dear customers

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It’s always a pleasure to share good news. Here are a few highlights from 2005, an incredible year for Nordstrom:

We’ve achieved significant progress over the last three years in improving our company’s operating efficiency. While we will continue to see some improvement in this area, moving into 2006, we are strategically positioned and focused on exceeding $8 billion in sales and continuing to improve our pre-tax margin, SG&A and same-store sales.

Our long-term strategy is to drive profitable growth by earning more business from the customers we currently have, serving more customers, and increasing our presence where our customers shop. There are a number of reasons why we believe now is an opportune time to take the next step forward. Here’s a snapshot of the potential that lies ahead:

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