (54)	$ (63)	$ (453)	$ (77)