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Exhibit 99.1
For Immediate Release
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February 5, 2004
NORDSTROM JANUARY SAME-STORE SALES INCREASE 8.7%
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SEATTLE - February 5, 2004 - Nordstrom, Inc. (NYSE: JWN) today reported
preliminary sales of $355.3 million for the four-week period ending January
31, 2004, an increase of 13.5 percent compared to sales of $313.2 million for
the four-week period ending February 1, 2003. Same-store sales increased 8.7
percent.
January same-store sales in full-line stores increased in all geographic
regions and all merchandise categories except Women's Bridge and Kid's
apparel.
Preliminary quarter-to-date sales of $1.9 billion increased 11.8 percent
compared to quarter-to-date 2002 sales of $1.7 billion. Quarter-to-date same-
store sales increased 8.5 percent.
Preliminary year-to-date sales of $6.5 billion increased 8.5 percent
compared to year-to-date 2002 sales of $6.0 billion. Year-to-date same-store
sales increased 4.3 percent.
SALES RECORDING
To hear Nordstrom's prerecorded January sales message, please dial (402)
220-6036. This recording will be available for one week.
GAAP SALES PERFORMANCE
The additional information provided in this section is to comply with the
Securities and Exchange Commission's Regulation G. The Company converted to a
4-5-4 Retail Calendar at the beginning of 2003. This change in the fiscal
calendar has resulted in differences in the number of days included in the
current period versus the same period in the prior year. Sales performance
numbers included in this sales release have been calculated on a comparative
4-5-4 basis. The Company believes that adjusting for these differences
provides a more comparable basis (4-5-4 vs. 4-5-4) from which to evaluate
sales performance. The following reconciliation bridges 2002 GAAP sales to
the 4-5-4 comparable sales.
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Dollar % Change % Change
Sales Reconciliation ($M) January 2004 January 2003 Increase Total Sales Comp Sales
------------- ------------- ---------- ----------- ----------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 28 31
GAAP Sales $355.3 $345.1 $10.2 3.0% (0.9%)
Less Jan. 1-4, 2003 sales -- ($50.1)
Plus Feb. 1, 2003 sales -- $18.2
Reported 4-5-4 sales $355.3 $313.2 $42.1 13.5% 8.7%
========= =========
4-5-4 Adjusted Days 28 28
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Dollar % Change % Change
Sales Reconciliation ($M) QTD 2003 QTD 2002 Increase Total Sales Comp Sales
-------- -------- ---------- ----------- ----------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 91 92
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GAAP Sales $1,929.0 $1,750.6 $178.4 10.2% 7.0%
Less Nov. 1-2, 2002 sales -- ($43.7)
Plus Feb. 1, 2003 sales -- $18.2
Reported 4-5-4 sales $1,929.0 $1,725.1 $203.9 11.8% 8.5%
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4-5-4 Adjusted Days 91 91
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Dollar % Change % Change
Sales Reconciliation ($M) FYE 2003 FYE 2002 Increase Total Sales Comp Sales
-------- -------- ---------- ----------- ----------
<s> <c> <c> <c> <c> <c>
Number of Days GAAP 365 365
GAAP Sales $6,488.3 $5,975.1 $513.2 8.6% 4.1%
Less Feb. 1, 2003 ($18.2) --
Less Feb. 1-2, 2002 sales -- ($30.9)
Plus Feb. 1, 2003 sales -- $18.2
Reported 4-5-4 sales $6,470.1 $5,962.4 $507.7 8.5% 4.3%
======== ========
4-5-4 Adjusted Days 364 364
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DEBT RETIREMENT
During the first quarter of 2004, the Company plans to retire its
outstanding 8.95% senior notes scheduled to mature in 2005. This will be a
cash transaction that consists of $196.8 million in principal, $7.3 million in
accrued interest and an estimated redemption cost of $20 to $22 million. This
debt retirement will reduce on-going interest expense by approximately $17
million annually and is expected to lower first quarter earnings per share by
$0.08.
FUTURE REPORTING DATES
Nordstrom's financial release calendar for the next several months is provided
in the table below.
Fourth Quarter Earnings Release Thurs., February 19, 2004
February Sales Release Thurs., March 4, 2004
March Sales Release Thurs. April 8, 2004
Nordstrom, Inc. is one of the nation's leading fashion specialty
retailers, with 148 US stores located in 27 states. Founded in 1901 as a shoe
store in Seattle, today Nordstrom operates 92 full-line stores, 49 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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SALES SUMMARY
(unaudited; $ in millions) Jan. Jan. QTD QTD YTD YTD
2004 2003 2003 2002 2003 2002
---- ---- ---- ---- ---- ----
<s> <c> <c> <c> <c> <c> <c>
Total sales $355.3 $313.2 $1,929.0 $1,725.1 $6,470.1 $5,962.4
Total sales percentage change 13.5% 5.3% 11.8% 6.8% 8.5% 6.0%
Same-store sales percentage change 8.7% 0.8% 8.5% 1.5% 4.3% 1.3%
Number of stores (as of Jan. 31, 2003)
Full-line 92 88
Rack and other 56 55
International Faconnable boutiques 31 23
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Total 179 166
Gross square footage 19,138,000 18,428,000
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Investor Contact:
Stephanie Allen, 206-303-3262
Media Contact:
Shasha Richardson, 206-373-3038
Certain statements in this news release might 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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