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Neiman Marcus revenues grow 6.25% in Q2 FY'13
28
Feb '13
Neiman Marcus, Inc. reported financial results for the second quarter of fiscal year 2013. For the 13 weeks ended January 26, 2013, the Company reported total revenues of $1.36 billion compared to $1.28 billion in the prior year. Comparable revenues increased 5.3 percent. Operating earnings for the second quarter of fiscal year 2013 were $124.4 million compared to $108.7 million for the second quarter of fiscal year 2012, an increase of 14.5 percent.

The Company reported net earnings of $40.4 million for the second quarter of fiscal year 2013. Excluding the $9.4 million after-tax loss on debt extinguishment as described below under “Other Items”, the Company’s adjusted net earnings for the second quarter of fiscal year 2013 were $49.8 million compared to net earnings of $40.1 million in the prior year. EBITDA for the second quarter of fiscal year 2013 was $169.7 million compared to EBITDA of $152.4 million for the second quarter of fiscal year 2012.

For the 26 weeks ended January 26, 2013, the Company reported total revenues of $2.43 billion compared to $2.28 billion in the prior year. Comparable revenues increased 5.4 percent. The Company reported operating earnings for the 26 weeks ended January 26, 2013 of $252.2million compared to operating earnings of $231.5 million for the comparable period a year ago, an increase of 9.0 percent.

The Company reported net earnings of $90.1 million for the 26 weeks ended January 26, 2013. Excluding the $9.4 million after-tax loss on debt extinguishment as described below under “Other Items”, the Company’s adjusted net earnings for the 26 weeks ended January 26, 2013 were $99.5 million compared to net earnings of $88.5 million in the prior year. EBITDA for the 26 weeks ended January 26, 2013 was $342.9 million compared to EBITDA of $320.7 million for the 26 weeks ended January 28, 2012.

Other Items

The Company incurred a pre-tax loss on debt extinguishment of $15.6 million (or $9.4 million after-tax) which included 1) costs of $10.7 million related to the tender and redemption of its senior subordinated notes and 2) the write-off of $4.9 million of debt issuance costs related to the extinguished debt facility. The total loss on debt extinguishment was recorded in the second quarter of fiscal year 2013 as a component of interest expense.

Non-GAAP Financial Measures

The Company's financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the Company presents the non-GAAP financial measures adjusted net earnings, which excludes certain charges such as the Company's loss on debt extinguishment, and EBITDA. 

Neiman Marcus, Inc

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