http://www.businesswire.com/news/home/20091105005180/en
DALLAS--(Business Wire)--
Neiman Marcus, Inc. announced the following preliminary company-wide revenues
for October 2009.
4 weeks ended
October 31, November 1, % Change
2009
2008
Total Revenues $274 million $286 million (4.2%)
Comparable Revenues $269 million $286 million (6.0%)
13 weeks ended
(1st Fiscal Quarter)
October 31, November 1, % Change
2009
2008
Total Revenues $869 million $986 million (11.9%)
Comparable Revenues $850 million $985 million (13.7%)
In the four-week October period, comparable revenues in the Specialty Retail
Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman,
decreased 6.2 percent. The merchandise categories in the Specialty Retail Stores
segment that performed the strongest included women`s fine apparel and shoes and
men`s clothing.
Comparable revenues at Neiman Marcus Direct in the four-week October period
decreased 4.8 percent. The top selling merchandise categories in the Direct
Marketing segment included women`s fine apparel, jewelry and beauty.
Comparable revenues for Neiman Marcus, Inc. for the first quarter of fiscal year
2010 decreased 13.7 percent. For the first quarter of fiscal year 2010,
Specialty Retail Stores comparable revenues decreased 14.9 percent. Comparable
revenues for the first quarter of fiscal year 2010 compared to last year
decreased 16.4 percent and 7.4 percent at Neiman Marcus Stores and Bergdorf
Goodman, respectively. Neiman Marcus Direct first quarter fiscal year 2010
revenues were 7.2 percent below last year.
From a liquidity standpoint, the Company`s cash balance as of October 31, 2009
was over $300 million compared to $115 million in the prior year. In addition,
the Company had no borrowings outstanding under its $600 million asset-based
revolving credit facility.
Neiman Marcus, Inc. plans to report first quarter earnings on Wednesday,
December 9, 2009. The Company will host a conference call the same day that will
be simultaneously webcast.
The Company`s four week reporting period is consistent with last year and
reflects a 4-5-4 week first quarter.
Neiman Marcus, Inc. operations include the Specialty Retail Stores segment and
the Direct Marketing segment. The Specialty Retail Stores segment consists
primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct Marketing
segment conducts both online and print catalog operations under the Neiman
Marcus, Horchow and Bergdorf Goodman brand names. Information about the Company
can be accessed at www.neimanmarcusgroup.com.
From time to time, the Company may make statements that predict or forecast
future events or results, depend on future events for their accuracy or
otherwise contain "forward-looking information." These statements are made based
on management's expectations and beliefs concerning future events and are not
guarantees of future performance.
The Company cautions readers that actual results may differ materially as a
result of various factors, some of which are beyond its control, including but
not limited to: political or economic conditions; terrorist activities in the
United States and elsewhere; disruptions in business at the Company`s stores,
distribution centers or offices; changes in consumer confidence resulting in a
reduction of discretionary spending on goods; changes in demographic or retail
environments; changes in consumer preferences or fashion trends; competitive
responses to the Company`s marketing, merchandising and promotional efforts;
changes in the Company`s relationships with key customers; delays in the receipt
of merchandise; seasonality of the retail business; adverse weather conditions,
particularly during peak selling seasons; delays in anticipated store openings
or renovations; natural disasters; significant increases in paper, printing and
postage costs; litigation that may have an adverse effect on the Company`s
financial results or reputation; changes in the Company`s relationships with
designers, vendors and other sources of merchandise; the Company`s success in
enforcing its intellectual property rights; the effects of incurring a
substantial amount of indebtedness under the Company`s senior secured credit
facilities, senior notes and senior subordinated notes and of complying with the
related covenants and conditions; the financial viability of the Company`s
designers, vendors and other sources of merchandise; the design and
implementation of new information systems or enhancement of existing systems;
changes in foreign currency exchange rates or inflation rates; impact of funding
requirements related to the Company`s noncontributory defined benefit pension
plan; changes in the Company`s relationships with certain of key sales
associates; changes in key management personnel; changes in the Company`s
proprietary credit card arrangement that adversely impact its ability to provide
consumer credit; or changes in government or regulatory requirements increasing
the Company`s cost of operations.
These and other factors that may adversely effect the Company`s future
performance or financial condition are contained in its Annual Report in Form
10-K and other reports filed with and available from the Securities and Exchange
Commission. The Company undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent events, new information or
future circumstances.
Neiman Marcus, Inc.
James E. Skinner, 214-757-2954
Executive Vice President and
Chief Financial Officer
or
Stacie Shirley, 214-757-2967
Vice President - Finance and
Treasurer
Copyright Business Wire 2009
