JWN Investor Presentation March 2014
Transcript of JWN Investor Presentation March 2014
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INVESTOR PRESENTATIOMarch 2014
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This presentation contains statements that are forward looking. These statebased upon current expectations and assumptions that are subject to risks
uncertainties. We may not achieve the results projected in these forward-lo
statements, and our actual results could materially differ because of factors
in this presentation, and in the risk factors section of our Form 10-K, Form
and other reports and filings with the Securities and Exchange Commission
Company undertakes no obligation to update or revise any forward-looking
statement to reflect subsequent events, new information or future circumst
FORWARD-LOOKING STATEMENTS
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Our financial moddiversified mix of overarching goalsline growth and mmoved from four interconnected ex
continue to evolvIn addition, we arbase for both Fulstores. In the nexthat half of our saRack and online. investments in e-drive higher salescustomers and grdeliver higher retcompany average
As our customer expectations evolve, were
changing and broadening our touchpointsstrategically. Today, Nordstrom is an integratedretailer serving customers through four distinctyet complementary businesses: in store full-price(Nordstrom full-line stores), in store off-price
(Nordstrom Rack stores), online full-price(nordstrom.com) and online off-price (HauteLookand soon nordstromrack.com). Each businessrepresents a doorway to the Nordstromexperience and a meaningful growth opportunityindividually. And together they contribute to ourability to attract and retain customersnow andin the future. This is important because we knowour most engaged customers shop with us inmultiple channels and give us a greater share oftheir discretionary dollars. Currently, Nordstrom isthe only retailer that can serve customers acrossall these channels.
We always try to leave our customers feelinggood by providing compelling merchandise andthe best experience possible, no matter how theyshop with us. Though its easier said than done in
todays rapidly changing landscape, we believe
we have the team, capabilities and customer
strategy to make it happen. Ever since ourfounding, our success has been defined byempowered, knowledgeable and motivatedpeople dedicated to serving customers. That willnever change.
At Nordstrom weve always aspired to do one thing well: serve our customer in an exceptional way. Weve founwhen we let the customer be our guide. This approach has served us well, driving our strategy and leading to ssuccess. Our goals are simple: to serve our customers better, to always be relevant in their lives and to form lif
while serving our customer face-to-face is the foundation and hallmark of how weve historically served them,service in new ways. Speed, convenience, innovation and personalization have become cornerstones of the cu
by these needs, we continue to invest in the cross-channel experience, combining the accessibility of a pure onhigh-touch inclusivity of our stores. Each channel is meaningful, but we recognize the customer doesnt view ucustomer sees us simply as Nordstrom, and ultimately its by taking a One Nordstrom approach that we can
SUSTAINABLEGROWTH STRATEGY
SUPERIORCUSTOMER EXPERIENCE FINA
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INVESTMENT HIGHLIGHTSWE ARE A 113 YEAR OLD GROWTH COMPANY
SUPERIORCUSTOMER
EXPERIENCE
SUSTAINABLEGROWTH
STRATEGY
STRONGFINANCIAL
MODEL
in achanging world
driving multiplegrowth
opportunities
evolving withgoal of top
quartile returns
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SUPERIOR CUSTOMER EXPERIENCE
SUSTAINABLE GROWTH STRATEGY
STRONG FINANCIAL MODEL
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#1 GOAL: SUPERIOR CUSTOMER EXPERIENC2013 PROGRESS ON STRATEGIC PRIORITIES
FUELED ONLINEGROWTH
EXPANDED SELECTION
IMPROVED FULFILLMENT
SERVED MORECUSTOMERS
IN 41 FUSTO
3 CONSECUTIVE YEARS
~30%DIRECT SALES
GROWTH
ENHANCED MOFF
12%RACKSALES
GROWTH
22NEW
STORES
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COMPETITIVE POSITIONINGSERVING CUSTOMERS THROUGH MULTIPLE CHANNELS
STORES ONLINE
OFF-PRICE
FULL-PRIC
E
nordstromrack.c
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CUSTOMER-CENTRIC STRATEGYGROWTH ENABLED THROUGH MULTI-CHANNEL SYNERGIES
nordstrom.com
OURCUSTOMER
FULL-PRICE
OFF-PRICE
STORES ONLINE
nordstromrack.com
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MULTI-CHANNEL SYNERGIESSERVICE, PRODUCT, TECHNOLOGY, MARKETING
nordstrom.com
OURCUSTOMER
SERVICE &EXPERIENCE
NORDSTROMREWARDS
SINGLE INVENTORYVIEW
MOBILEFASHIONAUTHORITY
MERCHANDISE RETURNS
STOREFULFILL
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MULTI-CHANNEL CUSTOMERINCREASING CUSTOMER LIFETIME VALUE
3-4x
MULTI-CHANNELCUSTOMER SPENDS
MORE THAN
SINGLE CHANNELCUSTOMER
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MULTI-CHANNEL SYNERGIESENABLED BY TECHNOLOGY
2003
2003
2009
Website Revamp
Wi-Fi in All Stores
One Inventory Platform
International Shipping
Social Community
Website Access at POS
Direct to Customer
Buy Online, Pickup In Store
MULTI-CHANNELFOUNDATION
CUSTOMER
EXPERIENCE
2011-2012
Private Sale
Enhanced Mobile Website
Mobile POS Devices
Free Shipping & Returns
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MULTI-CHANNEL SYNERGIESENABLED BY LOYALTY
2X MORE TRIPS3X MORE SPEND
3.8M ACTIVE MEMBERS,13% INCREASE FROM LY
1 MILLION NEW ACCOUNTS
38% CARD PENETRATION,UP FROM 36% LY
NORDSTROM REWARDS
AS OF FY 2013
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MULTI-CHANNEL SYNERGIESENABLED BY STRATEGIC PARTNERSHIPS
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SUPERIOR CUSTOMER EXPERIENCE
SUSTAINABLE GROWTH STRATEGY
STRONG FINANCIAL MODEL
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FULL-LINE: MODERATING GROWTHINCREASING RELEVANCE
117 STORES
ANNOUNCEOPENINGS INCLUDING
STORE REIN
DRIVEN BY EXPERIENC
RELEVANT - SERVICE- PRODUC
- ENVIRON
PL
SOUTHERNCALIFORNIA22 STORES
NORTHERNCALIFORNIA12 STORES
NORTHWEST14 STORES
SOUTHWEST14 STORES
SOUTHEAST13 STORES
CAPITAL14 STORES
MIDWEST16 STORES
NORTHEAST12 STORES
STORE COUNT AS OF FEB 1, 2014
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2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014E
2015E
2016E
RACK: ACCELERATING GROWTHSERVING MORE CUSTOMERS
140 STORES
PLANS TO R~230 STORE
47 OF TOP 5FULL-LINE B
ULTIMATE THUNT EXPE
FASTER CHFROM MOB
PL
STORE COUNT
~230
140
STORE COUNT AS OF FEB 1, 2014
49
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ONLINE: AGGRESSIVE GROWTHSTRIVING TO BE THE BEST-IN-CLASS ONLINE
STRATEGICPILLARS
CUSTOMEREXPECTATIONS
2013PROGRESS
SELECTION INCREASED BREADTH
AND DEPTH
ACHIEVED PARITY WITHSTORES IN 2012
30% INCREASE INSELECTION IN 2013
EXPANDEKEY BRA
CONVENIENCE
EASY TO SHOP
FAST DELIVERY
25% OF ONLINE SALESFROM MOBILE/TABLET
FASTER CLICK TO FULFILL
INTEGRASTORE E
FASTER F
EXPERIENCE PERSONALIZATION / FIT50% INCREASE INPRODUCTRECOMMENDATIONS
INCREASPERSONA
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CANADA: INTERNATIONAL GROWTHEXPANDING TO NEW MARKETS
6 ANNOUNCSTORE OPE
$1B SALES P- 8-10 FUL
- 15-20 RA
BUILDINGINFRASTRU
PL
CALGARY
CHINOOK CENTRE(FALL 2014)
OTTAWA
RIDEAU CENTRE(SPRING 2015)
VANCOUVER
PACIFIC CENTRE(FALL 2015)
TORONTOEATON CENTRE (FALL 2016)
YORKDALE SHOPPING CENTRE (FALL 2016)SHERWAY GARDENS (SPRING 2017)
ANNOUNCED STORE COUNT AS OF FEB 1, 2014
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2014 EXPECTED MILESTONESGROWTH AND EXECUTION
STORES ONLINE
OFF-PRICE
FULL-PRIC
E
OPENING 27RACK STORES
IMPROVING ONEXPERIENC
EXPANDED SELEINCREASED PERSONA
OPENING 3FULL-LINE STORES
CALGARY, CANADAJACKSONVILLE, FL
HOUSTON, TX
LAUNCHINGnordstromrack.com
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SUPERIOR CUSTOMER EXPERIENCE
SUSTAINABLE GROWTH STRATEGY
STRONG FINANCIAL MODEL
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2013 HIGHLIGHTSEXECUTING ON GROWTH STRATEGY
REFER TO APPENDIX FOR RECONCILIATION OF ROIC (NON-GAAP FINANCIAL MEASURE)
SALE
$12B
ROIC
13.6%
EPS
$3.71EXCEEDED PRIOR
OUTLOOK$3.65 TO $3.70
WHILE INCREASINGCAP EX BY +50%
RECORDPERFORMA
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LONG-TERM FINANCIAL GOALSGROWTH AND RETURNS LEADING TO TOP-QUARTILE TSR
SALES ($B) ROIC (%)
REFER TO APPENDIX FOR RECONCILIATION OF ROIC (NON-GAAP FINANCIAL MEASURE)
YOY% (6) 0 13 13 12 3
8.3 8.3
9.3
10.5
11.8 12.2
2008 2009 2010 2011 2012 2013
11.6
12.1
13.6
13.3
2008 2009 2010 2011
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STRONG EXECUTIONRECORD SALES PRODUCTIVITY AND EBIT
SALES PER SQUARE FOOTTOTAL COMPANY AND 4-WALL
EBIT ($M)
779834
1,118
1,249
2008 2009 2010 2011
388
368
397
431
470 474
360
337
372
397
417408
2008 2009 2010 2011 2012 2013
NOTE: 4-WALL INCLUDES FULL-LINE AND RACK STORES
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2009 2010 2011 2012 2013
BALANCED CAPITAL ALLOCATIONRETURNING VALUE TO SHAREHOLDERS
1.3 1.2 1.2 1.1 1.3 CASH FLOW FRO
$0.7B CAP EX
$0.2B DIVIDENDS
$0.5B SHARE REPUR
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5 YEAR CAPITAL PLANALIGNING CAPITAL INVESTMENTS WITH GROWTH
NEXT 5 YEARS (FY14-1
$3.9B
LAST 5 YEARS (FY09-13)
$2.2B
NEW STORES0.5
CANADA/MANHATTAN
0.1
TECHNOLOGY0.5
REINVEST1.1
NEW STORES0.9
CANADA/MANHATTAN
0.9
TECHNOLOGY1.2
REINVEST0.9
NOTE: NEW STORES INCLUDE RELOCATIONS AND TECHNOLOGY INCLUDES FULFILLMENT
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LONG-TERM SALES GROWTHMULTIPLE GROWTH DRIVERS
STORES ONLINE
OFF-PRICE
FULL-PRICE
FULL-LINE62%OF SALES
RACK22%OF SALES
DIRECT13%OF SALES
HAUTELOOK3%
OF SALES
NEXT S
~50EXPECRACK A
GOALS
HIGSAL
MID
MODERATING GROWTHEntry into Canada & Manhattan
AGGRESSIVE GROWTHImproving online experience
AGGRESSIVE GROWTHLeverage capabilities
ACCELERATING GROWTHStore growth in U.S. & Canada
% OF SALES BASED ON FY 2013 RETAIL NET SALES
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EVOLVING FINANCIAL MODELINVESTMENTS FUELING GROWTH AND RETURNS
CRACKONLINE
ASTO
$1PO
INF& PCO
~230STORES BY 2016FROM 140 IN 2013
HIGH EBITMARGIN
NEW STOREDYNAMICS
FASTESTGROWING BUSINESS
HIGH EBITGROWTH
TECHNOLOGY &FULFILLMENT
FULL-LINE
PRODUCTIVITY &STOREENVIRONMENT
MODERATINGGROWTH
COREOF NORDSTROM
BRAND
CONSIDERATIONS
OPPO
RTUNITY
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$12.2B
13.6%
$57
ACCELERATINGRETURNS
RECESSION/RECOVERY
FUELINGGROWTH & RETURNS
LONG-TERM PROFITABLE GROWTHGOALS: HIGH SINGLE-DIGIT SALES GROWTH & MID-TEENS
ROIC
SALES
2004 - 2007 2011 - 2013 NEXT 5 Y2008 - 2010
REFER TO APPENDIX FOR RECONCILIATION OF ROIC (NON-GAAP FINANCIAL MEASURE)
STOCK PRICE (Y/E)
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VALUE CREATIONRETURNING VALUE TO SHAREHOLDERS
HIGH SINGLE-DIGIT
SALES GROWTH MID-TEENS ROIC
TOTAL SHAREHOLDER RETURN CALCULATED AS OF JANUARY 31, 2014
LONG-TERMFINANCIAL GOALS
14%
38%
3 YR 5 YR
TOTAL SHAREHOLDER
S&P 500 NORD
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2014 OUTLOOKEPS OF $3.75 TO $3.90
OUTLOOK EXCL. CANADA**
YOY GROWTH % LOW HIGH LOW HIGH
TOTAL SALES 6 8 5 7
NET EARNINGS 0 4 2 6
EBITDAR * 4 6 4 7
EBIT 0 3 1 5
* EBITDAR PRESENTED TO EXCLUDE DEPRECIATION AND RENT, WHICH ARE IMPACTED BY GROWTH INVESTMENTS. REFEBITDAR RECONCILATION (NON-GAAP FINANCIAL MEASURE)
** EXCLUDES EBIT LOSS RELATED TO CANADA OF ~($35M) ESTIMATED IN 2014 AND ($14M) IN 2013
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APPENDIX
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NORDSTROM, INC.
NET EARNINGS TO EBITDAR (NON-GAAP FINANCIAL MEASURE)
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( )(unaudited; amounts in millions)
Earnings before interest, income taxes, depreciation, amortization and rent ("EBITDAR") removes the impact of our cur rent growth-related initiatives including contiinvestments in e-commerce and technology, and entrance into new markets such as Manhattan and Canada. Removing these types of expenditures gives us a consisteour core performance against prior periods as well as in comparison to our competitors. In addition, we regularly review EBITDAR as part of our Adjusted Debt to EBmeasure as disclosed in our Q4 2013 earnings release.
EBITDAR is not a measure of financial performance under GAAP and should be considered in addition to, and not as a substitute for, net earnings or other financial accordance with GAAP. EBITDAR does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments, including leasnecessary to pay interest and principal on our debt. Our method of determining non-GAAP financial measures may differ from other companies methods and therefo
those used by other companies. The financia l measure calculated under GAAP which is most direc tly comparable to EBITDAR is net earnings. The following is a recEBITDAR:
12 fiscal months ended
Canada Impact
2014 Guidance 2014 G
2013 LOW HIGH 2013 LOW
Net earnings $ 734 $ 737 $ 766 $ 734 $ 737
Add: income tax expense 455 471 490 455 471
Add: interest expense 161 136 136 161 136
Add: Canada loss - - - 14 35
Earnings before interest and income taxes (EBIT)/Adjusted EBIT 1,350 1,344 1,392 1,364 1,379
Add: depreciation and amortization1
462 514 514 462 514
Add: rent expense 125 147 147 125 147
Less: Canada depreciation, amortization and rent - - - - (5)
EBITDAR/Adjusted EBITDAR $ 1,937 $ 2,005 $ 2,053 $ 1,951 $ 2,035
Year over Year Growth
Net earnings/Adjusted net earnings 0% 4% 2%
EBIT/Adjusted EBIT 0% 3% 1%
EBITDAR/Adjusted EBITDAR 4% 6% 4%
1
Amortization includes the amortization of intangib le assets and non-cash acquisition charges.
NORDSTROM INVESTOR RELATIONS
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CONTACT
INFO
NORDSTROM INVESTOR RELATIONS1301 2ndAVE, SEATTLE, WA [email protected]
ROB CAMPBELLTREASURER & VICE PRESIDENT, [email protected]
TRINA SCHURMANDIRECTOR, INVESTOR RELATIONS
LACY FITZPATRICKSENIOR INVESTOR RELATIONS [email protected]
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]