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NORDSTROM
For Immediate Release
June 5, 2003
INVESTOR CONTACT:
Stephanie Allen
Nordstrom, Inc.
(206)303-3262
MEDIA CONTACT:
Shasha Richardson
Nordstrom, Inc.
(206)373-3038
NORDSTROM REPORTS MAY 2003 SALES
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SEATTLE - June 5, 2003 - Nordstrom, Inc. (NYSE: JWN) today reported
preliminary sales of $449.0 million for the four-week period ending May
31, 2003, an increase of 8.5 percent compared to sales of $414.0 million
for the four-week period ending June 1, 2002. Same-store sales
increased 3.4 percent.
For the month of May, same-store sales in full-line stores increased in all
geographic regions. By merchandise division, same-store sales increased in the
Designer and Bridge segments of Women's Apparel, as well as Cosmetics,
Accessories, Men's Apparel, Shoes and Intimate Apparel.
Preliminary year-to-date (Feb. - May) sales of $1,774.4 million increased 4.7
percent compared to year-to-date 2002 sales of $1,694.4 million. Year-to-date
same-store sales decreased 0.2 percent.
GAAP SALES PERFORMANCE
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The additional information we are providing in this section is to comply with
the Securities and Exchange Commission's newly issued Regulation G. The company
converted to a 4-5-4 Retail Calendar at the beginning of 2003. During 2002, the
Company had reported monthly sales based on a 4-5-4 Retail Calendar. The
Company believes that the 4-5-4 Retail Calendar provides a more comparable
basis (4-5-4 vs. 4-5-4) from which to evaluate sales performance. Sales
performance numbers included in this press release have been calculated
on a comparative 4-5-4 basis.
SALES RECONCILIATION ($M)
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<table>
<caption>
Dollar Increase/ % Change % Change
May 2003 May 2002 (Decrease) Total Sales Comp Sales
-------- -------- -------------- ----------- ---------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 28 31
GAAP Sales $449.0 $460.2 ($11.2) (2.4%) (6.7%)
Less May 1-4, 2002 sales ($65.2)
Plus June 1, 2002 sales $19.0
-------- --------
Reported 4-5-4 sales $449.0 $414.0 $35.0 8.5% 3.4%
-------- --------
4-5-4 Adjusted Days 28 28
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SALES RECONCILIATION ($M)
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<table>
<caption>
Dollar % Change % Change
YTD 2003 YTD 2002 Increase Total Sales Comp Sales
-------- -------- ----------- ----------- ---------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 120 120
GAAP Sales $1,792.6 $1,706.0 $86.6 5.1% (0.9%)
Less Feb. 1, 2003 ($18.2)
Less Feb. 1-2, 2002 sales ($30.6)
Plus June 1, 2002 sales $19.0
-------- --------
Reported 4-5-4 sales $1,774.4 $1,694.4 $80.0 4.7% (0.2%)
-------- --------
4-5-4 Adjusted Days 119 119
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FUTURE REPORTING DATES
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Nordstrom's financial release calendar for the next several months is
provided in the table below. Please note that beginning this month, monthly
sales will be reported before the market opens on Retail Sales Day (Thursday)
instead of after the market closes on Wednesday.
June Sales Release Thurs., July 10, 2003
July Sales Release Thurs., August 7, 2003
Second Quarter Earnings Thurs., August 21, 2003
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers,
with 143 US stores located in 27 states. Founded in 1901 as a shoe store in
Seattle, today Nordstrom operates 89 full-line stores, 47 Nordstrom Racks, five
Faconnable boutiques, one free-standing shoe store, and one clearance store.
Nordstrom also operates 31 international Faconnable boutiques, primarily in
Europe. Additionally, Nordstrom serves customers through its online presence at
http://www.nordstrom.com and through its direct mail catalogs.
<table>
<caption>
SALES SUMMARY
(unaudited; $ in millions) May May YTD YTD
2003 2002 2003 2002
---- ---- ---- ----
<s> <c> <c> <c> <c>
Total sales $449.0 $414.0 $1,774.4 $1,694.4
Total sales percentage change 8.5% 5.8% 4.7% 2.9%
Same-store sales percentage change
Full-line stores 3.6% 0.5% (0.1%) (1.8%)
Rack and other stores 2.7% 5.3% (0.9%) 2.8%
All stores 3.4% 1.1% (0.2%) (1.3%)
Number of stores (as of May 31, 2003)
Full-line 89 83
Rack and other 54 53
International Faconnable boutiques 31 23
--- ---
Total 174 159
Gross square footage
(as of May 31, 2003) 18,628,000 17,517,000
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Certain statements in this news release contain "forward-looking"
information (as defined in the Private Securities Litigation Reform Act of
1995) that involves risks and uncertainties, including anticipated results,
store openings and distribution channels, planned capital expenditures,
and trends in company operations. Actual future results and trends may
differ materially from historical results or current expectations depending
upon factors including, but not limited to, the company's ability to
predict fashion trends, consumer apparel buying patterns, the company's
ability to control costs, weather conditions, hazards of nature such as
earthquakes and floods, trends in personal bankruptcies and bad debt
write-offs, changes in interest rates, employee relations, the company's
ability to continue its expansion plans, and the impact of economic and
competitive market forces, including the impact of terrorist activity or
the impact of a war on the company, its customers and the retail industry.
Our SEC reports may contain other information on these and other factors
that could affect our financial results and cause actual results to differ
materially from any forward-looking information we may provide.
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