Home / Knowledge / News / Apparel/Garments / Revenue rises almost 9% at Neiman Marcus in FY'12
Revenue rises almost 9% at Neiman Marcus in FY'12
14
Sep '12
Neiman Marcus Inc. reported financial results for both the fourth quarter and fiscal year ended July 28, 2012. For the fourth quarter of fiscal year 2012, the Company reported total revenues of $1.00 billion compared to $919.7 million in the prior year. Comparable revenues increased 7.9 percent. The Company reported operating earnings for the fourth quarter of fiscal year 2012 of $25.5 million compared to $17.5 million for the fourth quarter of fiscal year 2011.

The Company reported a net loss of $11.1 million for the fourth quarter of fiscal year 2012 compared to a net loss of $61.4 million for the fourth quarter of fiscal year 2011. Excluding the $42.7 million after-tax loss on debt, the Company’s adjusted net loss for the fourth quarter of fiscal year 2011 was $18.7 million.

For fiscal year 2012, the Company reported total revenues of $4.35 billion compared to $4.00 billion in the prior year. Comparable revenues increased 7.9 percent. The Company recorded operating earnings for fiscal year 2012 of $403.6 million compared to $329.7 million for the comparable period a year ago, an increase of 22 percent.

The Company reported net income of $140.1 million for fiscal year 2012 compared to $31.6 million for fiscal year 2011. Excluding the $42.7 million after-tax loss on debt, the Company’s adjusted net income for fiscal year 2011 was $74.3 million.

Other Items

In the third quarter of fiscal year 2012, the Company made a $29.4 million strategic investment in Glamour Sales Holding Limited (Glamour Sales), a privately held e-commerce company based in Hong Kong with leading flash sales websites in Asia. Through the Company’s investment in Glamour Sales, it intends to launch a full-price e-commerce website in China by the end of fiscal year 2013.

The Company’s 37% non-controlling investment in the entity is accounted for under the equity method. The investment is included in other long-term assets within the Consolidated Balance Sheets. During fiscal year 2012, the Company’s investment was reduced by $1.5 million for its equity in losses of Glamour Sales.

In fiscal year 2011, the Company incurred a pre-tax loss on debt extinguishment of $70.4 million (or $42.7 million after-tax) costs of $37.9 million related to the tender and redemption of its senior notes the write-off of $32.5 million of debt issuance costs related to the extinguished debt facilities including its senior secured term loan facility and senior notes. The total loss on debt extinguishment was recorded in the fourth quarter of fiscal year 2011 as a component of interest expense.

The Neiman Marcus Group, Inc. operations include the Specialty Retail Stores segment and the Direct Marketing Segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus, Last Call and Bergdorf Goodman stores.

Neiman Marcus Group Inc

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search