Neiman Marcus, Inc. reported financial results for the third quarter of fiscal year 2010. For the 13 weeks ended May 1, 2010, the Company reported total revenues of $895.2 million compared to $810.1 million in the prior year. Comparable revenues increased 9.1 percent. Operating earnings for the third quarter of fiscal year 2010 were $85.3 million compared to $50.3 million for the third quarter of fiscal year 2009, an increase of 70 percent.
The Company reported net earnings of $18.5 million for the 13 weeks ended May 1, 2010 compared to a net loss of $3.1 million in the prior year. EBITDA for the third quarter of fiscal year 2010 was $138.3 million compared to EBITDA of $105.3 million in the third quarter of fiscal year 2009, an increase of 31 percent.
For the 39 weeks ended May 1, 2010, the Company reported total revenues of $2.87 billion compared to $2.88 billion in the prior year. Comparable revenues decreased 1.9 percent. The Company recorded operating earnings for the 39 weeks ended May 1, 2010 of $227.3 million compared to an operating loss of $460.8 million for the comparable period a year ago. The Company's Adjusted operating earnings for the 39 weeks ended May 2, 2009, excluding non-cash impairment charges of $560.1 million, as described below under “Other Items”, were $99.3 million.
The Company reported net earnings of $30.9 million for the 39 weeks ended May 1, 2010 compared to a net loss of $499.5 million in the prior year. The prior year period included non-cash impairment charges of $560.1 million as described below under “Other Items”. EBITDA for the 39 weeks ended May 1, 2010 was $387.1 million compared to Adjusted EBITDA of $268.1 million for the 39 weeks ended May 2, 2009, an increase of 44 percent.
The Company recorded non-cash impairment charges of $560.1 million in the second quarter of fiscal year 2009 which represents 1) $291.1 million pretax impairment charge related to the writedown to fair value of goodwill, 2) $242.2 million pretax impairment charge related to the writedown to fair value of the net carrying value of tradenames and 3) $26.8 million pretax impairment charge related to the writedown to fair value of the net carrying value of certain long-lived assets.
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