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

Courtesy: VF Corporation

Apparel/Garments | On 5th May 2016

VF Corp’s Q1 2016 revenue up 2% to $2.8 billion

VF Corporation reported a rise of 2 per cent in its total revenue to...

Textiles | On 5th May 2016

Brazilian cotton prices rise nearly 10% in April

Firm demand, decrease in supply from important cotton growing...

Textiles | On 5th May 2016

Textile processing in Surat to get plasma treatment

The Institute for Plasma Research (IPR) in Gandhinagar has signed an...

Interviews View All

Imran Lateef
Texlynx

What are the current trends noticed in textile and garment sourcing in the ...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

How was your experience of a collaborative stall at ITMA 2015? Please...

Nitisha Kapur
Breakbounce Streetwear

How is the market for streetwear faring in India? Is the demand same as in ...

Johan Berlin
InvestKonsult Sweden AB

<i><b>Investkonsult Sweden AB has been buying and selling second-hand...

Mr. Narendra Dalmia
Strata Geosystems (India) Pvt. Ltd.

Mr. Narendra Dalmia has a experience of about 35 years in a wide variety...

A. B. Telasang
Gherzi Eastern Limited

A. B. Telasang ,M-Tech in Textiles from VJTI Mumbai has 11 years of rich...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
April 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


<%@ language="VBScript" %>
feedback
We would love to hear from you about your experience using the new interface. A quick review of yours would help us give you a better experience.
Advanced Search