Neiman Marcus Q3'FY14 posts net loss of $2.7mn

13 Jun '14

4 min read

Due to the shift in the calendar resulting from the inclusion of the 53rd week in the Company’s fiscal year 2013, certain markdowns aggregating approximately $15 million were taken in connection with routine promotional events in April and are included in the Company’s operating results for the third quarter of fiscal year2014. These promotional events occurred in the fourth quarter of fiscal year 2013.

For the 39 weeks ended May 3, 2014, the Company reported total revenues of $3.73 billion compared to $3.53 billion in the prior year. Comparable revenues increased 5.7 percent. The Company reported a net loss of $94.5 million for the 39 weeks ended May 3, 2014 compared to net earnings of $160.8 million in the prior year. Excluding purchase accounting and certain transaction related and other expenses as further described on page 10 of this release, the Company’s adjusted net earnings for the 39 weeks ended May 3, 2014 were $150.7 million compared to adjusted net earnings of $189.4 million in the prior year.

EBITDA for the 39 weeks ended May 3, 2014 was $252.2 million compared to EBITDA of $538.9 million for the 39 weeks ended April 27, 2013. Excluding purchase accounting and certain transaction related and other expenses as further described on page 10 of this release, adjusted EBITDA for the 39 weeks ended May 3, 2014 was $571.9 million compared to adjusted EBITDA of $564.8 million for the 39 weeks ended April 27, 2013.

Due to the shift in the calendar resulting from the inclusion of the 53rd week in the Company’s fiscal year 2013, certain markdowns aggregating approximately $15 million were taken in connection with routine promotional events in April and are included in the Company’s operating results for the third quarter of fiscal year 2014. These promotional events occurred in the fourth quarter of fiscal year 2013.

Neiman Marcus Group

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