Prepare a variance (horizontal) analysis for Nordstorm for the three most current years for each of the financial statements listed below. Provide an explanation for significant variances in the financial statement line items. Do not select totals / subtotals eg. total assets, total liabilities, net income, etc). For each statement, a minimum of 2-3 line items should be supported by an explanation, but not less than 5 in total.

A. Balance Sheet B. Income Statement

Financial Statements..

Income Statement

Company Name								Company Name
Trend Analysis								Trend Analysis
Years Ended 2021 and 2020								Years Ended 2020 and 2019
In Billons / Thousands								In Billons / Thousands
		Year		Increase / (Decrease)		Item*				Year		Increase / (Decrease)		Item *
		2021	2020	Amount	Percentage					2020	2019	Amount	Percentage
Revenues		1,072	1,552	- 480	-31%			Revenues		1,552	1,586	- 34	-2%
Cost of Goods Sold		758	1016	- 258	-25%			Cost of Goods Sold		1016	993	23	2%
Depreciation & Ammortization Expenses		839	844	- 5	-1%			Depreciation & Ammortization Expenses		844	672	172	26%
Gross Income		314	559	- 245	-44%			Gross Income		559	571	- 12	-2%
SG&A Expenses		396	478	- 82	-17%			SG&A Expenses		478	480	- 2	0%
Unusual Expenses		225	32	193	603%			Unusual Expenses		32	72	- 40	-56%
EBIT after Unusual Expenses		-105	32	- 137	-428%			EBIT after Unusual Expenses		32	72	- 40	-56%
Non-Operating Interest Income		3	10	- 7	-70%			Non-Operating Interest Income		10	15	- 5	-33%
Interest Expense		184	112	72	64%			Interest Expense		112	119	- 7	-6%
Pretax Income		-123	682	- 805	-118%			Pretax Income		682	733	- 51	-7%
Income Tax		-538	186	- 724	-389%			Income Tax		186	169	17	10%
Net Income		-690	496	- 1,186	-239%			Net Income		496	564	- 68	-12%

Balance Sheet

Company Name								Company Name
Trend Analysis								Trend Analysis
Years Ended 2021 and 2020								Years Ended 2020 and 2019
In Millons / Thousands								In Millons / Thousands
		Year		Increase / (Decrease)		Item*				Year		Increase / (Decrease)		Item*
		2021	2020	Amount	Percentage					2020	2019	Amount	Percentage
Assets		954	974	- 20	-2%			Assets		974	789	185	23%
Cash & Short Term Investments		681	853	- 172	-20%			Cash & Short Term Investments		853	957	- 104	-11%
Total Accounts Receivable		805	179	626	350%			Total Accounts Receivable		179	148	31	21%
Inventories		186	192	- 6	-3%			Inventories		192	198	- 6	-3%
Other Current Assets		293	278	15	5%			Other Current Assets		278	291	- 13	-4%
Total Current Assets		364	323	41	13%			Total Current Assets		323	337	- 14	-4%
Net Property, Plant & Equipment		531	595	- 64	-11%			Net Property, Plant & Equipment		595	392	203	52%
Intangible Assets		249	249	-	0%			Intangible Assets		249	249	-	0%
Other Assets		334	305	29	10%			Other Assets		305	342	- 37	-11%
Liabilities and Shareholder's Equity		954	974	- 20	-2%			Liabilities and Shareholder's Equity		974	789	185	23%
ST Debt & Current Portion LT Debt		866	354	512	145%			ST Debt & Current Portion LT Debt		354	110	244	222%
Accounts Payable		185	147	38	26%			Accounts Payable		147	137	10	7%
Other Current Liabilities		14	17	- 3	-18%			Other Current Liabilities		17	19	- 2	-11%
Total Current Liabilities		412	352	60	17%			Total Current Liabilities		352	338	14	4%
Long-Term Debt		446	455	- 9	-2%			Long-Term Debt		455	268	187	70%
Other Liabilities		439	474	- 35	-7%			Other Liabilities		474	775	- 301	-39%
Total Liabilities		923	876	47	5%			Total Liabilities		876	701	175	25%
Common Equity (Total)		305	979	- 674	-69%			Common Equity (Total)		979	873	106	12%
Total Shareholders' Equity		305	979	- 674	-69%			Total Shareholders' Equity		979	873	106	12%
Total Equity		305	979	- 674	-69%			Total Equity		979	873	106	12%