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Q3 sales decline at Dallas-based luxury retailer

04
Jun '08
Neiman Marcus Inc reported financial results for the third quarter of fiscal year 2008. This release contains information regarding the Company's adjusted operating earnings, EBITDA and adjusted EBITDA, all of which are non-GAAP financial measures (as described in the footnotes to the accompanying condensed consolidated statements of earnings and related information).

Neiman Marcus Inc believes reporting adjusted operating earnings, EBITDA and adjusted EBITDA is a more meaningful representation of the Company's on-going economic performance and therefore uses these metrics internally to evaluate and manage the Company's operations. Adjusted operating earnings exclude the impact of certain items as described below under “Other Items.”

For the 13 weeks ended April 26, 2008, the Company reported total revenues of $1.06 billion compared to $1.07 billion in the prior year. Comparable revenues decreased 2.5 percent. Operating earnings for the third quarter of fiscal year 2008 were $148.6 million compared to $162.6 million for the third quarter of fiscal year 2007. Adjusted operating earnings were $166.5 million in the third quarter of fiscal year 2008 compared to $180.6 million in the third quarter of fiscal year 2007, a decrease of 7.8%.

For the 39 weeks ended April 26, 2008, the Company reported total revenues of $3.57 billion compared to $3.41 billion in the prior year. Comparable revenues increased 2.6 percent. Operating earnings for the 39 weeks ended April 26, 2008 were $472.6 million compared to $444.6 million for the comparable period a year ago. Adjusted operating earnings for the 39 weeks ended April 26, 2008 were $494.0 million compared to $494.6 million for the comparable period a year ago, a decrease of 0.1%.


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