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

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Vasanth Kumar
Max Fashion India

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

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Eric Scholler
Groz-Beckert

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search