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Q3 revenues up by 9.1% at Neiman Marcus
10
Jun '10
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.

Neiman Marcus Inc

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