Exhibit 99.1
Neiman Marcus, Inc. Reports July and Fiscal Year End Revenues
DALLAS--(BUSINESS WIRE)--August 6, 2009--Neiman Marcus, Inc. announced the following preliminary company-wide revenues for July 2009. The Company’s fiscal year 2008 ended on August 2, 2008, which included a fifty-third week. For presentation purposes, all the amounts presented below are reported on a comparable basis with the corresponding period in fiscal year 2008 and, therefore, exclude the fifty-third week.
| 4 weeks ended | ||||||
August 1, 2009 | July 26, 2008 | % Change | ||||
| Total Revenues | $199 million | $268 million | (25.8%) | |||
| Comparable Revenues | $195 million | $268 million | (27.3%) | |||
| 13 weeks ended | ||||||
August 1, 2009 | July 26, 2008 | % Change | ||||
| Total Revenues | $768 million | $982 million | (21.8%) | |||
| Comparable Revenues | $752 million | $981 million | (23.4%) | |||
| 52 weeks ended | ||||||
August 1, 2009 | July 26, 2008 | % Change | ||||
| Total Revenues | $3.64 billion | $4.55 billion | (19.9%) | |||
| Comparable Revenues | $3.58 billion | $4.55 billion | (21.4%) | |||
In the four-week July period, comparable revenues in the Specialty Retail Stores segment, which includes Neiman Marcus Stores and Bergdorf Goodman, decreased 25.5 percent. The Company experienced weakness across all geographies and merchandise categories in the Specialty Retail Stores segment. Comparable revenues at Neiman Marcus Direct in the four-week July period decreased 34.2 percent.
For the thirteen week fourth quarter of fiscal year 2009, comparable revenues in the Specialty Retail Stores segment decreased 25.0 percent, including a 25.1 percent decrease at Neiman Marcus Stores and an 24.2 percent decrease at Bergdorf Goodman. Revenues for the thirteen week fourth quarter of fiscal year 2009 for Neiman Marcus Direct decreased 15.7 percent compared to last year.
As of the Company’s fiscal year end, it had a cash balance of approximately $320 million. In addition, the Company had no borrowings outstanding under its asset-based revolving credit facility and approximately $500 million of unused borrowing availability.
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.
CONTACT:
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