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Annual Report 2015

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Annual Report 2015 ANNUAL REPORT 2015 A LOOK AT THE NUMBERS FISCAL YEAR 2015 2014 % CHANGE Net sales $14,095 $13,110 7.5 Earnings before interest and income taxes (EBIT) 1,101 1,323 (16.8) Net earnings 600 720 (16.8) Earnings per diluted share 3.15 3.72 (15.3) Cash dividends paid per share 1.48 1.32 12.1 Special cash dividend paid per share 4.85 n/a n/a NET SALES ($) COMPARABLE SALES EBIT ($) INCREASE (%) 14,09514,09514,09514,095 13,11013,11013,11013,110 1,3501,3501,3501,350 12,16612,16612,16612,166 1,3451,3451,3451,3451,3501,3231,3231,3501,323 1,323 11,11,7676211,76211,762 1,21,249 1,2491,249 1,1011,101 1,101 1,101 10,49710,49710,49710,497 7.27.2 7.27.37.3 7.27.3 7.3 4.0 4.0 4.0 2.5 2.5 2.52.7 2.7 2.7 ’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15 NET SALES PERCENTAGE INCREASE ’11 ’12 ’13 ’14 ’15 12.7 12.1 3.4 7.8 7.5 INVENTORY TURN CASH FLOW RETURN ON ASSETS FROM OPERATIONS ($) AND RETURN ON INVESTED CAPITAL (ROIC) (%)* 2,4512,4512,451 5.56 5.56 5.56 5.37 5.37 5.37 5.07 5.07 5.07 13.3 13.313.913.913.313.913.613.613.913.6 13.6 13.3 13.3 13.3 12.612.6 12.6 12.6 4.67 4.67 4.67 4.4.5467 4.4.5467 4.54 10.710.7 10.7 10.7 1,3201,3201,3201,320 1,1771,177 1,177 1,177 1,2201,2201,2201,220 8.7 8.8.7 9 8.8.78.977 8.98.7 8.7 1,1101,110 1,110 1,110 8.7 8.7 8.7 8.8.17 8.78.1 8.1 6.6 6.6 6.6 ’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15 ’11 ’12 ’13 ’14 ’15 Cash Flow from Operations Return on Assets Cash Flow from Operations attributable ROIC to proceeds from the sale of credit card receivables originated at Nordstrom. Dollars in millions except per share amounts. nordstrom.com/companyreview *See reconciliation of ROIC Non-GAAP financial measure on page 26. 2 DEAR CUSTOMERS EMPLOYEES AND SHAREHOLDERS At Nordstrom, our number one goal is to improve customer months of 2016. With our team’s many years of experience service. This approach has always guided our strategy and successfully managing through challenging cycles, we worked to served our stakeholders well. 2015 was no exception though adjust our sales expectations, inventories and expenses as quickly we faced a challenging retail environment in the second half as possible to reflect these trends. Even with these adjustments, of the year. We ended 2015 with record sales of $14.1 billion, higher markdowns taken as a result of lower-than-planned sales, an increase of approximately $1 billion from the prior year. combined with an elevated promotional environment during We also increased our market share, with net sales growth of the holiday season, caused our earnings results to be below 7.5 percent and a comparable sales increase of 2.7 percent. our expectations. We continue to monitor trends and make For the first half of the year, we achieved results that exceeded appropriate adjustments to ensure that we remain competitive, our expectations. In the second half, we experienced a noticeable have the best product available for our customers and improve shift in consumer spending that has continued into the early our overall results. 3 A RECORD MORE THAN $14.1 billion 47% 5 million IN NET COMPANY SALES WITH SALES INCREASE IN NET SALES NEW CUSTOMERS SHOPPED AT GROWTH OF 7.5% AND COMPARABLE ON NORDSTROMRACK.COM NORDSTROM RACK—THAT’S MORE SALES INCREASE OF 2.7% AND HAUTELOOK THAN AT ANY OTHER CHANNEL NEARLY RETURNED OVER $3 billion $2.4 billion 30% IN TOTAL COMPANY ECOMMERCE SALES— TO SHAREHOLDERS THROUGH SHARE OF ONLINE DEMAND A 21% INCREASE OVER LAST YEAR REPURCHASE AND DIVIDENDS CAME FROM MOBILE CUSTOMER STRATEGY Our customers desire a relevant experience no matter how they We’ve made many strategic decisions over the years to evolve our choose to shop—full-price, off-price, in stores or online. Each business as our customers’ preferences have evolved. Nordstrom represents an opportunity for us to connect with customers was among the first retailers to invest in ecommerce, new on their terms, which means an experience that is increasingly technologies and organizational alignment to support a seamless relevant, convenient and personalized. Our goal is to build a customer experience. While retail and customer expectations seamless ‘One Nordstrom’ customer experience. We know the are changing at an even faster pace today than just a few years value of our strategy, in addition to driving sales, new customer ago, we believe our attention to the customer keeps us focused acquisition and increased market share, is that customers who on long-term success. shop Nordstrom across multiple channels spend more than that BIG SUCCESS IN B.C.: THE OPENING OF OUR FIRST INTERNATIONAL FLAGSHIP STORE IN VANCOUVER, BRITISH COLUMBIA, MARKED THE MOST SUCCESSFUL IN OUR HISTORY. LOCATED IN THE HEART OF DOWNTOWN VANCOUVER, THIS NEW STORE IS AN EXCITING STEP FORWARD IN ENRICHING OUR CUSTOMER EXPERIENCE, 4 AND WILL PROVIDE GREAT LEARNINGS AS WE OPEN FLAGSHIP STORES IN TORONTO IN 2016 AND MANHATTAN IN 2019. of a single-channel customer. The total number of customers continuously improving the experience we offer customers in we serve, the number of new-to-Nordstrom customers and our full-line stores with improved services such as Buy Online & customer engagement (those who shop more than one channel) Pick Up in Store, which we launched in 2008, and more recently, are all up. One highlight of this is that 5 million new customers curbside delivery. shopped Nordstrom Rack in 2015—an important channel for us for acquisition and increased cross-shopping. Comparable sales of our full-price business—Nordstrom U.S. full-line stores and Nordstrom.com—increased 2.3 percent in We’ve made significant investments that enable customers 2015, and net sales for our full-price business, inclusive of Canada to shop seamlessly across stores and online, as well as grow and Trunk Club, increased 5.1 percent. We opened five new full- our business through new markets like Canada and expanded line stores last year including our first international flagship store ecommerce capabilities—all of which have helped increase sales in Vancouver, British Columbia, which was the most successful and market share. Our online business now represents more than opening in Nordstrom history. This store represents a major step 20 percent of our total net sales, a notable increase from eight forward and will help influence the level of service we envision as percent just five years ago. With over $3 billion in capital invested we execute our plans to expand our flagship presence to Toronto over the last five years, we grew net sales by 50 percent, or nearly in 2016 and Manhattan in 2019. We continue to believe Canada $5 billion during this time. We’ve always considered 2015 to be a represents a $1 billion opportunity and we’re pleased with our peak investment year and that hasn’t changed. What has changed results to date. We also opened stores in Ottawa, Ontario; San is the current environment, which requires us to adapt even more Juan, Puerto Rico; and Milwaukee; a second full-line store in as we remain focused on improving profitability. Minneapolis; and relocated one store in Los Angeles. Each new store reflects our latest store design, which is now featured in 10 FULL-PRICE: locations, including significant remodels of our flagship stores in NORDSTROM AND NORDSTROM.COM Seattle and on Michigan Avenue in Chicago. In 2016, we plan to As a full-price retailer, the constant pursuit of newness and open two full-line stores in Toronto, including our second flagship fashion to increase relevance with customers is at the core of store in Canada, our second store in Austin, and we relocated our our business. We’ve also invested to enable a seamless customer store in Honolulu, which opened on March 11, 2016. experience across stores and online. When we execute well, we’re able to differentiate ourselves and offer customers a We believe that by 2020, one-third of our customer experiences consistently great shopping experience on their terms. We’re will end with a package at their front door. As a result, when THE FACE OF THE FUTURE: OUR VANCOUVER STORE FEATURES MODERN NORDSTROM AT YOUR FINGERTIPS: OUR CUSTOMERS LOVE EXPLORING AND DESIGN CONCEPTS, LIKE MORE NATURAL LIGHT AND FLEXIBLE FLOOR LAYOUTS ORDERING—ANYTIME, ANYWHERE—WITH OUR EASY-TO-USE MOBILE APPS. THAT CAN EVOLVE TO MEET OUR CUSTOMERS’ NEEDS. 5 shopping online, how and when that package arrives helps shape OFF-PRICE: NORDSTROM RACK, how that customer views great service. To support the growth NORDSTROMRACK.COM AND HAUTELOOK of Nordstrom.com in 2015 we opened a new fulfillment center Nordstrom Rack is a wonderful source of new customers for the in Elizabethtown, Pennsylvania that, combined with our existing company. It’s provided access to new markets and a pipeline of facilities in Cedar Rapids and San Bernardino, greatly improves new customers since the inception of our Rack business over 40 our ability to meet and exceed our customers’ rising expectations.
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