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

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Liz Manning

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

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Kerem Durdag
Biovation II LLC

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search