Home / Knowledge / News / Apparel/Garments / Neiman Marcus Q3'FY14 posts net loss of $2.7mn
Neiman Marcus Q3'FY14 posts net loss of $2.7mn
13
Jun '14
Neiman Marcus Group LTD LLC reported financial results for the third 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 thirty-nine weeks ended May 3, 2014 by comparing the results of operations of the Predecessor for the thirty-nine weeks ended April 27, 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 twenty-six week period ended May 3, 2014.
 
Although this combined presentation does not comply with U.S. 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 and may not be predictive of future results of operations.
 
For the 13 weeks ended May 3, 2014, the Company reported total revenues of $1.16 billion compared to $1.10 billion in the prior year. Comparable revenues increased 5.9 percent. The Company reported a net loss of $2.7 million for the third quarter of fiscal year 2014 compared to net earnings of $70.8 million in the prior year. Excluding purchase accounting and certain transaction related and other expenses as further described on page 10 of this release, adjusted net earnings for the third quarter of fiscal year 2014 were $45.1 million compared to adjusted net earnings of $78.7 million in the prior year.
 
EBITDA for the third quarter of fiscal year 2014 was $149.1 million compared to EBITDA of $196.0 million for the third quarter of fiscal year 2013. Excluding purchase accounting and certain transaction related and other expenses as further described on page 10 of this release, adjusted EBITDA for the third quarter of fiscal year 2014 was $188.1 million compared to adjusted EBITDA of $206.6 million in the third quarter of fiscal year 2013.


Must ReadView All

Apparel/Garments | On 1st Jun 2016

Walmart boosts online biz in China

Walmart, the world’s largest retailer, is stepping up its online...

Courtesy: CBRE

Apparel/Garments | On 1st Jun 2016

E-commerce fuels warehousing realty demand

E-commerce has emerged as one of the main drivers for warehouse...

Apparel/Garments | On 1st Jun 2016

Ghana’s apparel exports under AGOA crosses $9m

Under the African Growth and Opportunity Act (AGOA), Ghana’s export...

Interviews View All

Rahuul Jashnani
Jashn

What is the size of the ethnicwear vertical in India? How are Indian...

Anvita Mehra
Confidential Couture

At what rate is the luxury products market growing in India? How are...

Evelyne Cholet
UCMTF

Which regions are the largest importers of French textile machines? What...

Marten Alkhagen
Swerea IVF AB

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

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

Bani Batra

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

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
May 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search