EXHIBIT 12.1
The Neiman Marcus Group, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
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| Years Ended |
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| July 31, |
| August 2, |
| August 3, |
| July 28, |
| July 29, |
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(in thousands, except ratios) |
| 2004 |
| 2003 |
| 2002 (1) |
| 2001 |
| 2000 |
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Fixed Charges: |
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Interest on debt |
| $ | 20,871 |
| $ | 18,686 |
| $ | 20,832 |
| $ | 20,418 |
| $ | 28,145 |
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Amortization of debt discount and expense |
| 220 |
| 254 |
| 251 |
| 247 |
| 267 |
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Interest element of rentals |
| 20,823 |
| 19,041 |
| 17,952 |
| 19,008 |
| 17,193 |
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Total fixed charges |
| $ | 41,914 |
| $ | 37,981 |
| $ | 39,035 |
| $ | 39,673 |
| $ | 45,605 |
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Earnings: |
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Earnings before income taxes, minority interest and change in accounting principle |
| $ | 329,313 |
| $ | 205,840 |
| $ | 162,244 |
| $ | 178,440 |
| $ | 222,979 |
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Add back: |
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Fixed charges |
| 41,914 |
| 37,981 |
| 39,035 |
| 39,673 |
| 45,605 |
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Amortization of capitalized interest |
| 424 |
| 401 |
| 312 |
| 258 |
| 232 |
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Less: |
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Capitalized interest |
| (3,036 | ) | (1,425 | ) | (3,116 | ) | (1,954 | ) | (427 | ) | |||||
Total earnings |
| $ | 368,615 |
| $ | 242,797 |
| $ | 198,475 |
| $ | 216,417 |
| $ | 268,389 |
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Ratio of earnings to fixed charges |
| 8.8 |
| 6.4 |
| 5.1 |
| 5.5 |
| 5.9 |
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(1) 2002 includes fifty-three weeks of operations while the other years presented consist of fifty-two weeks of operations.
1
