Neiman Marcus Group LTD LLC reported financial results for the second 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.
The Company has prepared its discussion of the results of operations for the twenty-six weeks ended February 1, 2014 by comparing the results of operations of the Predecessor for the twenty-six weeks ended January 26, 2013 to the combined amounts obtained by adding the operations and cash flows for the Predecessor thirteen week period ended November 2, 2013 and the Successor thirteen week period ended February 1, 2014.
Although this combined presentation does not comply with generally accepted accounting principles (GAAP), the Company believes that it provides a meaningful method of comparison. The combined operating results have not been prepared on a pro forma basis under applicable regulations and may not reflect the actual results the Company would have achieved absent the Acquisition, the impact of the Acquisition had it occurred at the beginning of the period and may not be predictive of future results of operations.
For the 13 weeks ended February 1, 2014, the Company reported total revenues of $1.43 billion compared to $1.36 billion in the prior year. Comparable revenues increased 5.5 percent. The Company reported a net loss of $68.0 million for the second quarter of fiscal year 2014 compared to net earnings of $40.4 million in the prior year.
Excluding purchase accounting and certain transaction related and other expenses, adjusted net earnings for the second quarter of fiscal year 2014 were $41.6 million compared to adjusted net earnings of $56.4 million in the prior year.
EBITDA for the second quarter of fiscal year 2014 was $24.9 million compared to EBITDA of $169.7 million for the second quarter of fiscal year 2013. Excluding purchase accounting and certain transaction related and other expenses, adjusted EBITDA for the second quarter of fiscal year 2014 was $190.5 million compared to adjusted EBITDA of $178.4 million in the second quarter of fiscal year.