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Exhibit 99.1
NORDSTROM
For Immediate Release
July 10, 2003
INVESTOR CONTACT:
Stephanie Allen
Nordstrom, Inc.
(206)303-3262
MEDIA CONTACT:
Shasha Richardson
Nordstrom, Inc.
(206)373-3038
NORDSTROM REPORTS JUNE 2003 SALES
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SEATTLE - July 10, 2003 - Nordstrom, Inc. (NYSE: JWN) today reported
preliminary sales of $655.7 million for the five-week period ending July 5,
2003, an increase of 6.4 percent compared to sales of $616.0 million for the
five-week period ending July 6, 2002. Same-store sales increased 1.9 percent.
June same-store sales in full-line stores increased in the Northwest, East
Coast and Central States geographic regions. By merchandise division,
same-store sales increased in Shoes, Men's Apparel, Cosmetics, Women's Active
Wear and Women's Designer Apparel.
Preliminary quarter-to-date sales of $1.1 billion increased 7.2 percent
compared to 2002 quarter-to-date sales of $1.0 billion. Quarter-to-date
same-store sales increased 2.5 percent.
Preliminary year-to-date sales of $2.4 billion increased 5.2 percent
compared to year-to-date 2002 sales of $2.3 billion. Year-to-date same-store
sales increased 0.4 percent.
GAAP SALES PERFORMANCE
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The additional information provided in this section is to comply with
the Securities and Exchange Commission's newly issued Regulation G. The
Company converted to a 4-5-4 Retail Calendar at the beginning of 2003. This
change in the fiscal calendar has resulted in additional days of sales being
included in the current period versus the same period in the prior year.
Sales performance numbers included in this sales release have been calculated
on a comparative 4-5-4 basis. The Company believes that adjusting for the
additional days provides a more comparable basis (4-5-4 vs. 4-5-4) from which
to evaluate sales performance. The following reconciliation bridges 2002 GAAP
sales to the 4-5-4 comparable sales.
SALES RECONCILIATION ($M)
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<table>
<caption>
Dollar % Change % Change
June 2003 June 2002 Increase Total Sales Comp Sales
--------- -------- ---------- ----------- ----------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 35 30
GAAP Sales $655.7 $563.5 92.2 16.4% 11.0%
Less June 1, 2002 sales - ($18.9)
Plus July 1-6, 2002 sales - $71.4
-------- --------
Reported 4-5-4 sales $655.7 $616.0 39.7 6.4% 1.9%
-------- --------
4-5-4 Adjusted Days 35 35
</table>
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SALES RECONCILIATION ($M)
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<table>
<caption>
Dollar % Change % Change
QTD 2003 QTD 2002 Increase Total Sales Comp Sales
-------- -------- ----------- ----------- ---------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 63 61
GAAP Sales $1,104.5 $1,023.8 80.7 7.9% 3.1%
Less May 1-4, 2002 sales - ($65.2)
Plus July 1-6, 2002 sales - $71.4
-------- --------
Reported 4-5-4 sales $1,104.5 $1,030.0 74.5 7.2% 2.5%
-------- --------
4-5-4 Adjusted Days 63 63
</table>
SALES RECONCILIATION ($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 155 150
GAAP Sales $2,448.1 $2,269.6 178.5 7.9% 2.1%
Less Feb. 1, 2003 ($18.2) -
Less Feb. 1-2, 2002 sales - ($30.6)
Plus July 1-6, 2002 sales - $71.4
-------- --------
Reported 4-5-4 sales $2,429.9 $2,310.4 119.5 5.2% 0.4%
-------- --------
4-5-4 Adjusted Days 154 154
</table>
FUTURE REPORTING DATES
Nordstrom's financial release calendar for the next several months is
provided in the table below.
July Sales Release Thurs., August 7, 2003
Second Quarter Earnings Thurs., August 21, 2003
August Sales Release Thurs., September 4, 2003
October Sales Release Thurs., October 9, 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.
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<table>
<caption>
SALES SUMMARY
(unaudited; $ in millions) June June QTD QTD YTD YTD
2003 2002 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
<s> <c> <c> <c> <c> <c> <c>
Total sales $655.7 $616.0 $1,104.5 $1,030.0 $2,429.9 $2,310.4
Total sales percentage change 6.4% 7.4% 7.2% 6.7% 5.2% 4.1%
Same-store sales percentage change
Full-line stores 2.1% 1.8% 2.6% 1.3% 0.5% (0.9%)
Rack and other stores 0.7% 18.9% 1.6% 12.3% (0.5%) 6.0%
All stores 1.9% 3.2% 2.5% 2.4% 0.4% (0.1%)
Number of stores (as of July 5, 2003)
Full-line 89 83
Rack and other 54 53
International Faconnable boutiques 31 23
--- ---
Total 174 159
Gross square footage
(as of July 5, 2003) 18,628,000 17,455,000
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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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