Our top priority at Nordstrom is to improve 
our customers’ experience, continuously. 
This priority challenges us each day and is the 
basis for our long-term strategy to provide 
all Nordstrom customers with a best-in-class 
experience centered on service, product and 
capabilities, whenever and wherever they want. 
This commitment to Nordstrom customers is, 
in itself, the foundation of the deep and shared 
commitment of the Board of Directors and 
management to our shareholders—to enhance 
shareholder value over the long run through 
capital allocation discipline and to hold  
ourselves accountable for ﬁnancial results.
About a decade ago, we began investing 
strategically in the company’s multi-channel 
capabilities across stores and online to meet 
the changing expectations of our customers. 
Investing early in technology, merchandising 
and stores, as well as integrating the in-store and 
online experience, helped position the company 
to achieve exceptional growth and superior 
returns. For the last several years, we further 
accelerated our level of investment to fuel  
growth across all our businesses—full-price, 
oﬀ-price, stores and online—to help Nordstrom 
deliver strong results this year and support 
proﬁtable growth for years to come. We expect 
these investments to drive long-term  
shareholder value.
As the Board of Directors looks back on the 
many accomplishments of 2014 and ahead to the 
future, we support our executive management 
team led by Blake, Pete and Erik Nordstrom. 
We view 2014 to be a watershed moment in our 
history, with the successful entry into Canada, 
the expansion of the Rack business through store 
growth, the launch of Nordstromrack.com and 
the acquisition of Trunk Club. These milestones 
are the outcome of our strategy, which is squarely 
focused on serving customers on their terms and 
delivering the Nordstrom experience they expect 
from us. More importantly, our forward-thinking 
strategy puts us on track to achieve our goal of 
top-quartile shareholder return, driven by high 
single-digit sales growth and mid-teens return 
on invested capital. We believe this will lead us to 
be a $20 billion business by 2020, with superior 
returns, creating signiﬁcant shareholder value. 
The hard work and performance of the team have 
not gone unnoticed. Fortune magazine recently 
published their annual ranking of the World’s 
Most Admired Companies, listing Nordstrom at 
#14. This is the seventh consecutive year we’ve 
appeared in the Top 50. Additionally, Nordstrom 
was ranked number one among all companies 
for quality of product/services. Within our peer 
group of general merchandisers, we ranked 
number one overall as well as for innovation, 
people management, use of corporate assets, 
quality of management, long-term investment 
value and quality of products/services. These 
accolades reﬂect the vision, high achievement 
and values we believe the company stands for, 
and the dedication and hard work of more than 
67,000 Nordstrom employees.
This past February, we were fortunate to add 
Shellye Archambeau to the Board of Directors. 
As the chief executive oﬃcer of MetricStream, 
Inc., we believe Shellye enhances an already 
strong Board that is deeply committed to the 
highest standards of ethics, accountability  
and governance.
As we look to the future, we know that change 
will be a constant and that the Nordstrom strategy 
must evolve with customers’ expectations, 
as must the means by which we enhance 
shareholder value. However, most importantly, 
the core principles upon which Nordstrom was 
built will not change. Your Board of Directors 
and your management team are committed 
to maintaining the company’s unmatched 
competitive spirit and unyielding commitment 
to serve and value our customers, employees and 
shareholders. Be assured that Nordstrom and 
its wonderful employees are well positioned to 
deliver the best customer experience possible