E4-33. Compute, Disaggregate, and Interpret RNOA of Competitors Selected balance sheet and income statement information for the clothing retailers Nordstrom Inc. and L Brands Inc. follows. 2015 Sales 2015 Net Operating Assets 2015 NOPAT 2014 Net Operating Assets Company ($ millions) Ticker Nordstrom............ L Brands ........... JWN LTD $14,095 12,154 $ 679 1,416 $3,081 2,915 $4,744 3,060 a. Compute the 2015 return on net operating assets (RNOA) for each company. b. Disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT) for each company. c. Discuss any differences in these ratios for each company. Identify the factor(s) that drives the dif- ferences in RNOA observed from your analyses in parts a and b