Home / Knowledge / News / Fashion / Neiman Marcus reports net loss of $3.1 mn for Q3
Neiman Marcus reports net loss of $3.1 mn for Q3
11
Jun '09
Neiman Marcus Inc reported financial results for the third quarter of fiscal year 2009. For the 13 weeks ended May 2, 2009, the Company reported total revenues of $810.1 million compared to $1.06 billion in the prior year. Comparable revenues decreased 25.1 percent. Operating earnings for the third quarter of fiscal year 2009 were $50.3 million compared to $148.6 million for the third quarter of fiscal year 2008.

The Company reported a net loss of $3.1 million for the 13 weeks ended May 2, 2009 compared to net earnings of $55.4 million in the prior year. EBITDA for the third quarter of fiscal year 2009 was $105.3 million compared to EBITDA of $202.0 million in the third quarter of fiscal year 2008.

For the 39 weeks ended May 2, 2009, the Company reported total revenues of $2.88 billion compared to $3.57 billion in the prior year. Comparable revenues decreased 20.8 percent. The Company recorded an operating loss for the 39 weeks ended May 2, 2009 of $460.8 million compared to operating earnings of $472.6 million for the comparable period a year ago. Adjusted operating earnings for the 39 weeks ended May 2, 2009 were $99.3 million compared to $440.1 million for the comparable period a year ago.

Including non-cash impairment charges of $560.1 million and a $32.5 million pension curtailment gain as described below under “Other Items,” the Company reported a net loss of $499.5 million for the 39 weeks ended May 2, 2009 compared to net earnings of $178.5 million in the prior year. Adjusted EBITDA for the 39 weeks ended May 2, 2009 was $268.1 million compared to Adjusted EBITDA of $599.7 million for the comparable period a year ago.

This release contains information regarding the Company's adjusted operating earnings, EBITDA and adjusted EBITDA, all of which are non-GAAP financial measures. A reconciliation of these figures to the most directly comparable GAAP figures, together with certain other information, can be found at the end of this release.

Other Items:
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.

The Company also recorded other income of $32.5 million in the first quarter of fiscal year 2008 which represents a one-time pension curtailment gain as a result of the Company's decision to freeze pension and retirement benefits as of December 31, 2007.

Neiman Marcus Inc


Must ReadView All

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

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

Pranav Mishra
Huemn

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

Bani Batra

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search