Neiman Marcus’ revenues, net earnings up in Q3
DALLAS — Neiman Marcus reported net earnings of $71 million for the third quarter ended April 27, a 13% increase from $63 million in the prior year.
The company’s total revenues for the quarter were $1.1 billion, a 4% increase from $1.06 billion in the prior year. Comparable revenues increased 4%.
For the 39-week period ended April 27, the company reported total revenues of $3.53 billion, a 5.7% increase from $3.34 billion in the prior year. Comparable revenues increased nearly 5%, while net earnings for the 39-week period were $161 million, an almost 7% increase from $151 million the prior year.
The company incurred a pre-tax loss on debt extinguishment of $15.6 million, or $9.4 million after-tax, which included costs of $10.7 million related to the tender and redemption of its senior subordinated notes, as well as the write-off of $4.9 million of debt issuance costs related to the extinguished debt facility. The total loss on debt extinguishment was recorded in the second quarter of fiscal year 2013 as a component of interest expense. Excluding that $9.4 million after-tax loss, the company’s adjusted net earnings for the 39 weeks ended April 27 were $170 million, a nearly 13% increase from $151.1 million in the prior year.