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Neiman Marcus Group Q1 FY’14 sales up 5.7%

December 19, 2013 (United States Of America)

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.

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Neiman Marcus Group
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