Analyze 2018 year's financials and relate it to the business environment that was current at the time.

Analyze 2019 year's financials and relate it to the current business environment.

Compare finances from 2018 to 2019. What do you think caused these changes?

Nordstrom, Inc. Consolidated Statements of Earnings (In millions except per share amounts) Fiscal year 2019 2018 Net sales $15,132 $15,480 Credit card revenues, net 392 380 Total revenues 15,524 15,860 Cost of sales and related buying and occupancy costs (9,932) (10,155) Selling, general and administrative expenses (4,808) (4,868) Earnings before interest and income taxes 784 837 Interest expense, net (102) (104) Earnings before income taxes 682 733 Income tax expense (186) (169) Net earnings $496 $564