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Neiman Marcus Group's Q2 earnings rises

09
Mar '06

Specialty retailer The Neiman Marcus Group Inc has reported financial results for the second quarter of fiscal year 2006.

On October 6th 2005, the company announced the completion of the acquisition of Neiman Marcus by an investor group led by Texas Pacific Group and Warburg Pincus LLC.

For the 13 weeks ended January 28th 2006, the company reported total revenues of $1.23 billion compared to $1.13 billion in the prior year. Comparable revenues increased 6.4 percent.

Operating earnings for the second quarter of fiscal 2006 were $73 million compared to $120 million for the second quarter of fiscal year 2005. Adjusted operating earnings were $122 million in the second quarter of fiscal year 2006 compared to $120 million in the second quarter of fiscal year 2005.

For the 26 weeks ended January 28th 2006, the company reported total revenues of $2.21 billion compared to $2.04 billion in the prior year. Comparable revenues increased 7.3 percent.

Operating earnings for the 26 weeks ended January 28th 2006 were $177 million compared to $230 million for the comparable period a year ago. Adjusted operating earnings for the 26 weeks ended January 28th 2006 were $262 million compared to $245 million for the comparable period a year ago.

As a result of the acquisition, the company recorded costs related to the amortization of customer lists and favorable lease commitments of approx. $18.9 million and $4.9 million in the second andfirst quarters of fiscal year 2006, respectively.

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