<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended January 31, 1997
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-6074
Nordstrom, Inc.
______________________________________________________
(Exact name of Registrant as specified in its charter)
Washington 91-0515058
_______________________________ __________________
(State or other jurisdiction of (IRS employer
incorporation or organization) Identification No.)
1501 Fifth Avenue, Seattle, Washington 98101
______________________________________________________
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: 206-628-2111
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, without par value
____________________________________
(Title of class)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES /X/ NO / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. /X/
AMENDMENT TO FORM 10-K IS BEING SUBMITTED DUE TO TYPOGRAPHICAL ERRORS ON THE
CONSOLIDATED STATEMENTS OF EARNINGS AND THE CONSOLIDATED STATEMENTS OF CASH
FLOWS IN EXHIBIT 13.1.
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EXHIBIT 13.1
CONSOLIDATED STATEMENTS OF EARNINGS
<TABLE>
<CAPTION>
Dollars in thousands except per share amounts
% of % of % of
Year ended January 31, 1997 sales 1996 sales 1995 sales
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net Sales $4,453,063 100.0 $4,113,517 100.0 $3,894,478 100.0
------------------------------------------------------------
Costs and Expenses:
Cost of sales and related
buying and occupancy 3,082,037 69.2 2,806,250 68.2 2,599,553 66.7
Selling, general and
administrative 1,217,590 27.3 1,120,790 27.2 1,023,347 26.3
Interest, net 39,400 .9 39,295 1.0 30,664 .8
Service charge income
and other, net (129,469) (2.9) (125,130) (3.0) (94,644) (2.4)
----------------------------------------------------------
Total Costs and Expenses 4,209,558 94.5 3,841,205 93.4 3,558,920 91.4
----------------------------------------------------------
Earnings before income taxes 243,505 5.5 272,312 6.6 335,558 8.6
Income taxes 96,000 2.2 107,200 2.6 132,600 3.4
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Net Earnings $ 147,505 3.3 $ 165,112 4.0 $ 202,958 5.2
==========================================================
Net Earnings per share $1.82 $2.02 $2.47
==========================================================
Cash dividends paid per share $.50 $.50 $.385
==========================================================
<FN>
The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.
</TABLE>
Page 14 Nordstrom, Inc. and Subsidiaries
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EXHIBIT 13.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Dollars in thousands
Year ended January 31, 1997 1996 1995
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operating Activities
Net earnings $147,505 $165,112 $202,958
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation and amortization 156,122 134,347 110,789
Change in:
Accounts receivable, net (7,262) (218,036) (89,450)
Merchandise inventories (93,616) 1,627 (42,328)
Prepaid income taxes and other (1,578) (6,634) (9,746)
Accounts payable 32,846 4,500 9,029
Accrued salaries, wages, and taxes 7,210 (4,961) 33,554
Accrued expenses 8,246 6,844 4,996
Income tax liabilities (12,216) (12,621) (4,518)
Deferred lease credits 11,624 51,756 16,558
----------------------------------------
Net cash provided by operating activities 248,881 121,934 231,842
----------------------------------------
Investing Activities
Additions to property, buildings and
equipment, net (204,278) (252,876) (248,608)
Other, net (1,838) (1,103) 1,660
----------------------------------------
Net cash used in investing activities (206,116) (253,979) (246,948)
----------------------------------------
Financing Activities
Proceeds from accounts receivable
securitization 186,600 - -
(Decrease) increase in notes payable (68,731) 145,113 47,051
Proceeds from issuance of long-term debt 57,729 140,859 49,656
Principal payments on long-term debt (117,311) (75,967) (114,664)
Proceeds from issuance of common stock 14,958 5,106 5,960
Cash dividends paid (40,472) (41,001) (31,622)
Purchase and retirement of common stock (71,771) (50,045) -
----------------------------------------
Net cash (used in) provided by financing
activities (38,998) 124,065 (43,619)
----------------------------------------
Net increase (decrease) in cash
and cash equivalents 3,767 (7,980) (58,725)
Cash and cash equivalents at beginning of year 24,517 32,497 91,222
----------------------------------------
Cash and cash equivalents at end of year $ 28,284 $ 24,517 $ 32,497
========================================
<FN>
The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.
</TABLE>
'
Nordstrom, Inc. and Subsidiaries Page 17
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(b) Reports on Form 8-K
-------------------
No reports on Form 8-K were filed during the last quarter of the period
for which this report is filed.
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
NORDSTROM, INC.
(Registrant)
Date April 8, 1997 by /s/ John A. Goesling
------------- ------------------------------------------
John A. Goesling
Executive Vice President and Treasurer
(Principal Accounting and Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the date indicated.
Principal Accounting and Principal Executive Officer:
Financial Officer:
/s/ John A. Goesling /s/ John J. Whitacre
- ------------------------------- --------------------------------
John A. Goesling John J. Whitacre
Executive Vice President Chairman and Director
and Treasurer
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Directors:
/s/ Philip M. Condit /s/ Bruce A. Nordstrom
- ------------------------------- --------------------------------
Philip M. Condit Bruce A. Nordstrom
Director Director
/s/ D. Wayne Gittinger /s/ John N. Nordstrom
- ------------------------------- --------------------------------
D. Wayne Gittinger John N. Nordstrom
Director Director
/s/ Raymond A. Johnson /s/ Alfred E. Osborne, Jr.
- ------------------------------- --------------------------------
Raymond A. Johnson Alfred E. Osborne, Jr.
Director Director
/s/ Charles A. Lynch /s/ William D. Ruckelshaus
- ------------------------------- --------------------------------
Charles A. Lynch William D. Ruckelshaus
Director Director
/s/ Ann D. McLaughlin /s/ Elizabeth Crownhart Vaughan
- ------------------------------- --------------------------------
Ann D. McLaughlin Elizabeth Crownhart Vaughan
Director Director
/s/ John A. McMillan /s/ John J. Whitacre
- ------------------------------- ---------------------------------
John A. McMillan John J. Whitacre
Director Chairman of the Board of Directors
Date April 8, 1997
---------------------------
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