Nordstrom, Inc. and subsidiaries  5
COMPETITIVE CONDITIONS
We operate in a highly competitive business environment. We compete with other national, regional, local and online retailers that may carry 
similar lines of merchandise, including department stores, specialty stores, off-price stores, boutiques and Internet businesses. Our specific 
competitors vary from market to market. We believe the keys to competing in our industry are providing great customer service and customer 
experiences in stores and online, which includes compelling price and value, fashion newness, quality of products, selection, convenience, 
technology, product fulfillment, personalization and appealing, relevant store environments in top locations.
INVENTORY
We plan our merchandise purchases and receipts to coincide with expected sales trends. For instance, our merchandise purchases and 
receipts increase prior to our Anniversary Sale, which has historically extended over the last two weeks of July. We also purchase and 
receive a larger amount of merchandise in the fall as we prepare for the holiday shopping season (from late November through December). 
Beginning in 2012, we increased our investment in pack and hold inventory at Nordstrom Rack, which involves the strategic purchase of 
merchandise from some of our full-line stores’ top brands in advance of the upcoming selling seasons to take advantage of favorable buying 
opportunities. This inventory is typically held for six months on average and has contributed to the growth in our Nordstrom Rack business. 
We pay for our merchandise purchases under the terms established with our vendors.
In order to offer merchandise that our customers want, we purchase from a wide variety of high-quality suppliers, including domestic and 
foreign businesses. We also have arrangements with agents and contract manufacturers to produce our private label merchandise. We 
expect our suppliers to meet our “Nordstrom Partnership Guidelines,” which address our corporate social responsibility standards for matters 
such as legal and regulatory compliance, labor, health and safety and the environment, and are available on our website at Nordstrom.com.
EMPLOYEES
During 2014, we employed approximately 67,000 employees on a full- or part-time basis. Due to the seasonal nature of our business, 
employment increased to approximately 68,000 employees in July 2014 and 73,500 in December 2014. All of our employees are non-union. 
We believe our relationship with our employees is good.
CAUTIONARY STATEMENT
Certain statements in this Annual Report on Form 10-K contain or may suggest “forward-looking” information (as defined in the Private 
Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including, but not limited to, anticipated financial outlook for the 
fiscal year ending January 30, 2016, anticipated annual total and comparable sales rates, anticipated new store openings in existing, new 
and international markets, anticipated Return on Invested Capital and trends in our operations. Such statements are based upon the current 
beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. Actual future results may differ 
materially from historical results or current expectations depending upon factors including, but not limited to:
• successful execution of our customer strategy, including expansion into new markets, acquisitions, investments in our stores and 
online, our ability to realize the anticipated benefits from growth initiatives, our ability to provide a seamless experience across all 
channels, and the timely completion of construction associated with newly planned stores, relocations and remodels, all of which may 
be impacted by the financial health of third parties,
• our ability to manage the transformation of our business/financial model as we increase our investments in growth opportunities,