nalysis and Interpretation of Profitability Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer...

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nalysis and Interpretation of Profitability
Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer the requirements.

NORDSTROM, INC.
Consolidated Statements of Earnings
For Fiscal Years Ended ($ millions)201120102009
Sales$ 9,310$ 8,258$ 8,272
Credit card revenues390
369
301
Total revenues9,7008,6278,573
Cost of sales and related buying and occupancy costs(5,897)(5,328)(5,417)
Selling, general and administrative expenses   
Retail(2,412)(2,109)(2,103)
Credit(273)
(356)
(274)
Earnings before interest and income taxes1,118834779
Net interest expense(127)
(138)
(131)
Earnings before income taxes991696648
Income tax expense(378)
(255)
(247)
Net earnings$ 613$ 441$ 401

 

NORDSTROM, INC.
Consolidated Balance Sheets
($ millions)January 29, 2011January 30, 2010
Assets  
Current Assets  
Cash and cash equivalents$ 1,506$ 795
Accounts receivable, net2,0262,035
Merchandise inventories977898
Current deferred tax assets, net236238
Prepaid expenses and other79
88
Total current assets4,8244,054
Land, buildings and equipment, net2,3182,242
Goodwill5353
Other assets267
230
Total assets$ 7,462$ 6,579
Liabilities and Shareholders' Equity  
Current liabilities  
Accounts payable$ 846$ 726
Accrued salaries, wages and related benefits375336
Other current liabilities652596
Current portion of long-term debt6
356
Total current liabilities1,8792,014
Long-term debt, net2,7752,257
Deferred property incentives, net495469
Other liabilities292267
Shareholders' equity  
Common stock, no par value1,1681,066
Retained earnings882525
Accumulated other comprehensive income (loss)(29)
(19)
Total shareholders' equity2,021
1,572
Total liabilities and shareholders' equity$ 7,462$ 6,579

 

(a) Compute net operating profit after tax (NOPAT) for 2011. Assume that the combined federal and statutory rate is: 37.0%. (Round your answer to the nearest whole number.) 
2011 NOPAT = $

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