Nordstrom First Quarter 2012 Earnings In Line with Company Expectations
Affirms Full-Year EPS Guidance
First quarter same-store sales increased 8.5 percent compared with the
same period in fiscal 2011. Net sales in the first quarter were
The Company affirms its outlook on full year earnings per share. Additional guidance on several key line items, including anticipated directional trends in the three remaining quarters, is provided below.
FIRST QUARTER SUMMARY
Nordstrom’s first quarter performance was consistent with the Company’s expectations, reflecting continued strength in same-store sales across multiple channels combined with planned significant investments in the business to improve the customer shopping experience and to enhance its platform for sustainable, profitable growth.
-
Nordstrom net sales, which include results from the full-line and
Direct businesses, increased
$191 million , or 10.8 percent, compared with the same period in fiscal 2011. Same-store sales increased 9.3 percent. Top-performing merchandise categories included Handbags, Women’s Shoes and Men’s Shoes. - Full-line same-store sales increased 5.6 percent compared with the same period in fiscal 2011. The South and Midwest regions were the top-performing geographic areas relative to the first quarter of 2011.
- The Direct channel continued to show strong sales growth with an increase of 44.2 percent, significantly outpacing the overall Company performance and reflective of the Company’s multiple initiatives under way in e-commerce.
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Nordstrom Rack net sales increased$91 million , or 19.6 percent, compared with the same period in fiscal 2011, with same-store sales up 6.8 percent. - Gross profit, as a percentage of net sales, decreased 31 basis points compared with last year’s first quarter. The decline was mostly attributable to enhancements made to the Fashion Rewards program and a reduction in shipping revenue as a result of launching free shipping and free returns for online purchases in the third quarter of 2011.
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Retail selling, general and administrative expenses increased
$110 million , or 18.0 percent, compared with last year’s first quarter. The increase was primarily due to various initiatives to improve the customer experience across all channels and specifically to grow our e-commerce business. The increase also reflected higher volume from existing and new stores. -
In the Credit segment, customer payment rates continued to improve,
resulting in favorable trends in delinquency and write-off rates.
Annualized net write-offs were 4.7 percent of average credit card
receivables during the quarter, down from 7.0 percent in the first
quarter of 2011. Delinquencies as a percentage of credit card
receivables at the end of the first quarter were 2.3 percent, down
from 3.3 percent at the end of the first quarter of 2011. As a result
of these improvements and our expectations for the credit portfolio
performance, the reserve for bad debt was reduced by
$10 million . -
Earnings before interest and taxes increased
$8 million to $280 million from$272 million in last year’s first quarter due to increased sales, partially offset by costs related to our initiatives to drive continued growth in e-commerce. -
Return on invested capital (ROIC) for the 12 months ended
April 28, 2012 , was 13.1 percent, compared with 13.6 percent achieved in the prior 12-month period. The decline was largely a function of higher average cash balances relative to the prior period. The Company anticipates that ROIC for fiscal 2012 will exceed ROIC for fiscal 2011. A reconciliation of this non-GAAP financial measure to the closest GAAP measure is included below.
EXPANSION UPDATE
Nordstrom opened the following stores in the first quarter of 2012:
Location | Store Name |
Square
Footage (000’s) |
Timing | |||
Nordstrom Full-line Stores |
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Salt Lake City, Utah | City Creek Center | 133 | March 22 | |||
Nordstrom Rack | ||||||
Orange, California | Outlets at Orange | 35 | March 1 | |||
Seattle, Washington1 | Westlake Center | 41 | March 15 | |||
Boise, Idaho | Boise Towne Plaza | 37 | April 12 | |||
Alpharetta, Georgia | North Point MarketCenter | 35 | April 19 | |||
Farmington, Connecticut | West Farm Shopping Center | 36 | April 26 | |||
1Nordstrom relocated its Downtown Seattle Nordstrom Rack store to the nearby Westlake Center. |
FISCAL YEAR 2012 OUTLOOK
Nordstrom affirms its earnings per share outlook for fiscal year 2012. In addition, the Company is providing its view of directional quarterly trends of several key line items:
- The Company affirms its fiscal 2012 expectations for same-store sales to increase 4 to 6 percent. Due to Nordstrom’s Anniversary event starting one week later in July, an additional week of the event shifts into August, which is in our fiscal third quarter. As a result, the Company expects a low-single-digit increase in same-store sales in the second quarter and a high-single-digit increase in same-store sales in the third quarter.
- The Company affirms its expectations for gross profit, as a percentage of net sales, to decrease 5 to 35 basis points for the fiscal year. In the second quarter, gross profit, as a percentage of net sales, is expected to decrease between 70 and 90 basis points compared with last year, and in the second half of the fiscal year, to range between a decrease of 10 basis points to an increase of 10 basis points compared with last year.
-
The Company expects retail selling, general and administrative
expenses to increase
$275 million to $340 million for the fiscal year. This is an increase of$10 million from initial fiscal 2012 guidance and reflects additional e-commerce initiatives under way. Largely as a result of the timing of our investments in e-commerce, second quarter retail selling, general and administrative expenses, as a percentage of net sales, are expected to increase between 80 and 100 basis points compared with last year, and in the second half of the fiscal year, to decrease between 70 and 90 basis points compared with last year. -
Credit selling, general and administrative expenses in fiscal 2012 are
expected to be within a range of flat to an increase of
$10 million . This is a decrease of$10 million from initial fiscal 2012 guidance and is attributable to the reduction in the reserve for bad debt that occurred in the first quarter of 2012.
The Company’s expectations for fiscal 2012 are as follows:
Same-store sales | 4 to 6 percent increase | ||
Credit card revenues | $0 to $10 million increase | ||
Gross profit (%) | 5 to 35 basis point decrease | ||
Retail selling, general and administrative expenses ($) | $275 to $340 million increase | ||
Credit selling, general and administrative expenses ($) | $0 to $10 million increase | ||
Interest expense, net | $25 to $30 million increase | ||
Effective tax rate | 39.0 percent | ||
Earnings per diluted share | $3.30 to $3.45 | ||
Diluted shares outstanding | 212.6 million |
CONFERENCE CALL INFORMATION
The Company’s senior management will host a conference call to discuss
first quarter 2012 results at
ABOUT NORDSTROM
Certain statements in this news release contain “forward-looking”
information (as defined in the Private Securities Litigation Reform Act
of 1995) that involve risks and uncertainties, including, but not
limited to, anticipated financial outlook for the fiscal year ending
NORDSTROM, INC. | |||||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS |
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(unaudited; amounts in millions, except per share data) | |||||||||||||||||||
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Quarter Ended | |||||||||||||||||||
4/28/12 | 4/30/11 | ||||||||||||||||||
Net sales | $ | 2,535 | $ | 2,229 | |||||||||||||||
Credit card revenues | 94 | 94 | |||||||||||||||||
Total revenues | 2,629 | 2,323 | |||||||||||||||||
Cost of sales and related buying and occupancy costs | (1,584 | ) | (1,385 | ) | |||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||
Retail | (721 | ) | (611 | ) | |||||||||||||||
Credit | (44 | ) | (55 | ) | |||||||||||||||
Earnings before interest and income taxes | 280 | 272 | |||||||||||||||||
Interest expense, net | (40 | ) | (31 | ) | |||||||||||||||
Earnings before income taxes | 240 | 241 | |||||||||||||||||
Income tax expense | (91 | ) | (96 | ) | |||||||||||||||
Net earnings | $ | 149 | $ | 145 | |||||||||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.72 | $ | 0.66 | |||||||||||||||
Diluted | $ | 0.70 | $ | 0.65 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 207.3 | 219.0 | |||||||||||||||||
Diluted | 211.4 | 223.3 |
NORDSTROM, INC. | ||||||||||||||||||
CONSOLIDATED BALANCE SHEETS |
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(unaudited; amounts in millions) | ||||||||||||||||||
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4/28/12 | 1/28/12 | 4/30/11 | ||||||||||||||||
Assets | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 1,647 | $ | 1,877 | $ | 1,433 | ||||||||||||
Accounts receivable, net | 2,008 | 2,033 | 1,969 | |||||||||||||||
Merchandise inventories | 1,372 | 1,148 | 1,149 | |||||||||||||||
Current deferred tax assets, net | 215 | 220 | 222 | |||||||||||||||
Prepaid expenses and other | 79 | 282 | 80 | |||||||||||||||
Total current assets | 5,321 | 5,560 | 4,853 | |||||||||||||||
Land, buildings and equipment (net of accumulated |
2,472 | 2,469 | 2,361 | |||||||||||||||
Goodwill | 175 | 175 | 200 | |||||||||||||||
Other assets | 290 | 287 | 333 | |||||||||||||||
Total assets | $ | 8,258 | $ | 8,491 | $ | 7,747 | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Accounts payable | $ | 1,176 | $ | 917 | $ | 1,035 | ||||||||||||
Accrued salaries, wages and related benefits | 232 | 388 | 232 | |||||||||||||||
Other current liabilities | 793 | 764 | 715 | |||||||||||||||
Current portion of long-term debt | 6 | 506 | 506 | |||||||||||||||
Total current liabilities | 2,207 | 2,575 | 2,488 | |||||||||||||||
Long-term debt, net | 3,137 | 3,141 | 2,276 | |||||||||||||||
Deferred property incentives, net | 503 | 500 | 506 | |||||||||||||||
Other liabilities | 328 | 319 | 343 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||
Shareholders’ equity: | ||||||||||||||||||
Common stock, no par value: 1,000 shares |
1,557 |
1,484 |
1,362 |
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Retained earnings | 570 | 517 | 800 | |||||||||||||||
Accumulated other comprehensive loss | (44 | ) | (45 | ) | (28 | ) | ||||||||||||
Total shareholders’ equity | 2,083 | 1,956 | 2,134 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,258 | $ | 8,491 | $ | 7,747 |
NORDSTROM, INC. | |||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(unaudited; amounts in millions) | |||||||||||||
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Quarter Ended | |||||||||||||
4/28/12 | 4/30/11 | ||||||||||||
Operating Activities | |||||||||||||
Net earnings | $ | 149 | $ | 145 | |||||||||
Adjustments to reconcile net earnings to net cash provided by
operating activities: |
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Depreciation and amortization expenses | 101 | 86 | |||||||||||
Amortization of deferred property incentives and other, net | (18 | ) | (14 | ) | |||||||||
Deferred income taxes, net | - | 1 | |||||||||||
Stock-based compensation expense | 13 | 11 | |||||||||||
Tax benefit from stock-based compensation | 13 | 7 | |||||||||||
Excess tax benefit from stock-based compensation | (14 | ) | (8 | ) | |||||||||
Provision for bad debt expense | 13 | 25 | |||||||||||
Change in operating assets and liabilities: | |||||||||||||
Accounts receivable | (6 | ) | 4 | ||||||||||
Merchandise inventories | (204 | ) | (143 | ) | |||||||||
Prepaid expenses and other assets | 2 | (2 | ) | ||||||||||
Accounts payable | 203 | 154 | |||||||||||
Accrued salaries, wages and related benefits | (156 | ) | (147 | ) | |||||||||
Other current liabilities | 33 | 52 | |||||||||||
Deferred property incentives | 21 | 29 | |||||||||||
Other liabilities | 9 | 9 | |||||||||||
Net cash provided by operating activities | 159 | 209 | |||||||||||
Investing Activities | |||||||||||||
Capital expenditures | (98 | ) | (116 | ) | |||||||||
Change in restricted cash | 200 | - | |||||||||||
Change in credit card receivables originated at third parties | 17 | 30 | |||||||||||
Other, net | - | (2 | ) | ||||||||||
Net cash provided by (used in) investing activities | 119 | (88 | ) | ||||||||||
Financing Activities | |||||||||||||
Principal payments on long-term borrowings | (502 | ) | (1 | ) | |||||||||
Increase (decrease) in cash book overdrafts | 48 | (9 | ) | ||||||||||
Cash dividends paid | (56 | ) | (50 | ) | |||||||||
Payments for repurchase of common stock | (57 | ) | (171 | ) | |||||||||
Proceeds from issuances under stock compensation plans | 47 | 29 | |||||||||||
Excess tax benefit from stock-based compensation | 14 | 8 | |||||||||||
Other, net | (2 | ) | - | ||||||||||
Net cash used in financing activities | (508 | ) | (194 | ) | |||||||||
Net decrease in cash and cash equivalents | (230 | ) | (73 | ) | |||||||||
Cash and cash equivalents at beginning of period | 1,877 | 1,506 | |||||||||||
Cash and cash equivalents at end of period | $ | 1,647 | $ | 1,433 |
NORDSTROM, INC. | ||||||||||||||
STATEMENTS OF EARNINGS BY SEGMENT |
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(unaudited; amounts in millions, except percentages) | ||||||||||||||
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Retail Our Retail business includes our Nordstrom branded full-line stores and website, our Nordstrom Rack stores, and our other retail channels including HauteLook, our Jeffrey stores and our treasure&bond store. It also includes unallocated corporate center expenses. The following table summarizes the results of our Retail business for the quarter ended April 28, 2012 compared with the quarter ended April 30, 2011: |
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Quarter
Ended 4/28/12 |
% of sales1 |
Quarter
Ended 4/30/11 |
% of sales1 | |||||||||||
Net sales | $ | 2,535 | 100.0 | % | $ | 2,229 | 100.0 | % | ||||||
Cost of sales and related buying and
occupancy costs |
(1,561 | ) | (61.6 | %) | (1,371 | ) | (61.5 | %) | ||||||
Gross profit | 974 | 38.4 | % | 858 | 38.5 | % | ||||||||
Selling, general and administrative expenses | (721 | ) | (28.4 | %) | (611 | ) | (27.4 | %) | ||||||
Earnings before interest and income taxes | 253 | 10.0 | % | 247 | 11.1 | % | ||||||||
Interest expense, net | (34 | ) | (1.3 | %) | (27 | ) | (1.2 | %) | ||||||
Earnings before income taxes | $ | 219 | 8.7 | % | $ | 220 | 9.9 | % | ||||||
1Subtotals and totals may not foot due to rounding. |
NORDSTROM, INC. | ||||||||||||
STATEMENTS OF EARNINGS BY SEGMENT |
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(unaudited; amounts in millions, except percentages) | ||||||||||||
Credit
Our Credit business earns finance charges, interchange fees, late
fees and other revenue through operation of the Nordstrom |
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Quarter Ended | ||||||||||||
4/28/12 | 4/30/11 | |||||||||||
Credit card revenues | $ | 94 | $ | 94 | ||||||||
Interest expense | (6 | ) | (4 | ) | ||||||||
Net credit card income | 88 | 90 | ||||||||||
Cost of sales and related buying and occupancy costs – loyalty program | (23 | ) | (14 | ) | ||||||||
Selling, general and administrative expenses: | ||||||||||||
Operational and marketing expenses | (31 | ) | (30 | ) | ||||||||
Bad debt provision | (13 | ) | (25 | ) | ||||||||
Earnings before income taxes | $ | 21 | $ | 21 | ||||||||
The following table illustrates the activity in our allowance for credit losses for the quarters ended April 28, 2012 and April 30, 2011: |
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Quarter Ended | ||||||||||||
4/28/12 | 4/30/11 | |||||||||||
Allowance at beginning of period |
$ | 115 | $ | 145 | ||||||||
Bad debt provision | 13 | 25 | ||||||||||
Write-offs | (30 | ) | (40 | ) | ||||||||
Recoveries | 7 | 5 | ||||||||||
Allowance at end of period | $ | 105 | $ | 135 | ||||||||
Annualized net write-offs as a percentage of average credit card receivables | 4.7 | % | 7.0 | % | ||||||||
4/28/12 | 4/30/11 | |||||||||||
30+ days delinquent as a percentage of ending credit card receivables | 2.3 | % | 3.3 | % | ||||||||
Allowance as a percentage of ending credit card receivables | 5.2 | % | 6.7 | % |
NORDSTROM, INC. | ||||||||
RETURN ON INVESTED CAPITAL (NON-GAAP FINANCIAL MEASURE) |
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(unaudited; amounts in millions) | ||||||||
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We use various financial measures in our conference calls, investor meetings and other forums which may be considered non-GAAP financial measures within the meaning of Regulation G of the Securities and Exchange Commission. The following disclosure provides additional information regarding our Return on Invested Capital (ROIC) for the 12 fiscal months ended April 28, 2012 and April 30, 2011: |
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We believe that ROIC is a useful financial measure for investors in evaluating our operating performance. When analyzed in conjunction with our net earnings and total assets and compared with return on assets (net earnings divided by average total assets), it provides investors with a useful tool to evaluate our ongoing operations and our management of assets from period to period. ROIC is one of our key financial metrics, and we also incorporate it into our executive incentive measures. We believe that overall performance as measured by ROIC correlates directly to shareholders’ return over the long term. For the 12 fiscal months ended April 28, 2012, our ROIC decreased to 13.1% compared with 13.6% for the 12 fiscal months ended April 30, 2011. ROIC is not a measure of financial performance under GAAP, should not be considered a substitute for return on assets, net earnings or total assets as determined in accordance with GAAP, and may not be comparable with similarly titled measures reported by other companies. The closest measure calculated using GAAP amounts is return on assets, which decreased to 8.5% from 8.8% for the 12 fiscal months ended April 28, 2012, compared with the 12 fiscal months ended April 30, 2011. The following is a comparison of return on assets to ROIC: |
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12 fiscal months ended | ||||||||
4/28/12 | 4/30/11 | |||||||
Net earnings | $ | 687 | $ | 641 | ||||
Add: income tax expense | 431 | 403 | ||||||
Add: interest expense | 141 | 129 | ||||||
Earnings before interest and income tax expense | 1,259 | 1,173 | ||||||
Add: rent expense | 83 | 66 | ||||||
Less: estimated depreciation on capitalized operating leases1 | (44 | ) | (35 | ) | ||||
Net operating profit | 1,298 | 1,204 | ||||||
Estimated income tax expense2 | (500 | ) | (465 | ) | ||||
Net operating profit after tax | $ | 798 | $ | 739 | ||||
Average total assets3 | $ | 8,119 | $ | 7,322 | ||||
Less: average non-interest-bearing current liabilities4 | (2,104 | ) | (1,845 | ) | ||||
Less: average deferred property incentives3 | (506 | ) | (494 | ) | ||||
Add: average estimated asset base of capitalized operating leases5 | 589 | 463 | ||||||
Average invested capital | $ | 6,098 | $ | 5,446 | ||||
Return on assets | 8.5 | % | 8.8 | % | ||||
ROIC | 13.1 | % | 13.6 | % | ||||
1Capitalized operating leases is our best estimate of the asset base we would record for our leases that are classified as operating if they had met the criteria for a capital lease, or we purchased the property. Asset base is calculated as described in footnote 5 below. |
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2Based upon our effective tax rate multiplied by the net operating profit for the 12 fiscal months ended April 28, 2012 and April 30, 2011. |
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3Based upon the trailing 12-month average, including cash and cash equivalents. |
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4Based upon the trailing 12-month average for accounts payable, accrued salaries, wages and related benefits, and other current liabilities. |
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5Based upon the trailing 12-month average of the monthly asset base, which is calculated as the trailing 12-months rent expense multiplied by eight. The multiple of eight times rent expense is a commonly used method of estimating the asset base we would record for our capitalized operating leases described in footnote 1. |
NORDSTROM, INC. |
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ADJUSTED DEBT TO EBITDAR (NON-GAAP FINANCIAL MEASURE) |
|
(unaudited; amounts in millions) | |
We use various financial measures in our conference calls, investor meetings and other forums which may be considered non-GAAP financial measures within the meaning of Regulation G of the Securities and Exchange Commission. The following disclosure provides additional information regarding our Adjusted Debt to EBITDAR as of April 28, 2012 and April 30, 2011: | |
Adjusted Debt to EBITDAR is one of our key financial metrics, and we believe that our debt levels are best analyzed using this measure. Our current goal is to manage debt levels to maintain an investment-grade credit rating as well as operate with an efficient capital structure for our size, growth plans and industry. Investment-grade credit ratings are important to maintaining access to a variety of short-term and long-term sources of funding, and we rely on these funding sources to continue to grow our business. We believe a higher ratio, among other factors, could result in rating agency downgrades. In contrast, we believe a lower ratio would result in a higher cost of capital and could negatively impact shareholder returns. As of April 28, 2012 and April 30, 2011, our Adjusted Debt to EBITDAR was 2.1. | |
Adjusted Debt to EBITDAR is not a measure of financial performance under GAAP and should not be considered a substitute for debt to net earnings, net earnings or debt as determined in accordance with GAAP. In addition, Adjusted Debt to EBITDAR does have limitations: |
- Adjusted Debt is not exact, but rather our best estimate of the total company debt we would hold if we had purchased the property and issued debt associated with our operating leases;
- EBITDAR does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments, including leases, or the cash requirements necessary to service interest or principal payments on our debt; and
- Other companies in our industry may calculate Adjusted Debt to EBITDAR differently than we do, limiting its usefulness as a comparative measure.
To compensate for these limitations, we analyze Adjusted Debt to EBITDAR in conjunction with other GAAP financial and performance measures impacting liquidity, including operating cash flows, capital spending and net earnings. The closest measure calculated using GAAP amounts is debt to net earnings, which was 4.6 for the first quarter of 2012 and 4.3 for the first quarter of 2011. The following is a comparison of debt to net earnings and Adjusted Debt to EBITDAR: |
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2012(1 | ) | 2011(1 | ) | |||||
Debt | $ | 3,143 | $ | 2,782 | ||||
Add: rent expense x 82 | 667 | 525 | ||||||
Less: fair value hedge adjustment included in long-term debt | (69 | ) | (27 | ) | ||||
Adjusted Debt | $ | 3,741 | $ | 3,280 | ||||
Net earnings | 687 | 641 | ||||||
Add: income tax expense | 431 | 403 | ||||||
Add: interest expense, net | 139 | 127 | ||||||
Earnings before interest and income taxes | 1,257 | 1,171 | ||||||
Add: depreciation and amortization expenses | 386 | 333 | ||||||
Add: rent expense | 83 | 66 | ||||||
Add: non-cash acquisition-related charges | 22 | - | ||||||
EBITDAR | $ | 1,748 | $ | 1,570 | ||||
Debt to Net Earnings | 4.6 | 4.3 | ||||||
Adjusted Debt to EBITDAR | 2.1 | 2.1 | ||||||
1The components of Adjusted Debt are as of April 28, 2012 and April 30, 2011, while the components of EBITDAR are for the 12 months ended April 28, 2012 and April 30, 2011. |
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2The multiple of eight times rent expense used to calculate Adjusted Debt is a commonly used method of estimating the debt we would record for our leases that are classified as operating if they had met the criteria for a capital lease, or we had purchased the property. |
NORDSTROM, INC. |
FREE CASH FLOW (NON-GAAP FINANCIAL MEASURE) |
(unaudited; amounts in millions) |
We use various financial measures in our conference calls, investor meetings and other forums which may be considered non-GAAP financial measures within the meaning of Regulation G of the Securities and Exchange Commission. The following disclosure provides additional information regarding our Free Cash Flow for the quarters ended April 28, 2012 and April 30, 2011: |
Free Cash Flow is one of our key liquidity measures, and in conjunction with GAAP measures, provides us with a meaningful analysis of our cash flows. We believe that our ability to generate cash is more appropriately analyzed using this measure. Free Cash Flow is not a measure of liquidity under GAAP and should not be considered a substitute for operating cash flows as determined in accordance with GAAP. In addition, Free Cash Flow does have limitations: |
- Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs; and
- Other companies in our industry may calculate Free Cash Flow differently than we do, limiting its usefulness as a comparative measure.
To compensate for these limitations, we analyze Free Cash Flow in conjunction with other GAAP financial and performance measures impacting liquidity, including operating cash flows. The closest GAAP measure calculated using GAAP amounts is net cash provided by operating activities, which was $159 and $209 for the quarters ended April 28, 2012 and April 30, 2011. The following is a reconciliation of our net cash provided by operating activities and Free Cash Flow: |
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Quarter Ended | ||||||||
4/28/12 | 4/30/11 | |||||||
Net cash provided by operating activities | $ | 159 | $ | 209 | ||||
Less: capital expenditures | (98 | ) | (116 | ) | ||||
Less: cash dividends paid | (56 | ) | (50 | ) | ||||
Add: change in credit card receivables originated at third parties | 17 | 30 | ||||||
Add (Less): change in cash book overdrafts | 48 | (9 | ) | |||||
Free Cash Flow | $ | 70 | $ | 64 | ||||
Net cash provided by (used in) investing activities | $ | 119 | $ | (88 | ) | |||
Net cash used in financing activities | $ | (508 | ) | $ | (194 | ) |
Source:
Nordstrom, Inc.
INVESTOR CONTACT: Rob Campbell, 206-233-6550
MEDIA
CONTACT: Colin Johnson, 206-303-3036