Taste for luxury remains at Neiman Marcus
DALLAS — While the still struggling economy may have rendered most Americans cautious spenders, such luxury retailers as Neiman Marcus remain resilient. The company reported that total revenues for the fourth quarter were $919.7 million compared with $826.3 million for the prior year. Comparable revenues increased 11%. Operating earnings for the fourth quarter of fiscal year 2011 were $17.5 million compared with $4.5 million for the fourth quarter of fiscal year 2010.
Neiman Marcus did report a net loss of $61.4 million for the fourth quarter of fiscal year 2011, however this included a $42.7 million after-tax loss on debt extinguishment of $70.4 million. When this is excluded, the company's adjusted net loss for the fourth quarter was $18.7 million compared with a net loss of $32.8 million.
For fiscal year 2011, the company reported total revenues of $4 billion compared to $3.69 billion in the prior year. Comparable revenues increased 8.1%. The company recorded operating earnings for fiscal year 2011 of $329.7 million compared to $231.8 million for the comparable period a year ago, an increase of 42%.
Neiman Marcus reported net income of $31.6 million for fiscal year 2011. Excluding the $42.7 million after-tax loss on debt extinguishment described earlier, the company’s adjusted net income for fiscal year 2011 was $74.3 million compared with a net loss of $1.8 million in the prior year.
Neiman Marcus operates 41 Neiman Marcus Stores across the United States and two Bergdorf Goodman stores in Manhattan. The company also operates thirty Last Call clearance centers. Neiman Marcus Direct, the company's direct-to-consumer business, conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names. Under the Neiman Marcus brand, Neiman Marcus Direct primarily offers women's apparel, accessories and home furnishings. Horchow offers quality home furnishings, linens, decorative accessories and tabletop items.