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Non-Tech : JWN - Nordstrom now on NYSE, and with Nordstrom.com -- Ignore unavailable to you. Want to Upgrade?

To: DADEPFAN who wrote (27)	5/14/2002 4:55:40 PM
From: DADEPFAN	Read Replies (1) \| Respond to of 32

Nordstrom sees charges for Web site, accounting May 13, 2002 4:45:00 PM ET SEATTLE, May 13 (Reuters) - High-end department store chain Nordstrom Inc. (JWN) on Monday said it reached an agreement with Benchmark Capital Partners and Madrona Investment Group to acquire their minority interest in the Nordstrom.com Web site for $70 million, most of which will be recorded as one-time charge in the first quarter ended April 30. Nordstrom said the exact dollar amount of the charge is still being determined, but it is not expected to exceed the estimated range of $55 million to $65 million disclosed in the company's financial statements for the year ended Jan. 31. Separately, Nordstrom said it completed the impairment test required by the new Statement of Financial Accounting Standards No. 142, or "FAS 142," "Goodwill and Other Intangible Assets," which went into effect Feb. 1 and eliminates amortization of goodwill, but requires annual impairment tests to ensure goodwill valuations remain appropriate. As a result, Nordstrom said it expects to record a noncash, pretax charge of $21.9 million in the first quarter, which will be reflected in the statement of operations as a "cumulative effect of accounting change." The after-tax impact is expected to be 10 cents per share. Nordstrom shares closed on Monday at $24.46, up 23 cents, or just under 1 percent. REUTERS © 2002 Reuters