Executive Summary This report examines the value of Nordstrom Inc. stock and offers existing shareholders and prospective shareholders an insight into the value of the company. The purpose of this report is to provide potential shareholders with information as to why they should buy into the company and existing shareholders with information as to why they should hold their stock. Since Nordstrom opened, the company has achieved critical acclaim for outstanding customer service and inventory selection.
Sales have always been on the rise with the exception of a slight dip after the economic recession, but were quickly regained with the expansion of Nordstrom Rack stores. To exemplify this, the company report is divided into four sections that have 3 corresponding sub-points: •Company Background & Current Stage in Growth Lifecycle oHistory oExpansion oInventory •Detailed Financial Information-Microeconomics oFinancial Reporting and Analysis oInvestment & Stock Analysis/Options oProfitability and Value to Investors • Industry, Landscape, Trends & Competitors-Macroeconomics oSustainability Competitive Advantage oPosition in Market •Recent Developments, Analyst Opinions and Wall Street Consensus oManagement Interviews oNordstrom Rack oStore Walk Through Based off of information gathered from these sections it is recommended that current shareholders hold, while potential shareholders buy. Introduction In the year of 1928 Nordstrom emerged onto the retail scene and soon after became one of the premier department stores within the country. This was achieved by the owner’s quest to provide exceptional customer service not vailable at other stores, provide a wide range of modern inventory and promote expansion within the company. Nordstrom is a publicly traded company whose stock has been on the rise for a quite some time. With one minor period of decrease during the economic crisis, Nordstrom has been able to bounce back full force. After analyzing developments in the company background, microeconomics, macroeconomics, and recent developments of Nordstrom’s, it is in potential stockholders best interest to buy into the company while those already invested should hold. Company Background & Current Stage in Growth Lifecycle
History Nordstrom, a store almost everyone knows, comes from a humble beginning. John Nordstrom was born in Alvik Neder Lulea, Sweden in 1871. He came to America at the age of 16 with only five dollars in his pocket and was unable to speak any English. He found odd jobs that took him from New York to Wisconsin, to the redwoods of California, and eventually to Washington. John Nordstrom, with Carl Wallin, a friend of his, opened their first shoe store in 1901. The store was located in Seattle, which marked the start of their venture into the retail industry.
Since the beginning the company was founded on the belief that exceptional customer service was the key to driving their business. Off of this belief the store built a strong customer base, and opened their second store in 1923. John Nordstrom sold his shares to his sons and retired in 1928. Come 1930, his sons, who became the sole owners after acquiring shares from partner Carl Wallin, renamed the store to Nordstrom’s. By implementing outstanding customer service policies and gaining a strong customer base since Nordstrom has always shown an opportunity for growth and expansion leading their market shares to become increasingly valuable.
Expansion With the success of the company Nordstrom had ample opportunities for expansion in the industry in which they capitalized on. During The Great Depression of the 1930’s the two stores made $250,000 in sales and then expanded into Washington and surrounding states. Nordstrom had eight shoe stores in Washington and Oregon, and 13 leased shoe departments in Washington, Oregon and California. “The company’s flagship store, in downtown Seattle, was the largest shoe store in the country. ” By the late 60’s the modern Nordstrom had begun to take shape.
Between 1965 and 1968, the company opened five stores that expanded their merchandise by adding apparel. Through the 70’s the company continued to grow. In 1974 annual sales hit $130 million. By 1980 Nordstrom was the third largest specialty retailer in the country. Sales hit $407 million and in the next few years, sales continued to rise. Nordstrom’s success was due to many factors. Shoes accounted for about 18 percent of total sales. In addition Nordstrom consistently maintained huge inventories and selection, which were usually twice the size of other department stores.
Anchor malls seek the company, as a cornerstone of downtown renovation projects or as an added jewel for high end shopping customers. By being able to expand not only by adding locations, but also by expanding merchandise sold, Nordstrom became a dominant force in the industry and strengthened their market share position. Inventory Expansion was not the only change Nordstrom implemented to differentiate the company from competitors. By broadening their inventory selection and making it more accessible to their customer base, Nordstrom began setting the bar for all retailers in the industry.
With the additions of departments such as juniors and sportswear they began to expand and increase their target market to a younger customer. In the 80’s, Nordstrom modernization continued by adding women and men’s vendors such as Calson, DKNY, Kenneth Cole, and Tommy Bahamma. In May 2000, Nordstrom declared “Reinvent Yourself” as it advertising campaign. Nordstrom transformed into a hip, modernized store to keep current to societies trends. One of the key reasons for their success was the way they handled their inventory.
If a shopper was looking for a blue Marc Jacobs handbag at Nordstrom. com she could see where it was available at a nearby store, and reserve it for pickup the same day. If the Web warehouse was out of that bag or any such item, it did not matter because inventory from Nordstrom’s 115 regular stores is also included. A combination of web site and store inventory is surprisingly rare, and has shown to have great results. The company also improved how shoppers could search for products, allowing searches with multiple criteria options.
All the changes that were implemented were in direct correlation to satisfying the customer, which had positive effect on revenues making them an optimal company to invest in. Detailed Financial Information-Microeconomics The next section is an analysis and research on Nordstrom Inc. financial statistics and data information gathered to investigate and conclude that Nordstrom’s company stock should either by bought, sold, or held. Provided in the next three sections below are evaluations and company figures that illustrate the corporate earnings, investments, and profitability that Nordstrom Inc. as earned in the last three years to the present. Furthermore, the data and information gathered and explained, educates current and potential stockholders in making the appropriate decisions to sell or buy stock into Nordstrom Inc. Financial Reporting and Analysis Nordstrom’s S&P financial report comes from the S&P annual financial report compiled along with several other financial and analytical resources. Nordstrom Inc. remains a top leader and competitor for adult and children’s clothes and accessories. The figure present in the report, strengthen the analysts idea to remain invested in Nordstrom.
For instance, the analysts determines that the best investment options that are accurate to the company’s growth and consistent sales trends are the development of target prices and share purchase activities that result in share for JWN is at 38. 51. The financial data and analysis is an illustration of how Nordstrom Inc. has faired in the stock and investments report of Standard & Poor’s stock report. The report establishes a change in appearance of Nordstrom’s earnings and revenue between 2006, the start of their rise, through 2009, in which their stocks and earnings dropped heavily, and into 2010, they jumped back . 8 points (Asaeda-S&P). The companies revenue and earnings remain constant within the $2,000 (in mil) point sector in 2010 with the first quarter starting at $1,792, the second quarter at 2232, the third quarter at 1963, and the fourth quarter rising at 2640. The results of those figures indicate that at the end of the fiscal year, Nordstrom had produced 8627 million dollar in revenue for the year. Nordstrom’s investments and annual gross through shares, stocks, and dividends from the last five years gives insight on the company’s strategies and what they forecast their financial outcome to be at the end of the fourth quarter.
For instance, if an investor and shareholder wish to hold stock within the company, they must look at the key growth and averages provided in the S&P. Projected from one year to nine years, there has been only one instance where Nordstrom’s growth rate has fallen under the negative mark. Their sales consistently improve quarter by quarter from 4. 29 to 5. 96. The S&P also provides the reader with an analysis’s opinion on where the company is heading now and in the next five years financially.
Based off of the invest ability and quotient percentile rating, JWN scored a 97% of all companies, which were compiled by S&P Report (Asaeda-S&P). The analyst, Jason Asaeda, proposes that investors and stockholders hold onto their shares because the company is expanding its Nordstrom Rack stores, introducing new contemporary brands, and persistently growing new relationships with new customers. Dividend Rate/Share: $0. 80 Market Capitalization (B): $8. 441 Yield (%): 2. 08 Dividends Paid Out: 9/15/10-$0. 200 Price of Stock from Aug 2010-Oct 2010 ($30. 12-38. 51) Compiled from Hoovers Business Solutions: Nordstrom Company Profile) Investment & Stock Analysis/Options For the investment and stock options relevant to Nordstrom’s financial and profit earnings from the past three years, the company looks to be heading for further growth and stability. Nordstrom’s online company page provides a database and review of numbers and data relevant to holding or buying stock in the company. The Nordstrom financial quota illustrates the value of their shareholders and provides information to the reader who may turn out to be potential investors themselves.
Nordstrom’s financial quotes and stock earnings from the company’s site however, illustrate that the fourth quarter options and reports have not been concluded, the annual 2009 stock and financial quote help chart the progress and future operating of the company. In 2009 the cash flow and earnings of Nordstrom decreased during the economic shift with a cash flow of 3. 21 and earnings of 1. 83. In 2010, however, the company improved their core earnings and raised their investments to bring Nordstrom a 22-point increase and a 21-point rise with their corporate earnings (Hoovers/D&B Company).
Hoover’s Business Solutions relays similar financial and analytical data that the S&P has done but also integrates its data in a business sense. Hoover’s database shows that Nordstrom should be held until the end of the fourth quarter of 2010. The reason for this is because the revenue for the company’s stock will decrease in the start of 2011, however will pick up in the second quarter as the fair value of Nordstrom’s stock remains just under $40 a share.
Nordstrom and their earnings helps to credit the estimates of the fourth quarter and provide some validity toward a decision to hold shares and stocks, but continue to remain focused on the first quarter of 2011 for stock will likely rise. The chart below is an estimate and fixed calculation of Nordstrom’s stock option quotes for the month ending in November 2010. Nordstrom, Inc. Stock Quote (NYSE: JWN) Latest 11/26/10 13:00:58 ESTChange ($)Change (%)HighLow $43. 61 -0. 100 -0. 229$43. 90$43. 22 Quotes delayed 15 minutes for NASDAQ, 20 minutes for NYSE and AMEX. Market Data provided by Interactive Data. Powered and Implemented by Interactive Data Managed Solutions. ) Prev. Close$43. 71Open$43. 44 Bid$0. 00Bid Size0 Ask$0. 00Ask Size0 High$43. 9052 Week high$46. 22 Low$43. 2252 Week Low$28. 44 Volume1,405,741Market Cap ($ mil. )9,533 EPS$2. 49P/E Ratio17. 51 Source: JWN: Summary for Nordstrom, Inc. Common Stock- Yahoo! Finance Nordstrom, Inc. Income Statement Jan 10Jan 09Jan 08 Revenue 8,627. 08,573. 08,828. 0 Cost of Goods Sold5,328. 05,417. 05,526. 0 Gross Profit 3,299. 03,156. 03,302. 0 Gross Profit Margin38. 2%36. 8%37. 4% SG&A Expense2,465. 02,386. 2,360. 0 Depreciation & Amortization271. 0281. 0233. 0 Operating Income834. 0779. 0976. 0 Operating Margin9. 7%9. 1%11. 1% No operating Income0. 09. 0271. 0 No operating Expenses(138. 0)—- Income Before Taxes696. 0648. 01,173. 0 Income Taxes255. 0247. 0458. 0 Net Income After Taxes441. 0401. 0715. 0 Continuing Operations441. 0401. 0715. 0 Discontinued Operations—— Total Operations441. 0401. 0715. 0 Total Net Income441. 0401. 0715. 0 Net Profit Margin5. 1%4. 7%8. 1% Diluted EPS from Total Net Income2. 011. 832. 88 Dividends per Share0. 640. 640. 54 Source: JWN: Summary for Nordstrom, Inc.
Common Stock- Yahoo! Finance Profitability and Value to Investors Nordstrom will be to identify the validity and profitability that the consumer has with Nordstrom and if Nordstrom should be sold, held, or bought into. As the S&P report identifies, the company should be held and that the possibility of it’s shares going up are more than likely to occur (Asaeda-S&P). Based off Nordstrom’s current and fixed assets heading into the first quarter of 2011, the investments and earnings will likely grow and expand beyond the first quarter and increase the value of shares and invest ability.
MSN-Money provides information on why to invest with Nordstrom and why to invest right now. The analysis’s that provide the stock and investment info explain where the company is heading toward and whether it would be a profitable decision to buy into the company’s stocks and shares at this moment or wait until the first quarter. If the stocks continue to increase with a 10 to 15 point value each month and even quarter, then the proposed idea for an investor is to hold on to their shares and continue to closely follow Nordstrom’s financial earnings. Yahoo!
Finances and MSN-Money both show Nordstrom’s capital rising from 3435 to 4185 within the year and project it’s owner’s equity to rise with long term debt, furthermore illustrating the fact to not sell nor buy more, but remain stagnant and hold stock. MSN-Money generates a report based on the evidence of the company’s profits and losses, dividends and shares earned from 2006 to 2010. Nordstrom, Inc. Balance Sheet AssetsJan 10Jan 09Jan 08 Current Assets Cash795. 072. 0358. 0 Net Receivables2,035. 01,942. 01,788. 0 Inventories898. 0900. 0956. 0 Other Current Assets326. 0303. 0259. 0 Total Current Assets4,054. 03,217. 03,361. Net Fixed Assets2,242. 02,221. 01,983. 0 Other Non-current Assets283. 0223. 0256. 0 Total Assets6,579. 05,661. 05,600. 0 LiabilitiesJan 10Jan 09Jan 08 Current Liabilities Accounts Payable726. 0563. 0556. 0 Short-Term Debt356. 0299. 0261. 0 Other Current Liabilities932. 0739. 0818. 0 Total Current Liabilities2,014. 01,601. 01,635. 0 Long-Term Debt2,257. 02,214. 02,236. 0 Other Non-current Liabilities736. 0636. 0614. 0 Total Liabilities5,007. 04,451. 04,485. 0 Shareholder’s Equity Preferred Stock Equity—— Common Stock Equity1,572. 01,210. 01,115. 0 Total Equity1,572. 01,210. 01,115. 0 Shares Outstanding (thou. 219,177. 7219,177. 7219,177. 7 Source: JWN: Summary for Nordstrom, Inc. Common Stock- Yahoo! Finance Industry, Landscape, Trends & Competitors-Macroeconomics Sustainability As more and more companies demonstrate sustainable practices, Nordstrom faces the challenge to continue to be innovative and competitive with these practices. Sustainability is extremely essential for businesses to succeed, and those who strive to be the most sustainable in the industry are going to maintain a competitive advantage. The reward is that customers become more aware of the companies practices and acknowledge them through their business.
Companies that are not taking part of this green movement will only suffer and lose their competitive edge. Nordstrom has been able to remain on top within the industry, and practicing sustainability may be a factor. From a Green Movement newsletter, writer Megan Reilly reported on three high-end retailers embracing sustainability. Reilly states, “Department stores are reducing their footprints by cutting back, both in the name of style and sustainability. ” Nordstrom switched to 30% post-consumer waste paper, which they use for catalogs and company newsletters.
This is showing that Nordstrom has made efforts in sustainable practices, but needs to continue to be innovative and competitive in doing so in order to maintain a competitive advantage. Nordstrom is a luxury brand that shows exclusivity, however with today’s environmentally conscious consumers, the company needs to implement sustainable practices while maintaining their edge. In a newsletter written by Barry Silverstein, he reported, “Luxury brands have a lot to gain by conveying they are committed to corporate, social and environmental responsibility. Silverstein goes on saying Nordstrom is one of the leading luxury brands in sustainability and corporate responsibility. In order for Nordstrom to remain a leading company, Silverstein states, “Luxury brand marketers will have to think carefully about just how to reflect this new customer mindset while still maintaining their brand identity and image. ” After researching Nordstrom and its corporate responsibility, the company is competitive enough to remain a leading luxury brand in sustainability, which will only show sales growth and the overall success of the company.
Nordstrom is a good company to invest in because as they continue to demonstrate sustainable practices, the company will continue to see positive results of the business. Competitive Advantage Nordstrom has been able to keep its name and stand above other stores, maintaining a competitive advantage by providing exceptional customer services and by product differentiation. Having a competitive advantage in the industry is a determining factor to investors whether or not they want to invest. The company continues to find new ways and new ideas of doing business to improve sales and remain above competitors.
Nordstrom started a web site to offer more services to its clients by providing a fast and efficient way for them to receive exactly what they want. The New York Times spoke with the president of Nordstrom Direct, Jamie Nordstrom about the new website. Nordstrom stated, “It drove some pretty meaningful results. ” This qualitative source presents knowledge to believe the company will continue to have positive results with business growth, and maintain a competitive edge. Nordstrom is a retailer that continues to see increase in sales due to its exceptional customer service.
Fitch Ratings, a well-known global rating agency, reported, “Overall sales growth, including contribution from new stores, should be in the mid-single digit range…it enables Nordstrom to strengthen its #5 market share position. ” Nordstrom holds the position as a market share consolidator in the department store sector because of its efforts to offer the highest level of customer service, and by differentiating itself through its merchandise. This has given the company a competitive advantage, which they continue to acquire.
Sales have been improving since October 2009, and with the company’s strive to remain on top investors should consider buying stock with the company, or holding the shares. Position in Market Since the opening of Nordstrom’s the company has achieved great brand equity due to their inventory selection, best practices and reputation for outstanding customer service. Therefore, they have a strong market position that will help in deciding whether or not to buy, sell or hold their stock. Also increasing their share of the market is the opening of multiple new off-price retail stores, Nordstrom Rack.
In the April 19th, 2010 CNBC article “Will Nordstrom’s Discount Stores Hurt its Brand”, by Krystina Gustafson, the author discusses the positive and negative aspects of opening an off-price retail outlet. The company decided to open Rack stores because “luxury retailers are increasing their reliance on outlet stores to meet shoppers’ desire for lower price points”. Although opening a store like this is risky because it can hurt sales in full-price retail stores, Nordstrom’s has experienced success and the article states “In March, Nordstrom’s full-line same-store sales rose 17. 6 percent, while same-store sales at Rack increased 4. percent”. In accordance with annual reports from Hoovers and Yahoo! Finance, Nordstrom’s is doing considerably well compared to its competitors with sales of 8627. 00 M while Neiman Marcus had sales of 3643. 30 M (Yahoo! Finance) and Saks Fifth Ave earned revenues of 2,631. 5 (Hoovers). Nordstrom, Inc. Stock Quote (NYSE: JWN) Latest 11/30/10 16:01:09 ESTChange ($)Change (%)HighLow $42. 80 0. 220 0. 517$43. 31$42. 00 Source: “Financials” Hoovers. com Source: “Financials” Hoovers. com Saks Incorporated Stock Quote (NYSE: SKS) Latest 11/30/10 16:00:28 ESTChange ($)Change (%)HighLow $11. 14 -0. 90 -3. 383$11. 44$11. 13 Source: “Financials” Hoovers. com Source:” Financials” Hoovers. com Saks Fifth Avenue has also recently experienced many store closings and a drop in stocks. Therefore, Nordstrom’s represents a larger position in the marketplace. Due to an increase in sales and advantages over competitors, it would be wise for stockholders to hold and potential stockholders to buy. Recent Developments, Analyst Opinions and Wall Street Consensus Management Interviews When obtaining knowledge of a company’s position in their industry, many choose to only look at financial reports.
However interviews and walkthroughs can point out valid reasons for why the Nordstrom stockholders should hold and continue buying stock. Nordstrom is a company that prides themselves on delivering red carpet service to their customer. Their employees are trained to go above and beyond to meet the customer’s needs. Yolanda Larson, the Store Manager for the Nordstrom location at The Grove in Los Angeles, has been able to shed some light on the importance and connection their customer service ethic plays in keeping Nordstrom as one of the top retailers in the nation.
Nordstrom’s unique policies have been able to give them a distinct competitive advantage as well as stabilize their business in the market. Policies such as the process of returning merchandise is one all shoppers know too well, and continues to be a major reason why Nordstrom customers keep their business within the company. Yolanda states that by giving the customer the relief of knowing they can always come back and return merchandise, causes them to want to shop at Nordstrom as opposed to Macy’s or Bloomindales. We’re in a constant battle for peoples business everyday in this industry. Therefore we have to set ourselves apart from the others in a way that customers can appreciate! ” Another interesting process the company implemented were, the tools and information systems they use to keep their customers coming back for more. Nordstrom employees are trained on a system called Personal Book. This system is created to store information under each employee’s number of what customers bought from then and when. This information then gets generated into lists to create your best customers.
Employees reach out constantly to their customers through these lists to let them know when new merchandise arrives, a brand they like has a new collection, or simply just to follow up and see how they are enjoying their purchase and shopping experience. “Our Customers really appreciate the lengths we go to make sure they are satisfied, and this appreciation shows in our increases. ” The increase numbers for many Nordstrom locations across the country have been dominating the market in comparison to their competition.
These increases have also increased the values of shares held in the market as well as the price of the shares to buy in. So holding stock in this company at this time can become increasingly more valuable as the economy continues to stabilize. Yolanda shared what departments have had increases for the year and which departments are driving their business in the current month. She stated that the store overall for the month of November had an increase of 5. 8 percent over last years numbers. Departments leading by example were Cosmetics and Fragrance, Women’s Shoes, Accessories, and Men’s Sportswear. These departments have steady increases almost every month of the year because they have the merchandise that our customers just simply cannot live without. ” Since the economic crisis many retailers have gone out of business or suffered tremendous loss in revenues. “The hard economic times made it hard for retailers to prevail, but here at Nordstrom we like a challenge”, Yolanda stated humorously. Nordstrom as a company only had about a 1. 3 percent decrease in overall sales during the first two years of the economic crisis. Comparing to other retailers who took a hit, this is very minimal.
Those stock holders at that time did lose value in the shares they held, but with the return of our economy and the expansion and increases in business, those holders will soon be making the loss up if not more than they had to begin with. Nordstrom Rack One of the ways they maintained themselves in the industry is also through the launch of their off the rack stores labeled, Nordstrom Rack. These discount stores have been popping up more frequently since the economy took a turn for the worst, and have managed to do quite well.
When receiving valuable insight from the department manager for women’s shoes, Christopher Campbell, he was able to give a brief summary on the recent success of the rack stores. “Coming from managing full-line stores to discount stores, I thought that things would be a bit more relaxed. Boy was I wrong; these stores seem to be busier than the full-line locations. ” While walking through The Rack it was packed with customers from front to back in all sections. Now that the economy has turned around, people are spending more but still continue to search for deals. Until the economy is back to where it was I don’t see full-line returning to what they were. But I do see a future in the Rack and think that it was great way to be more competitive and drive business for current situations into the future. ” Creating a rack store in Manhattan has increased sales, which has also increased the company’s revenues. The big city that never had the luxury of having one of the top apparel retailers now does and is taking full advantage of it. Walking through the stores in three various locations only cemented the thought that Nordstrom is a great success in the apparel retail industry.
The half yearly sale is a great way for Nordstrom to bring customers in to not only see sale merchandise, but to view new regularly priced merchandise. It appeared that customers began to start their holiday shopping which was apparent due to the high ratio of customers leaving with purchases, as opposed to leaving empty handed. The attitude and overall atmosphere was pleasant. Customers were greeted many times by the courteous employees, which gave them the shopping experience Yolanda was talking about, the kind that turns customers into repeat ones. Store Walk Through
Another person with influential information pertaining to our research was the stock manager Kevin Stadler. “Nordstrom is a smart company when it comes to their buying aspect. We receive merchandise transfers all the time from many store location which saves the company a lot of money and also increases profits. ” Kevin explained that when a certain store location is sold out of an item, instead of the company going to the vendor and ordering more, they look to see which store locations have this particular item and have been sitting on it for awhile.
They then have that store transfer the merchandise to the store that has a better target market for it. Inside transfers save the company a lot of money in areas such as delivery, which in a large company like Nordstrom could be quite costly. “ The buyers are smart, the employees deliver the product to the customers in a way that they love, and that is why the company has had success before, during, and will continue to after this economic crisis. ” Recommendations & Conclusions Recommendations for Investors
In conclusion, after carefully reviewing and studying the financial statistics and investment opportunities, it is recommended that a potential stockholder Buy while those already invested should hold with the company. It appears that Nordstrom tends to go up in its sales and revenue near the end of summer and well into the end of the fiscal year. Nordstrom for the past three years has remained stagnate with its quota and looks to be continuing to bring in customers and new contemporary clothing lines that appeal to divers demographics of both male and female consumers.
Nordstrom’s current position as a market share consolidator in the department store sector gives us reason to believe it will continue to hold this position. As reported, sales have been improving since October 2009, and according to Fitch Ratings global agency, overall sales growth will increase, especially with the expansion of Nordstrom Rack and continuation of providing excellent customer service. If Nordstrom continues to maintain a competitive advantage and be innovative and creative within the company they will have positive results.
By holding or buying the stock this will allow for Nordstrom to acquire profit and cash flow from investors. Conclusion Although Nordstrom has seen the effects an economic crisis can have on their company they have continued to drive their business, and sustained their label as a household name. With their rising sales, stock prices, and expansion Nordstrom stockholders should feel confident about their investments in this company and should continue to hold. Those not already invested in JWPN stock at this point are advised to do so. Works Cited
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Fitch Ratings. “Fitch Rates Nordstrom’s New Senior Unsecured Notes ‘A-‘; Outlook Stable. ” TradingMarkets. com. Online Stock Trading Investing Day Trading | TradingMarkets. com. 20 Apr. 2010. Web. 21 Nov. 2010. . Gustafson, Krystina. “Will Nordstrom’s Discount Stores Hurt its Brand? ” CNBC. 14 Apr. 2010. Web. 22 Nov. 2010. . Hoovers/D&B Company. “Nordstrom Inc. | Company Profile from Hoover’s. ” Hoovers Business Solutions from Hoovers. 05 Nov. 2010. Web. 06 Nov. 2010. “JWN Company Report, Financial Results, Key Ratios, Income Statement-MSN Money. Personal Finance and Investing-MSN Money. Ed. Thomas Reuters and Gradient Analytics, Inc. Zacks. com/Gradient Analytics, Inc. /Thomas Reuters and Gradient Analytics, Inc. /Thomas Reuter, Oct. 2010. Web. 08 Nov. 2010. . Larson, Yolanda. “Nordstrom Store Manager. ” Personal interview. 5 Nov. 2010. Mulady, Kathy. “100 Years of Nordstrom. ” Seattle News, Sports, Events, Entertainment | Seattlepi. com – Seattle Post-Intelligencer. Web. 30 Nov. 2010. . “Nordstrom, Inc. Financials | Financial Information from Hoover’s. ” Hoovers | Business Solutions from Hoovers. Web. 0 Nov. 2010. . “Nordstrom. com-Investor Relations-Annual Reports. ” Nordstrom. com Nordstrom. Inc. , 05 Nov. 2010. Web. 06 Nov. 2010. . Stadler, Kevin. “Stock Logistics Manager. ” Personal interview. 05 Nov. 2010. Silverstein, Barry. “Can Luxury Brands Sustain Themselves by Becoming Sustainable? ” Brandchannel (16 Nov. 2010). Brandchannel. com | Always Branding. Always On. Web. 8 Dec. 2010. . Yahoo! “JWN:Summary for Nordstrom, Inc. Common Stock-Yahoo! Finance. ” Yahoo! Finance-Business Finance, Stock Quotes, News. Yahoo! Finance, 08 Nov. 2010. Web. 08 Nov. 2010. .
