Document And Entity Information
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6 Months Ended | |
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Aug. 03, 2013
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Aug. 28, 2013
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Aug. 03, 2013 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2013 | |
Amendment Flag | false | |
Entity Registrant Name | Nordstrom Inc. | |
Entity Central Index Key | 0000072333 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 194,885,937 |
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Condensed Consolidated Statements Of Earnings (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Aug. 03, 2013
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Jul. 28, 2012
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Aug. 03, 2013
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Jul. 28, 2012
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Net sales | $ 3,104 | $ 2,918 | $ 5,761 | $ 5,453 |
Credit card revenues | 92 | 88 | 184 | 178 |
Total revenues | 3,196 | 3,006 | 5,945 | 5,631 |
Cost of sales and related buying and occupancy costs | (2,004) | (1,879) | (3,677) | (3,463) |
Selling, general and administrative expenses | (857) | (837) | (1,658) | (1,598) |
Earnings before interest and income taxes | 335 | 290 | 610 | 570 |
Interest expense, net | (37) | (40) | (76) | (80) |
Earnings before income taxes | 298 | 250 | 534 | 490 |
Income tax expense | (114) | (94) | (205) | (185) |
Net earnings | $ 184 | $ 156 | $ 329 | $ 305 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.94 | $ 0.76 | $ 1.68 | $ 1.48 |
Diluted (in dollars per share) | $ 0.93 | $ 0.75 | $ 1.66 | $ 1.45 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 195.5 | 205.2 | 195.5 | 206.3 |
Diluted (in shares) | 198.8 | 208.7 | 198.9 | 210.0 |
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The aggregate of cost of sales, buying and occupancy costs during the reporting period. Buying costs consist primarily of compensation and other costs incurred by our merchandise and product development groups. Occupancy costs include rent, depreciation, property taxes and facility operating costs of our retail, corporate center and distribution operations. No definition available.
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Condensed Consolidated Statements of Comprehensive Earnings (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Aug. 03, 2013
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Jul. 28, 2012
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Aug. 03, 2013
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Jul. 28, 2012
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Net earnings | $ 184 | $ 156 | $ 329 | $ 305 |
Postretirement plan adjustments, net of tax | 1 | 2 | 3 | 3 |
Comprehensive net earnings | $ 185 | $ 158 | $ 332 | $ 308 |
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified |
Aug. 03, 2013
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Feb. 02, 2013
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Jul. 28, 2012
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Assets | |||
Accumulated depreciation | $ 4,270 | $ 4,064 | $ 3,959 |
Shareholders' equity | |||
Common stock, no par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized | 1,000 | 1,000 | 1,000 |
Common stock, shares issued | 195.5 | 197.0 | 201.4 |
Common stock, shares outstanding | 195.5 | 197.0 | 201.4 |
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Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $)
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6 Months Ended | |
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Aug. 03, 2013
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Jul. 28, 2012
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Dividends (in dollars per share) | $ 0.60 | $ 0.54 |
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The amount of recurring noncash expense charged against earnings during the period for amortization, primarily of deferred property incentives (deferred credits received as an inducement or incentive for entering into a lease or real estate agreement), and also for amortization of deferred bond offering costs and other items. No definition available.
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The net change during the reporting period, excluding the portion taken into income, in Deferred Property Incentives (deferred credits received as an inducement or incentive for entering into a lease or real estate agreement). No definition available.
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Basis Of Presentation
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6 Months Ended |
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Aug. 03, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accompanying condensed consolidated financial statements include the balances of Nordstrom, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. The interim condensed consolidated financial statements have been prepared on a basis consistent in all material respects with the accounting policies described and applied in our 2012 Annual Report on Form 10-K ("Annual Report"), and reflect all adjustments that are, in management's opinion, necessary for the fair presentation of the results of operations, financial position and cash flows for the periods presented. The condensed consolidated financial statements as of and for the periods ended August 3, 2013 and July 28, 2012 are unaudited. The condensed consolidated balance sheet as of February 2, 2013 has been derived from the audited consolidated financial statements included in our 2012 Annual Report. The interim condensed consolidated financial statements should be read together with the consolidated financial statements and related footnote disclosures contained in our 2012 Annual Report. The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. Our business, like that of other retailers, is subject to seasonal fluctuations. Due to our Anniversary Sale in July, the holidays in December and the half-yearly sales that occur in our second and fourth quarters, our sales are typically higher in the second and fourth quarters of the fiscal year than in the first and third quarters. In 2013, our Anniversary Sale took place in the second quarter, while in 2012 it occurred during both the second and third quarters. This will impact comparisons of performance to the prior year. Results for any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year. Reclassification Prior to 2013, we presented bad debt expense associated with finance charges and fees as a part of selling, general and administrative expenses. Beginning in the first quarter of 2013, we reclassified these amounts and now present them as a reduction of credit card revenue. Historical results were also reclassified to match the current period presentation. These reclassifications did not impact net earnings, earnings per share, financial position or cash flows. See Note 9: Segment Reporting for additional changes in the way we view and measure our business and segment performance. None of these changes impact our condensed consolidated financial statements. |
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Accounts Receivable
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Aug. 03, 2013
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Accounts Receivable | ACCOUNTS RECEIVABLE The components of accounts receivable are as follows:
1Other accounts receivable consist primarily of third party credit and debit card receivables. Activity in the allowance for credit losses is as follows:
The allowance for credit losses reflects our best estimate of the losses inherent in our receivables as of the balance sheet date, including uncollectible finance charges and fees. For purposes of determining impairment and recording the associated allowance for credit losses, we evaluate our credit card receivables on a collective basis as they are composed of large groups of smaller-balance homogeneous loans and, therefore, are not individually evaluated for impairment. We record estimated uncollectible principal balances to the bad debt provision while estimated uncollectible finance charges and fees result in a reduction of credit card revenue. Under certain circumstances, we may make modifications to payment terms for a customer experiencing financial difficulties in an effort to help the customer avoid a charge-off or bankruptcy, and to maximize our recovery of the outstanding balance. These modifications, which meet the accounting definition of troubled debt restructurings ("TDRs"), include reduced or waived fees and finance charges, and/or reduced minimum payments. Receivables classified as TDRs were $45, or 1.9% of our total credit card receivables as of August 3, 2013, $53, or 2.5% of our total credit card receivables as of February 2, 2013 and $58, or 2.5% of our total credit card receivables as of July 28, 2012. Credit Quality The primary indicators of the credit quality of our credit card receivables are aging and delinquency, particularly the levels of account balances delinquent 30 days or more as these are the accounts most likely to be written off. The following table illustrates the aging and delinquency status of our credit card receivables:
We also evaluate credit quality using FICO credit scores. The following table illustrates the distribution of our credit card receivables across FICO score ranges:
1Credit scores for our credit cardholders are updated at least every 60 days for active accounts and every 90 days for inactive accounts. Amounts listed in the table reflect the most recently obtained credit scores as of the dates indicated. 2Other consists of amounts not yet posted to customers' accounts and receivables from customers for whom FICO scores are temporarily unavailable. |
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Debt And Credit Facilities
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Aug. 03, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt And Credit Facilities | DEBT AND CREDIT FACILITIES Debt A summary of our long-term debt is as follows:
Credit Facilities As of August 3, 2013, we had total short-term borrowing capacity available for general corporate purposes of $800. In March 2013, we terminated both our $600 unsecured revolving credit facility that was scheduled to expire in June 2016, and our $200 2007-A Variable Funding Note that was scheduled to expire in January 2014. We replaced these with a new five-year $800 senior unsecured revolving credit facility ("revolver") that expires in March 2018. Under the terms of our new revolver, we pay a variable rate of interest and a commitment fee based on our debt rating. The new revolver is available for working capital, capital expenditures and general corporate purposes and backs our commercial paper program. During the six months ended August 3, 2013, we had no issuances under our commercial paper program and no borrowings under our new revolver or the $600 credit facility prior to termination. The new revolver requires that we maintain a leverage ratio, defined as Adjusted Debt to Earnings before Interest, Income Taxes, Depreciation, Amortization and Rent ("EBITDAR"), of less than four times. As of August 3, 2013, we were in compliance with this covenant. Also in March 2013, our wholly owned subsidiary Nordstrom fsb terminated its $100 variable funding facility. We had no borrowings under this facility prior to termination. |
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Fair Value Measurements
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Aug. 03, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS We disclose our financial assets and liabilities that are measured at fair value in our condensed consolidated balance sheets by level within the fair value hierarchy as defined by applicable accounting standards: Level 1: Quoted market prices in active markets for identical assets or liabilities Level 2: Other observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs that cannot be corroborated by market data that reflect the reporting entity's own assumptions We did not have any financial assets or liabilities that were measured at fair value on a recurring basis as of August 3, 2013, February 2, 2013 or July 28, 2012. Financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable and accounts payable and approximate fair value due to their short-term nature. We estimate the fair value of our long-term debt using quoted market prices of the same or similar issues, and as such this is considered a Level 2 fair value measurement. The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities:
1The carrying value of long-term debt includes the remaining adjustment from our previous effective fair value hedge. We also measure certain non-financial assets at fair value on a nonrecurring basis, primarily goodwill and long-lived tangible and intangible assets, in connection with periodic evaluations for potential impairment. We recorded no impairment charges for these assets for the six months ended August 3, 2013 and July 28, 2012. We estimate the fair value of goodwill and long-lived tangible and intangible assets using primarily unobservable inputs, and as such these are considered Level 3 fair value measurements. |
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Commitments and Contingent Liabilities
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Aug. 03, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES During the quarter ended August 3, 2013, we paid approximately $100 to the developer of our Manhattan full-line store. This payment represents the first in a series of installment payments which we committed to make based on the developer meeting construction and development milestones. Our fee interest in the property is subject to lien until project completion or fulfillment of our existing installment payment commitment. We are subject from time to time to various claims and lawsuits arising in the ordinary course of business, including lawsuits alleging violations of state and/or federal wage and hour and other employment laws, privacy and other consumer-based claims. Some of these lawsuits include certified classes of litigants, or purport or may be determined to be class or collective actions and seek substantial damages or injunctive relief, or both, and some may remain unresolved for several years. We believe the recorded reserves in our condensed consolidated financial statements are adequate in light of the probable and estimable liabilities. As of the date of this report, we do not believe any currently identified claim, proceeding or litigation, either alone or in the aggregate, will have a material impact on our results of operations, financial position or cash flows. Since these matters are subject to inherent uncertainties, our view of them may change in the future. |
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Shareholders' Equity
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Aug. 03, 2013
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Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY In February 2012, our Board of Directors authorized a program to repurchase up to $800 of our outstanding common stock, through February 1, 2014. In February 2013, our Board of Directors authorized a new program to repurchase up to $800 of our outstanding common stock, through March 1, 2015, in addition to the remaining amount available for repurchase under our February 2012 authorization. During the six months ended August 3, 2013, we repurchased 3.8 shares of our common stock for an aggregate purchase price of $214 and had $979 in remaining share repurchase capacity. The actual number and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities and Exchange Commission rules. |
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Stock-Based Compensation
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | STOCK-BASED COMPENSATION The following table summarizes our stock-based compensation expense:
During the six months ended August 3, 2013 and July 28, 2012, we granted 3.7 and 2.9 options with estimated weighted-average grant-date fair values per option of $14 and $15. |
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Earnings Per Share
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Aug. 03, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The computation of earnings per share is as follows:
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Segment Reporting
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Aug. 03, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | SEGMENT REPORTING As discussed in Note 1: Basis of Presentation, beginning in the first quarter of 2013, we reclassified amounts in our financial statements to better reflect the way we view and measure our business. As we continue to execute our long-term growth strategy and make investments across operating segments, aligning expenses with the associated benefits enhances our ability to evaluate segment performance. Historical results were also reclassified to match the current period presentation. These reclassifications did not impact net earnings, earnings per share, financial position or cash flows. We previously recorded all of our Fashion Rewards loyalty program expenses in our Credit segment. We now allocate all of our Fashion Rewards expenses to the Retail segment, including the face value of Nordstrom Notes, which customers earn based on their level of spending and which can be redeemed for goods or services. Consistent with our previous segment reporting, our Retail segment net sales include sales from the redemption of Nordstrom Notes. In order to present the consolidated financial results in accordance with generally accepted accounting principles, our Corporate/Other column includes the elimination of net sales when customers used Nordstrom Notes and also includes an adjustment to reduce the Nordstrom Notes expense from face value to their estimated cost. In addition, certain technology expenses we previously included in Corporate/Other are now allocated to the Retail and Credit segments. In our Credit segment, we previously presented bad debt expense associated with finance charges and fees as part of selling, general and administrative expenses. We reclassified these amounts and now present them as a reduction of credit card revenue. There was no impact to Credit earnings before income taxes for this reclassification. The following tables set forth information for our reportable segments:
1Total Retail Business is not a reportable segment, but represents a subtotal of the Retail segment and Corporate/Other, and is consistent with our presentation in Management's Discussion and Analysis of Financial Condition and Results of Operations. The following table summarizes net sales within our reportable segments:
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Accounts Receivable (Tables)
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Aug. 03, 2013
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Components Of Accounts Receivable | The components of accounts receivable are as follows:
1Other accounts receivable consist primarily of third party credit and debit card receivables. |
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Activity In The Allowance For Credit Losses | Activity in the allowance for credit losses is as follows:
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Aging And Delinquency Status Of Credit Card Receivables | The following table illustrates the aging and delinquency status of our credit card receivables:
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Distributions Of Credit Card Receivables Across FICO Score Ranges | The following table illustrates the distribution of our credit card receivables across FICO score ranges:
1Credit scores for our credit cardholders are updated at least every 60 days for active accounts and every 90 days for inactive accounts. Amounts listed in the table reflect the most recently obtained credit scores as of the dates indicated. 2Other consists of amounts not yet posted to customers' accounts and receivables from customers for whom FICO scores are temporarily unavailable. |
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Debt And Credit Facilities (Tables)
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Aug. 03, 2013
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Long-Term Debt | A summary of our long-term debt is as follows:
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Fair Value Measurements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Carrying Value And Fair Value Estimate Of Long-term Debt | The following table summarizes the carrying value and fair value estimate of our long-term debt, including current maturities:
1The carrying value of long-term debt includes the remaining adjustment from our previous effective fair value hedge. |
X | ||||||||||
- Definition
Tabular disclosure of the carrying amounts and estimated fair values of financial instruments not measured at fair value. No definition available.
|
X | ||||||||||
- Details
|
Stock-Based Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
|
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense:
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Earnings Per Share (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Earnings Per Share | The computation of earnings per share is as follows:
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Segment Reporting (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 03, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Information By Reportable Segments | The following tables set forth information for our reportable segments:
1Total Retail Business is not a reportable segment, but represents a subtotal of the Retail segment and Corporate/Other, and is consistent with our presentation in Management's Discussion and Analysis of Financial Condition and Results of Operations. |
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Schedule Of Net Sales By Channel | The following table summarizes net sales within our reportable segments:
|
X | ||||||||||
- Definition
Schedule of Net sales by channel [Table Text Block] No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Accounts Receivable (Components Of Accounts Receivable) (Details) (USD $)
In Millions, unless otherwise specified |
Aug. 03, 2013
|
May 04, 2013
|
Feb. 02, 2013
|
Jul. 28, 2012
|
Apr. 28, 2012
|
Jan. 28, 2012
|
|||||
---|---|---|---|---|---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Credit card receivables | $ 2,351 | $ 2,142 | $ 2,294 | ||||||||
Allowance for credit losses | (85) | (85) | (85) | (105) | (105) | (115) | |||||
Credit card receivables, net | 2,266 | 2,057 | 2,189 | ||||||||
Other accounts receivable | 103 | [1] | 72 | [1] | 108 | [1] | |||||
Accounts receivable, net | 2,369 | 2,129 | 2,297 | ||||||||
Nordstrom VISA credit card receivables [Member]
|
|||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Credit card receivables | 1,419 | 1,348 | 1,418 | ||||||||
Nordstrom private label card receivables [Member]
|
|||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Credit card receivables | $ 932 | $ 794 | $ 876 | ||||||||
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accounts Receivable (Activity In The Allowance For Credit Losses) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Accounts Receivable, Net [Abstract] | ||||
Allowance at beginning of period | $ 85 | $ 105 | $ 85 | $ 115 |
Bad debt provision | 16 | 22 | 30 | 31 |
Write-offs | (21) | (28) | (42) | (54) |
Recoveries | 5 | 6 | 12 | 13 |
Allowance at end of period | $ 85 | $ 105 | $ 85 | $ 105 |
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Credit Card Receivables As A Percent Of Total No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accounts Receivable (Distributions Of Credit Card Receivables Across FICO Score Ranges) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 03, 2013
|
Feb. 02, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
801 plus [Member]
|
Feb. 02, 2013
801 plus [Member]
|
Jul. 28, 2012
801 plus [Member]
|
Aug. 03, 2013
660-800 [Member]
|
Feb. 02, 2013
660-800 [Member]
|
Jul. 28, 2012
660-800 [Member]
|
Aug. 03, 2013
001-659 [Member]
|
Feb. 02, 2013
001-659 [Member]
|
Jul. 28, 2012
001-659 [Member]
|
Aug. 03, 2013
Other [Member]
|
Feb. 02, 2013
Other [Member]
|
Jul. 28, 2012
Other [Member]
|
Aug. 03, 2013
Maximum [Member]
Active cardholder [Member]
|
Aug. 03, 2013
Maximum [Member]
Inactive cardholder [Member]
|
|||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||
Credit card receivables | $ 2,351 | $ 2,142 | $ 2,294 | $ 430 | [1] | $ 310 | [1] | $ 441 | [1] | $ 1,455 | [1] | $ 1,366 | [1] | $ 1,419 | [1] | $ 367 | [1] | $ 379 | [1] | $ 366 | [1] | $ 99 | [1],[2] | $ 87 | [1],[2] | $ 68 | [1],[2] | ||||||
Credit card receivables, % of total | 100.00% | 100.00% | 100.00% | 18.30% | [1] | 14.50% | [1] | 19.20% | [1] | 61.90% | [1] | 63.80% | [1] | 61.80% | [1] | 15.60% | [1] | 17.70% | [1] | 16.00% | [1] | 4.20% | [1],[2] | 4.00% | [1],[2] | 3.00% | [1],[2] | ||||||
Credit scores updated | 60 days | 90 days | |||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Credit Card Receivables As A Percent Of Total No definition available.
|
X | ||||||||||
- Definition
The frequency that the Company updates credit scores for cardholders No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accounts Receivable (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||
---|---|---|---|---|
Aug. 03, 2013
|
Feb. 02, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
Minimum [Member]
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Credit card receivables classified as TDRs | $ 45 | $ 53 | $ 58 | |
Percent of credit card receivables classified as TDRs | 1.90% | 2.50% | 2.50% | |
Days delinquent, accounts most likely to be written off | 30 days |
X | ||||||||||
- Definition
Accounts delinquent 30 days or more are a primary indicator of the credit quality of our credit card receivables, along with aging, as these are the accounts most likely to be written off. No definition available.
|
X | ||||||||||
- Definition
The percentage of outstanding recorded investment related to financing receivables that have been modified by troubled debt restructurings. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt And Credit Facilities (Summary Of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Feb. 02, 2013
|
|
Debt Instrument [Line Items] | |||
Total secured debt | $ 378 | $ 385 | $ 382 |
Total unsecured debt | 2,744 | 2,754 | 2,749 |
Total long-term debt | 3,122 | 3,139 | 3,131 |
Less: current portion | (407) | (6) | (7) |
Total due beyond one year | 2,715 | 3,133 | 3,124 |
Series 2011-1 Class A Notes, 2.28%, due October 2016 [Member]
|
|||
Debt Instrument [Line Items] | |||
Total secured debt | 325 | 325 | 325 |
Debt instrument interest rate | 2.28% | 2.28% | 2.28% |
Maturity date | October 2016 | October 2016 | October 2016 |
Mortgage Payable, 7.68%, due April 2020 [Member]
|
|||
Debt Instrument [Line Items] | |||
Total secured debt | 44 | 49 | 47 |
Debt instrument interest rate | 7.68% | 7.68% | 7.68% |
Maturity date | April 2020 | April 2020 | April 2020 |
Other [Member]
|
|||
Debt Instrument [Line Items] | |||
Total secured debt | 9 | 11 | 10 |
Total unsecured debt | 54 | 66 | 60 |
Senior Notes, 6.75%, due June 2014, net of unamortized discount [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | 400 | 399 | 400 |
Debt instrument interest rate | 6.75% | 6.75% | 6.75% |
Maturity date | June 2014 | June 2014 | June 2014 |
Senior Notes, 6.25%, due January 2018, net of unamortized discount [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | 648 | 648 | 648 |
Debt instrument interest rate | 6.25% | 6.25% | 6.25% |
Maturity date | January 2018 | January 2018 | January 2018 |
Senior Notes, 4.75%, due May 2020, net of unamortized discount [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | 499 | 498 | 498 |
Debt instrument interest rate | 4.75% | 4.75% | 4.75% |
Maturity date | May 2020 | May 2020 | May 2020 |
Senior Notes, 4.00%, due October 2021, net of unamortized discount [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | 499 | 499 | 499 |
Debt instrument interest rate | 4.00% | 4.00% | 4.00% |
Maturity date | October 2021 | October 2021 | October 2021 |
Senior Debentures, 6.95%, due March 2028 [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | 300 | 300 | 300 |
Debt instrument interest rate | 6.95% | 6.95% | 6.95% |
Maturity date | March 2028 | March 2028 | March 2028 |
Senior Notes, 7.00%, due January 2038, net of unamortized discount [Member]
|
|||
Debt Instrument [Line Items] | |||
Total unsecured debt | $ 344 | $ 344 | $ 344 |
Debt instrument interest rate | 7.00% | 7.00% | 7.00% |
Maturity date | January 2038 | January 2038 | January 2038 |
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Includes capital lease obligations. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Debt And Credit Facilities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 2 Months Ended | 6 Months Ended | 2 Months Ended | ||
---|---|---|---|---|---|---|
Aug. 03, 2013
Short-Term Borrowings [Member]
|
Aug. 03, 2013
Unsecured Revolving Credit Facility [Member]
|
Apr. 06, 2013
Unsecured Revolving Credit Facility [Member]
Terminated Credit Facility [Member]
|
Aug. 03, 2013
Commercial Paper [Member]
|
Apr. 06, 2013
Series2007 Variable Funding Note Facility [Member]
Terminated Credit Facility [Member]
|
Apr. 06, 2013
Nordstrom Federal Savings Bank Variable Funding Facility [Member]
Terminated Credit Facility [Member]
|
|
Debt Instrument [Line Items] | ||||||
Total short-term borrowing capacity | $ 800 | |||||
Borrowing capacity of terminated facility | 600 | 200 | 100 | |||
Maturity date | March 2018 | June 2016 | January 2014 | |||
Current borrowing capacity | 800 | |||||
Issuances or borrowings during period | $ 0 | $ 0 | $ 0 | $ 0 | ||
Covenant terms | leverage ratio, defined as Adjusted Debt to Earnings before Interest, Income Taxes, Depreciation, Amortization and Rent ("EBITDAR"), of less than four times | |||||
Debt covenant leverage ratio | 4 | |||||
Covenant compliance | As of August 3, 2013, we were in compliance with this covenant. |
X | ||||||||||
- Definition
Debt Instrument, Debt Covenant Leverage Ratio No definition available.
|
X | ||||||||||
- Definition
Amount issued or borrowed under the credit facility during the period. No definition available.
|
X | ||||||||||
- Definition
Amount that could have been borrowed under the terminated credit facility. No definition available.
|
X | ||||||||||
- Definition
Amount of borrowing capacity under short-term financing arrangements that is available to the entity as of the balance sheet date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value Measurements (Estimate Of The Fair Value Of Long-term Debt) (Details) (USD $)
In Millions, unless otherwise specified |
Aug. 03, 2013
|
Feb. 02, 2013
|
Jul. 28, 2012
|
|||||
---|---|---|---|---|---|---|---|---|
Fair Value Measurements, Long-term Debt [Line Items] | ||||||||
Carrying value of long-term debt | $ 3,122 | [1] | $ 3,131 | [1] | $ 3,139 | [1] | ||
Level 2 [Member]
|
||||||||
Fair Value Measurements, Long-term Debt [Line Items] | ||||||||
Fair value of long-term debt | $ 3,471 | $ 3,665 | $ 3,755 | |||||
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Fair Value Measurements (Narrative) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $)
In Millions, unless otherwise specified |
6 Months Ended | |
---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Fair Value, Measurements, Nonrecurring [Member]
|
||
Fair Value, Measurements, Nonrecurring [Line Items] | ||
Impairment charges | $ 0 | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
|
Commitments and Contingent Liabilities (Narrative) (Details) (Manhattan full-line store [Member], USD $)
In Millions, unless otherwise specified |
Aug. 03, 2013
|
---|---|
Manhattan full-line store [Member]
|
|
Property Assets Subject to Lien [Line Items] | |
Amount of property assets subject to lien | $ 100 |
X | ||||||||||
- Definition
Amount of property assets subject to lien until project completion or fulfillment of our existing installment payment commitment. No definition available.
|
X | ||||||||||
- Details
|
Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 18 Months Ended | 6 Months Ended | |
---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
2012 Program [Member]
|
Aug. 03, 2013
2013 Program [Member]
|
|
Share Repurchase Program [Line Items] | ||||
Share repurchase authorization | $ 800 | $ 800 | ||
Shares repurchased (in shares) | 3.8 | |||
Repurchase of common stock, amount | 214 | 414 | ||
Remaining share repurchase capacity | $ 979 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
|
Stock-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
6 Months Ended | |
---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Share-based Compensation [Abstract] | ||
Options granted (in shares) | 3.7 | 2.9 |
Estimated weighted-average grant-date fair value per option granted (in dollars per share) | $ 14 | $ 15 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Earnings Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Earnings Per Share [Abstract] | ||||
Net earnings | $ 184 | $ 156 | $ 329 | $ 305 |
Basic shares (in shares) | 195.5 | 205.2 | 195.5 | 206.3 |
Dilutive effect of stock options and other (in shares) | 3.3 | 3.5 | 3.4 | 3.7 |
Diluted shares (in shares) | 198.8 | 208.7 | 198.9 | 210.0 |
Earnings per basic share (in dollars per share) | $ 0.94 | $ 0.76 | $ 1.68 | $ 1.48 |
Earnings per diluted share (in dollars per share) | $ 0.93 | $ 0.75 | $ 1.66 | $ 1.45 |
Anti-dilutive stock options and other (in shares) | 3.4 | 5.9 | 4.6 | 6.0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Segment Reporting (Schedule Of Information By Reportable Segments) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | $ 3,104 | $ 2,918 | $ 5,761 | $ 5,453 | ||||||
Credit card revenues | 92 | 88 | 184 | 178 | ||||||
Earnings (loss) before interest and income taxes | 335 | 290 | 610 | 570 | ||||||
Interest expense, net | (37) | (40) | (76) | (80) | ||||||
Earnings (loss) before income taxes | 298 | 250 | 534 | 490 | ||||||
Retail [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 3,245 | 3,063 | 5,958 | 5,639 | ||||||
Credit card revenues | 0 | 0 | 0 | 0 | ||||||
Earnings (loss) before interest and income taxes | 375 | 361 | 675 | 666 | ||||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||||
Earnings (loss) before income taxes | 375 | 361 | 675 | 666 | ||||||
Corporate/Other [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | (141) | (145) | (197) | (186) | ||||||
Credit card revenues | 0 | 0 | 0 | 0 | ||||||
Earnings (loss) before interest and income taxes | (80) | (99) | (149) | (171) | ||||||
Interest expense, net | (31) | (33) | (64) | (67) | ||||||
Earnings (loss) before income taxes | (111) | (132) | (213) | (238) | ||||||
Total Retail Business [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 3,104 | [1] | 2,918 | [1] | 5,761 | [1] | 5,453 | [1] | ||
Credit card revenues | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||
Earnings (loss) before interest and income taxes | 295 | [1] | 262 | [1] | 526 | [1] | 495 | [1] | ||
Interest expense, net | (31) | [1] | (33) | [1] | (64) | [1] | (67) | [1] | ||
Earnings (loss) before income taxes | 264 | [1] | 229 | [1] | 462 | [1] | 428 | [1] | ||
Credit [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Net sales | 0 | 0 | 0 | 0 | ||||||
Credit card revenues | 92 | 88 | 184 | 178 | ||||||
Earnings (loss) before interest and income taxes | 40 | 28 | 84 | 75 | ||||||
Interest expense, net | (6) | (7) | (12) | (13) | ||||||
Earnings (loss) before income taxes | $ 34 | $ 21 | $ 72 | $ 62 | ||||||
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes and extraordinary items. No definition available.
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations (before interest income and interest expense) attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before interest income, interest expense, income taxes and extraordinary items. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Segment Reporting (Schedule Of Net Sales By Channel) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 03, 2013
|
Jul. 28, 2012
|
Aug. 03, 2013
|
Jul. 28, 2012
|
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,104 | $ 2,918 | $ 5,761 | $ 5,453 |
Total Retail segment [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,245 | 3,063 | 5,958 | 5,639 |
Nordstrom [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,523 | 2,423 | 4,541 | 4,381 |
Nordstrom full-line stores [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,098 | 2,114 | 3,815 | 3,830 |
Direct [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 425 | 309 | 726 | 551 |
Nordstrom Rack [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 645 | 577 | 1,261 | 1,134 |
HauteLook and Jeffrey [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | 77 | 63 | 156 | 124 |
Corporate/Other [Member]
|
||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (141) | $ (145) | $ (197) | $ (186) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|