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Neiman Marcus reports Q4 and fiscal year earnings
25
Sep '08
Neiman Marcus Inc reported financial results for both the fourth quarter and fiscal year ended August 2, 2008. The Company's fiscal year 2008 included a fifty-third week. Unless otherwise stated, the fiscal year 2008 fourth quarter and fiscal year 2008 amounts are reported on a fourteen and fifty-three week basis, respectively.

However, revenues in the 53rd week are not included in any comparable revenue calculations. The fiscal year 2007 fourth quarter and fiscal year 2007 amounts are reported on a thirteen and fifty-two week basis, respectively.

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 fourth quarter of fiscal year 2008, the Company reported total revenues of $1.03 billion compared to $981.7 million in the prior year. Comparable revenues decreased 1.4 percent. Operating earnings for the fourth quarter of fiscal year 2008 were a loss of ($6.2) million compared to $32.2 million for the fourth quarter of fiscal year 2007.

Adjusted operating earnings were $43.4 million for the fourth quarter of fiscal year 2008 compared to $55.8 million in the fourth quarter of fiscal year 2007, a decrease of 22.2 percent.

For fiscal year 2008, the Company reported total revenues of $4.6 billion compared to $4.4 billion in the prior year. Comparable revenues increased 1.7 percent. Operating earnings for fiscal year 2008 were $466.4 million compared to $476.8 million for the comparable period a year ago. Adjusted operating earnings for fiscal year 2008 were $537.4 million compared to $550.4 million for the comparable period a year ago, a decrease of 2.4 percent.

Sales for the 53rd week of fiscal year 2008 were $49.8 million and operating earnings for this week were approximately $7.5 million.

See the attached schedule of “Other Operating Data” for the reconciliation of adjusted operating earnings and the Company's statements regarding the use of this non-GAAP financial measure.

Other Items:
The Company recorded other expense of $31.3 million in the fourth quarter of fiscal year 2008 which includes a pretax impairment charge related to the writedown to fair value in the net carrying value of the Horchow tradename.

In addition, the Company 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. These two items resulted in net other income of $1.2 million for fiscal year 2008.


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