Nordstrom (JWN) 10-Q 7 Jun 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	May 04, 2024	May 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
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		163,648,780
Entity Central Index Key	0000072333
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-01
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
	May 04, 2024	Apr. 29, 2023
Income Statement [Abstract]
Net sales	$ 3,221	$ 3,064
Credit card revenues, net	114	117
Total revenues	3,335	3,181
Cost of sales and related buying and occupancy costs	(2,203)	(2,028)
Selling, general and administrative expenses	(1,153)	(1,103)
Canada wind-down costs	0	(309)
Loss before interest and income taxes	(21)	(259)
Interest expense, net	(27)	(28)
Loss before income taxes	(48)	(287)
Income tax benefit	9	82
Net loss	$ (39)	$ (205)
Loss per share:
Basic (in dollars per share)	$ (0.24)	$ (1.27)
Diluted (in dollars per share)	$ (0.24)	$ (1.27)
Weighted-average shares outstanding:
Basic (in shares)	163.2	160.8
Diluted (in shares)	163.2	160.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net loss	$ (39)	$ (205)
Foreign currency translation adjustment	0	(4)
Comprehensive net loss	$ (39)	$ (209)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Cash and cash equivalents	$ 428	$ 628	$ 581
Accounts receivable, net	361	334	279
Merchandise inventories	2,095	1,888	2,237
Prepaid expenses and other current assets	334	286	414
Total current assets	3,218	3,136	3,511
Land, property and equipment (net of accumulated depreciation of $8,391, $8,251 and $8,133)	3,130	3,177	3,197
Operating lease right-of-use assets	1,373	1,359	1,393
Goodwill	249	249	249
Other assets	506	523	478
Total assets	8,476	8,444	8,828
Liabilities and Shareholders’ Equity
Accounts payable	1,471	1,236	1,674
Accrued salaries, wages and related benefits	302	244	246
Current portion of operating lease liabilities	245	240	249
Other current liabilities	1,117	1,102	1,236
Current portion of long-term debt	0	250	249
Total current liabilities	3,135	3,072	3,654
Long-term debt, net	2,614	2,612	2,608
Noncurrent operating lease liabilities	1,379	1,377	1,406
Other liabilities	512	535	609
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value: 1,000 shares authorized; 163.6, 162.4 and 161.4 shares issued and outstanding	3,437	3,418	3,372
Accumulated deficit	(2,609)	(2,578)	(2,824)
Accumulated other comprehensive gain	8	8	3
Total shareholders’ equity	836	848	551
Total liabilities and shareholders’ equity	$ 8,476	$ 8,444	$ 8,828

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Accumulated depreciation	$ 8,391	$ 8,251	$ 8,133
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	163.6	162.4	161.4
Common stock, shares outstanding	163.6	162.4	161.4

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss [Member]
Total shareholders' equity at Jan. 28, 2023			$ 3,353	$ (2,588)		$ (26)
Common stock
Issuance of common stock under stock compensation plans			11
Stock-based compensation			8
Accumulated deficit
Net loss	$ (205)			(205)
Dividends				(30)
Repurchase of common stock	(1)			(1)
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings						33
Other comprehensive loss						(4)
Total shareholders’ equity at Apr. 29, 2023	$ 551		3,372	(2,824)		3
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.19
Accumulated deficit	$ (2,824)				$ 0
Accumulated deficit	(2,578)
Total shareholders' equity at Feb. 03, 2024	848		3,418	(2,578)		8
Common stock
Issuance of common stock under stock compensation plans			7
Stock-based compensation			12
Accumulated deficit
Net loss	(39)			(39)
Dividends				(31)
Repurchase of common stock	0			0
Accumulated other comprehensive gain (loss)
Accumulated translation loss reclassified to earnings						0
Other comprehensive loss						0
Total shareholders’ equity at May. 04, 2024	$ 836		$ 3,437	$ (2,609)		$ 8
Accumulated other comprehensive gain (loss)
Dividends per share	$ 0.19
Accumulated deficit	$ (2,609)	$ 39			$ 39

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Operating Activities
Net loss	$ (39)	$ (205)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expenses	153	144
Canada wind-down costs	0	220
Right-of-use asset amortization	46	43
Deferred income taxes, net	(5)	(16)
Stock-based compensation expense	18	14
Other, net	(8)	(25)
Change in operating assets and liabilities:
Merchandise inventories	(147)	(296)
Other current and noncurrent assets	(55)	(112)
Accounts payable	165	301
Accrued salaries, wages and related benefits	57	(39)
Lease liabilities	(63)	(67)
Other current and noncurrent liabilities	17	54
Net cash provided by operating activities	139	16
Investing Activities
Capital expenditures	(91)	(106)
Decrease in cash and cash equivalents resulting from Canada deconsolidation	0	(33)
Proceeds from the sale of assets and other, net	9	16
Net cash used in investing activities	(82)	(123)
Financing Activities
Principal payments on long-term debt	(250)	0
Change in cash book overdrafts	23	29
Cash dividends paid	(31)	(30)
Proceeds from issuances under stock compensation plans	7	11
Other, net	(6)	(9)
Net cash (used in) provided by financing activities	(257)	1
Net decrease in cash and cash equivalents	(200)	(106)
Cash and cash equivalents at beginning of period	628	687
Cash and cash equivalents at end of period	428	581
Supplemental Cash Flow Information
Income taxes paid, net of refunds received	(3)	2
Interest paid, net of capitalized interest	$ 31	$ 40

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 04, 2024
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 2023 Annual Report , except as described below, 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 May 4, 2024 and April 29, 2023 are unaudited. The Condensed Consolidated Balance Sheet as of February 3, 2024 has been derived from the audited Consolidated Financial Statements included in our 2023 Annual Report. The interim Condensed Consolidated Financial Statements should be read together with the Consolidated Financial Statements and related footnote disclosures contained in our 2023 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 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 for the period ended April 29, 2023. Fiscal Year We operate on a 52/53-week fiscal year ending on the Saturday closest to January 31st. References to 2024 and any other year included within this document are based on a 52-week fiscal year, except for fiscal year 2023 which is a 53-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 will shift from the third quarter in 2023 to the second quarter in 2024. 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. 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. Change in Accounting Principle Effective February 4, 2024, we changed our method of accounting for merchandise inventories from the retail inventory method to the weighted average cost method. Under this new method, we value our inventory at the lower of cost or net realizable value using the weighted average cost. We record reserves for excess and obsolete inventory based on specific identification of units with a current retail value below cost, plus an estimate of future markdowns below cost, which considers the age of inventory and historical trends. We believe using the weighted average cost method is preferable to the retail inventory method and consistent with our overall strategy because it provides more precise data and enhances visibility into item-level profitability, which drives faster decisions and better outcomes. We determined that retrospective application for periods prior to fiscal year 2024 was impracticable due to lack of available information. We recorded the cumulative effect of this change in accounting principle as of February 4, 2024, resulting in a decrease to accumulated deficit of $39, net of tax of $14. Canada Wind-down 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. While Nordstrom continues to own 100% of the shares of Nordstrom Canada, as of March 2, 2023, 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 December 2023, Nordstrom Canada delivered a proposed plan of arrangement to its creditors, which was subsequently approved by creditors on March 1, 2024, sanctioned by the Ontario Superior Court of Justice on March 20, 2024 and implemented by Nordstrom Canada on April 25, 2024. For more information on the wind-down of our Canada operations, see our 2023 Annual Report. Non-cash charges associated with the wind-down of operations in Canada are included in Canada wind-down costs on the Condensed Consolidated Statement of Cash Flows. 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. Prior to deconsolidation, Nordstrom made loans to the Canadian subsidiaries and incurred liabilities related to certain intercompany charges. These were considered intercompany transactions and were eliminated in consolidation of Nordstrom. Subsequent to deconsolidation, these liabilities and 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. Nordstrom had no outstanding liability to Nordstrom Canada as of May 4, 2024. As of May 4, 2024, we recorded $74 within accounts receivable, net on the Condensed Consolidated Balance Sheet to reflect the amount we estimate we will receive as part of the plan of arrangement. This includes receipts related to the rights to the former landlords’ distributions, reimbursement of employee trust contributions and other receivables existing at the time of deconsolidation. Our expected distribution as part of the plan of arrangement is materially consistent with the recorded receivable. Subsequent to quarter end, we received a majority of this receivable from Nordstrom Canada. Leases We incurred operating lease liabilities arising from lease agreements of $72 for the quarters ended May 4, 2024 and April 29, 2023. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires additional quarterly and annual reportable segment disclosures, primarily around significant segment expenses. Annual disclosure requirements will be effective for us for the fourth quarter of 2024, and quarterly disclosure requirements will be effective for us in the first quarter of 2025, with early adoption permitted. We are currently evaluating the impact of this ASU on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires disclosure of additional income tax information, primarily related to the rate reconciliation and income taxes paid. Annual disclosure requirements will be effective for us for the fourth quarter of 2025, with early adoption permitted. We are currently evaluating the impact of this ASU on our disclosures.

Revenue

Revenue	3 Months Ended
	May 04, 2024
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 unused points and unredeemed Nordstrom Notes), gift cards and our 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 28, 2023 $536 $136 Balance as of April 29, 2023 489 123 Balance as of February 3, 2024 508 85 Balance as of May 4, 2024 479 72 Revenues recognized from our beginning contract liability balance were $144 for the quarter ended May 4, 2024 and $137 for the quarter ended April 29, 2023. Disaggregation of Revenue The following table summarizes our disaggregated net sales: Quarter Ended May 4, 2024 April 29, 2023 Nordstrom $2,040 $2,027 Nordstrom Rack 1,181 1,037 Total net sales $3,221 $3,064 Digital sales as a % of total net sales 34 % 36% The following table summarizes the percent of net sales by merchandise category: Quarter Ended May 4, 2024 April 29, 2023 Women’s Apparel 30 % 29 % Shoes 26 % 26 % Men’s Apparel 14 % 15 % Beauty 12 % 12 % Accessories 11 % 12 % Kids’ Apparel 4 % 3 % Other 3 % 3 % Total net sales 100 % 100 %

Debt And Credit Facilities

Debt And Credit Facilities	3 Months Ended
	May 04, 2024
Debt Disclosure [Abstract]
Debt And Credit Facilities	NOTE 3: DEBT AND CREDIT FACILITIES Debt During the first quarter of 2024, we retired our 2.30% senior notes due April 2024 using cash on hand. Credit Facilities As of May 4, 2024 and April 29, 2023 we had no outstanding borrowings under the Revolver that expires in May 2027. As of May 4, 2024, we have an outstanding standby letter of credit of $28 resulting in available short-term borrowing capacity of $772. This letter of credit is not reflected in our Condensed Consolidated Balance Sheets. 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. 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 May 4, 2024, 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 May 4, 2024 and April 29, 2023, we had no issuances outstanding under our commercial paper program.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 04, 2024
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 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: May 4, 2024 February 3, 2024 April 29, 2023 Carrying value of long-term debt $2,614 $2,862 $2,857 Fair value of long-term debt 2,281 2,441 2,224 We measure certain items at fair value on a nonrecurring basis, primarily goodwill and long-lived tangible and ROU assets, in connection with periodic evaluations for potential impairment. There were no material impairment charges for these assets for the quarter ended May 4, 2024. We estimate the fair value of these assets 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 our 2023 Annual Report for more detailed information on charges associated with the wind-down of our Canada operations. Investments Measured at NAV 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 classified 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. These investments 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	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 5: STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense: Quarter Ended May 4, 2024 April 29, 2023 RSUs $16 $10 Stock options 1 2 Other 1 1 2 Total stock-based compensation expense, before income tax benefit 18 14 Income tax benefit (5) (4) Total stock-based compensation expense, net of income tax benefit $13 $10 1 Other stock-based compensation expense includes PSUs and ESPP. The following table summarizes our grant allocations: Quarter Ended May 4, 2024 April 29, 2023 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 4.2 $15 2.1 $17 Stock options — — 1.2 $8 Under our deferred and stock-based compensation plan arrangements, we issued 1.3 shares of common stock during the first quarter of 2024 and 1.4 shares during the first quarter of 2023.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	May 04, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 6: SHAREHOLDERS’ EQUITY 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). 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 no shares of common stock in the quarter ended May 4, 2024, compared with 0.03 shares for $1 at an average purchase price per share of $19.41 during the quarter ended April 29, 2023, and had $438 remaining in share repurchase capacity as of May 4, 2024. Dividends In May 2024, subsequent to quarter end, we declared a quarterly dividend of $0.19 per share, which will be paid on June 19, 2024 to shareholders of record at the close of business on June 4, 2024.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 04, 2024
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 7: EARNINGS PER SHARE The computation of EPS is as follows: Quarter Ended May 4, 2024 April 29, 2023 Net loss ($39) ($205) Basic weighted-average shares outstanding 163.2 160.8 Dilutive shares — — Diluted weighted-average shares outstanding 163.2 160.8 Basic EPS ($0.24) ($1.27) Diluted EPS ($0.24) ($1.27) Anti-dilutive shares 12.8 11.4

Segment Reporting

Segment Reporting	3 Months Ended
	May 04, 2024
Segment Reporting [Abstract]
Segment Reporting	NOTE 8: SEGMENT REPORTING The following table sets forth information for our reportable segment: Quarter Ended May 4, 2024 April 29, 2023 Retail segment EBIT $48 $140 Corporate/Other EBIT (69) (399) Interest expense, net (27) (28) Loss before income taxes ($48) ($287) For information about disaggregated revenues, see Note 2: Revenue.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net loss	$ (39)	$ (205)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 04, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 04, 2024
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 28, 2023 $536 $136 Balance as of April 29, 2023 489 123 Balance as of February 3, 2024 508 85 Balance as of May 4, 2024 479 72
Disaggregated Net Sales	The following table summarizes our disaggregated net sales: Quarter Ended May 4, 2024 April 29, 2023 Nordstrom $2,040 $2,027 Nordstrom Rack 1,181 1,037 Total net sales $3,221 $3,064 Digital sales as a % of total net sales 34 % 36%
Percent Of Net Sales By Merchandise Category Summary	The following table summarizes the percent of net sales by merchandise category: Quarter Ended May 4, 2024 April 29, 2023 Women’s Apparel 30 % 29 % Shoes 26 % 26 % Men’s Apparel 14 % 15 % Beauty 12 % 12 % Accessories 11 % 12 % Kids’ Apparel 4 % 3 % Other 3 % 3 % Total net sales 100 % 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 04, 2024
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: May 4, 2024 February 3, 2024 April 29, 2023 Carrying value of long-term debt $2,614 $2,862 $2,857 Fair value of long-term debt 2,281 2,441 2,224

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 04, 2024
Share-Based Payment Arrangement [Abstract]
Summary Of Stock-Based Compensation Expense	The following table summarizes our stock-based compensation expense: Quarter Ended May 4, 2024 April 29, 2023 RSUs $16 $10 Stock options 1 2 Other 1 1 2 Total stock-based compensation expense, before income tax benefit 18 14 Income tax benefit (5) (4) Total stock-based compensation expense, net of income tax benefit $13 $10 1
Summary Of Grants	The following table summarizes our grant allocations: Quarter Ended May 4, 2024 April 29, 2023 Granted Weighted-average grant-date fair value per unit Granted Weighted-average grant-date fair value per unit RSUs 4.2 $15 2.1 $17 Stock options — — 1.2 $8

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 04, 2024
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of EPS is as follows: Quarter Ended May 4, 2024 April 29, 2023 Net loss ($39) ($205) Basic weighted-average shares outstanding 163.2 160.8 Dilutive shares — — Diluted weighted-average shares outstanding 163.2 160.8 Basic EPS ($0.24) ($1.27) Diluted EPS ($0.24) ($1.27) Anti-dilutive shares 12.8 11.4

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	May 04, 2024
Segment Reporting [Abstract]
Information By Reportable Segment	The following table sets forth information for our reportable segment: Quarter Ended May 4, 2024 April 29, 2023 Retail segment EBIT $48 $140 Corporate/Other EBIT (69) (399) Interest expense, net (27) (28) Loss before income taxes ($48) ($287)

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Feb. 03, 2024
Change in Accounting Principle [Line Items]
Accumulated Deficit, Cumulative Effect of Change in Accounting Principle	$ (2,609)	$ (2,824)	$ (2,578)
Basis of Presentation [Line Items]
Outstanding Liability to Nordstrom Canada	1,471	1,674	1,236
Receivables, net, for Nordstrom Canada wind-down process	361	279	$ 334
Operating lease liabilities arising from lease agreements	$ 72	$ 72
Nordstrom, Inc.
Basis of Presentation [Line Items]
Nordstrom, Inc. ownership of Nordstrom Canada	100%
Outstanding Liability to Nordstrom Canada	$ 0
Receivables, net, for Nordstrom Canada wind-down process	74
Cumulative Effect, Period of Adoption, Adjustment
Change in Accounting Principle [Line Items]
Accumulated Deficit, Cumulative Effect of Change in Accounting Principle	39
Income Tax Effects Allocated Directly to Equity, Cumulative Effect of Change in Accounting Principle	$ 14

Revenue (Summary Of Contract Li

Revenue (Summary Of Contract Liabilities) (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023	Jan. 28, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities in other current liabilities	$ 479	$ 508	$ 489	$ 536
Contract liabilities in other liabilities	$ 72	$ 85	$ 123	$ 136

Revenue (Disaggregated Net Sale

Revenue (Disaggregated Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,221	$ 3,064
Disaggregated sales by category	100%	100%
Digital Sales [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	34%	36%
Nordstrom [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,040	$ 2,027
Nordstrom Rack [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,181	$ 1,037

Revenue (Percent Of Net Sales B

Revenue (Percent Of Net Sales By Merchandise Category Summary) (Details)	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	100%	100%
Women's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	30%	29%
Shoes [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	26%	26%
Men's Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	14%	15%
Beauty [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	12%	12%
Accessories [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	11%	12%
Kids' Apparel [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	4%	3%
Other [Member]
Disaggregation of Revenue [Line Items]
Disaggregated sales by category	3%	3%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized from beginning contract liability balance	$ 144	$ 137

Debt And Credit Facilities (Nar

Debt And Credit Facilities (Narrative) (Details) $ in Millions	3 Months Ended
	May 04, 2024 USD ($) numberOfRatingsAgencies covenant numberOfPeriods
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
Upper limit of Leverage Ratio
Debt Instrument [Line Items]
Debt covenant leverage ratio	3.5
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
Senior notes, 2.30%, due April 2024 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	2.30%
Revolver [Member]
Debt Instrument [Line Items]
Outstanding borrowings	$ 0
Letters of Credit Outstanding, Amount	28
Current borrowing capacity	772
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	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Fair Value Measurements, Long-term Debt [Line Items]
Carrying value of long-term debt	$ 2,614	$ 2,862	$ 2,857
Level 2 [Member]
Fair Value Measurements, Long-term Debt [Line Items]
Fair value of long-term debt	$ 2,281	$ 2,441	$ 2,224

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Fair Value Measurements, Long-term Debt [Line Items]
Asset impairment charges	$ 0
Fair Value Measured at Net Asset Value Per Share
Fair Value Measurements, Long-term Debt [Line Items]
Investments measured at NAV	$ 39	$ 41	$ 41
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
		May 04, 2024	Apr. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		$ 18	$ 14
Income tax benefit		(5)	(4)
Total stock-based compensation expense, net of income tax benefit		13	10
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		16	10
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit		1	2
Other [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense, before income tax benefit	[1]	$ 1	$ 2
[1] Other stock-based compensation expense includes PSUs and ESPP.

Stock-Based Compensation (Sum_2

Stock-Based Compensation (Summary Of Grants) (Details) - $ / shares shares in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)	4.2	2.1
Weighted-average grant-date fair value per unit (in dollars per share)	$ 15	$ 17
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	0	1.2
Weighted-average grant-date fair value per stock option (in dollars per share)	$ 0	$ 8

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - shares shares in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Share-Based Payment Arrangement [Abstract]
Issuance of common stock under stock compensation plans (in shares)	1.3	1.4

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 07, 2024	May 04, 2024	Apr. 29, 2023
Shareholders' Equity [Line Items]
Shares repurchased (in shares)		0	30
Shares repurchased (amount)		$ 0	$ 1
Shares repurchased, average price per share (in dollars per share)			$ 19.41
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Quarterly dividend declared and paid in subsequent quarter	$ 0.19
Accumulated Deficit [Member]
Shareholders' Equity [Line Items]
Shares repurchased (amount)		$ 0	$ 1
2022 Program [Member]
Shareholders' Equity [Line Items]
Share repurchase authorization		500
Remaining share repurchase capacity		$ 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
	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Net loss	$ (39)	$ (205)
Basic weighted average shares outstanding (in shares)	163.2	160.8
Dilutive effect of common stock equivalents (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	163.2	160.8
Basic EPS (in dollars per share)	$ (0.24)	$ (1.27)
Diluted EPS (in dollars per share)	$ (0.24)	$ (1.27)
Anti-dilutive common stock equivalents (in shares)	12.8	11.4

Segment Reporting (Information

Segment Reporting (Information By Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ (21)	$ (259)
Interest expense, net	(27)	(28)
Loss before income taxes	(48)	(287)
Retail Segment [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	48	140
Corporate/Other [Member]
Segment Reporting Information [Line Items]
Earnings (loss) before interest and income taxes	$ (69)	$ (399)