nalysis and Interpretation of Profitability Balance sheets and income statements for Nordstrom, Inc. follow. Refer to these financial statements to answer...
chiags1nalysis 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) | 2011 | 2010 | 2009 |
Sales | $ 9,310 | $ 8,258 | $ 8,272 |
Credit card revenues | 390 | 369 | 301 |
Total revenues | 9,700 | 8,627 | 8,573 |
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 taxes | 1,118 | 834 | 779 |
Net interest expense | (127) | (138) | (131) |
Earnings before income taxes | 991 | 696 | 648 |
Income tax expense | (378) | (255) | (247) |
Net earnings | $ 613 | $ 441 | $ 401 |
NORDSTROM, INC. Consolidated Balance Sheets | ||
---|---|---|
($ millions) | January 29, 2011 | January 30, 2010 |
Assets | ||
Current Assets | ||
Cash and cash equivalents | $ 1,506 | $ 795 |
Accounts receivable, net | 2,026 | 2,035 |
Merchandise inventories | 977 | 898 |
Current deferred tax assets, net | 236 | 238 |
Prepaid expenses and other | 79 | 88 |
Total current assets | 4,824 | 4,054 |
Land, buildings and equipment, net | 2,318 | 2,242 |
Goodwill | 53 | 53 |
Other assets | 267 | 230 |
Total assets | $ 7,462 | $ 6,579 |
Liabilities and Shareholders' Equity | ||
Current liabilities | ||
Accounts payable | $ 846 | $ 726 |
Accrued salaries, wages and related benefits | 375 | 336 |
Other current liabilities | 652 | 596 |
Current portion of long-term debt | 6 | 356 |
Total current liabilities | 1,879 | 2,014 |
Long-term debt, net | 2,775 | 2,257 |
Deferred property incentives, net | 495 | 469 |
Other liabilities | 292 | 267 |
Shareholders' equity | ||
Common stock, no par value | 1,168 | 1,066 |
Retained earnings | 882 | 525 |
Accumulated other comprehensive income (loss) | (29) | (19) |
Total shareholders' equity | 2,021 | 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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