This memo will provide a brief history and financial overview of Nordstrom, a high-end, quality clothing store operating in 28 states with more than 200 stores according to Nordstrom’s Business Wire press release on December 2, 2010 (Nordstrom, 2010). Additionally, an overview of the financial information includes specific details from the balance sheet, income statements, and statement of cash flow for 2007 through 2009 and any latest reporting for 2010. The statements are attached for reference. Company History
Wallin & Nordstrom was founded in 1901 by John W. Nordstrom and Carl Wallin as a shoe store in downtown Seattle. John retired in 1928 and Carl a year later, both sold their shares to John’s sons. In 1963 Nordstrom expanded to include fine apparel, in 1966 they expanded further to include clothing for men and children and changed the name of the store to Nordstrom Best. Bruce Nordstrom, known as Mister Bruce by Nordstrom employees, took over in 1968 and can still be found in his office above the downtown flagship store even though Blake, Peter, and Eric Nordstrom currently run the company. In 1971 Nordstrom went public; in 1973 the name changed to Nordstrom, Inc. (Nordstrom, 2010). Stock Exchange And Audit Firm
Nordstrom stock trades on the New York Stock Exchange under the ticker symbol JWN (New York Stock Exchange, 2010). Nordstrom stock has done well over the past decade, . oOn December 18, 2000 the closing price for Nordstrom stock was $8.094 with a volume of 1,004,800; on December 17, 2010 the closing price was $42.31 with a volume of 2,158,179 (Nasdaq, n.d.). Deloitte & Touche, LLP is the public accounting firm “…retained by Nordstrom to audit Nordstrom’s consolidated financial statements and the effectiveness of the Company’s internal control over financial reporting” (Nordstrom, 2010, Annual Report, p. 40). Cash and Cash Equivalent Assets for 2008-2009
The statement of cash flows report provides...