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.