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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Dollar, share and square footage amounts in millions except percentages, per share and per square foot amounts
OVERVIEW
Nordstrom is a leading fashion specialty retailer offering apparel, shoes, cosmetics and accessories for women, men and children. We offer 
an extensive selection of high-quality brand-name and private label merchandise through our various channels: “Nordstrom” branded full-line 
stores and online store at Nordstrom.com, Nordstrom Rack stores, Nordstromrack.com and HauteLook and other retail channels, including 
Trunk Club showrooms and TrunkClub.com, our Jeffrey boutiques and our clearance store that operates under the name “Last Chance.” As 
of January 31, 2015, our stores are located in 38 states throughout the United States and in one province in Canada. In addition, we offer our 
customers a Nordstrom Rewards™ loyalty program along with a variety of payment products and services, including credit and debit cards.
We continue to see the ongoing evolution of retail, with increasing customer interaction between our stores and ecommerce. We are making 
progress to meet customer expectations of a personalized experience that merges the richness of stores with the convenience of online. 
Because the customer views us simply as Nordstrom, we believe there is tremendous value in strengthening our platform for the customer 
experience that encompasses full-price, off-price, in-store and online. While each channel represents a substantial growth opportunity, there 
are significant synergies across channels to create a unique customer experience to gain market share. 
We considered 2014 a watershed year in our company history, with our successful entry into Canada, continued expansion of our Nordstrom 
Rack business through store growth, the launch of Nordstromrack.com and the acquisition of Trunk Club. Our performance in 2014 reflected 
continued progress in executing our customer strategy through investments to drive growth across channels. We achieved total net sales 
growth of 7.8%, adding nearly $1 billion to our top-line and delivering record sales and earnings per diluted share. Our financial position 
remains strong and this marked the sixth consecutive year we generated over $1 billion in cash flow from operations. 
Our partnership with vendors and brands enhances our product offering. We offer Topshop merchandise at 53 full-line stores and online, with 
plans to reach over 80 stores in 2015. Our new partnership with Madewell in 2015, initially available at 15 of our stores and online, is another 
way to provide sought-after brands that appeal to new and existing customers.
In 2014, we opened our first full-line store in Canada in Calgary, Alberta, reflecting a multi-year effort from our team to address the unique 
challenges of crossing the border. With our store outperforming our expectations, we are encouraged with our customers’ response in this 
market. We are looking forward to opening stores in 2015 in Ottawa, Ontario and Vancouver, British Columbia. In the U.S. we increased our 
presence with two full-line stores in The Woodlands, Texas and Jacksonville, Florida. In 2015, we plan to open three full-line stores in Puerto 
Rico, Minneapolis, Minnesota and Milwaukee, Wisconsin.
At Nordstrom Rack, we offer customers great brands at great prices, with 48 of the top 50 full-line brands represented. We opened 27 
Nordstrom Rack stores in 2014, a record number of openings, contributing to Nordstrom Rack’s total sales growth of 17%. 
Our online businesses continue to be our fastest-growing channels. In the spring of 2014, we expanded our capabilities through the launch of 
Nordstromrack.com, providing a seamless integration with HauteLook. We more than doubled our merchandise selection, which accelerated