Home / Knowledge / News / Apparel/Garments / Neiman Marcus Group Q1 FY'14 sales up 5.7%
Neiman Marcus Group Q1 FY'14 sales up 5.7%
19
Dec '13
Neiman Marcus Group LTD LLC reported financial results for the first quarter of fiscal year 2014. On October 25, 2013, the Company announced the completion of the acquisition of Neiman Marcus by an investor group led by Ares Management LLC and Canada Pension Plan Investment Board.

The accompanying consolidated statements of operations and related information present the Company’s results of operations for the period preceding the acquisition (Predecessor) and the period succeeding the acquisition (Successor). The acquisition has been recorded for accounting purposes as of November 2, 2013.

For the first quarter of fiscal year 2014, the Company reported total revenues of $1.13 billion compared to $1.07 billion in the prior year. Comparable revenues increased 5.7 percent. Operating earnings for the first quarter of fiscal year 2014 were $32.1 million compared to $127.8 million for the first quarter of fiscal year 2013.

Operating earnings for the first quarter of fiscal year 2014 includes $109.4 million of transaction costs incurred in connection with the acquisition. Excluding these costs, operating earnings for the first quarter of fiscal year 2014 were $141.5 million.

Including other expenses of $113.7 million and $4.7 million, the Company reported a net loss of $13.1 million for the first quarter of fiscal year 2014 compared to net earnings of $49.6 million in the prior year.

EBITDA for the first quarter of fiscal year 2014 was $78.1 million compared to EBITDA of $173.2 million in the first quarter of fiscal year 2013. Adjusted EBITDA for the first quarter of fiscal year 2014 was $193.2 million compared to Adjusted EBITDA of $179.6 million in the first quarter of fiscal year 2013.

Other Items

The Company recorded other expenses which include 1) transaction costs incurred in connection with the acquisition of the Company of $109.4 million in the first quarter of fiscal year 2014, 2) a management fee due to affiliates of the Company’s former sponsors of $2.8 million for the first quarter of fiscal year 2014 and $2.7 million for the first quarter of fiscal year 2013, and 3) the Company’s equity in loss of a foreign e-commerce retailer of $1.5 million for the first quarter of fiscal year 2014 and $2.0 million for the first quarter of fiscal year 2013.

Click here to read full results

Neiman Marcus Group


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Vasanth Kumar
Max Fashion India

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X