Exhibit 99.1
The Neiman Marcus Group Reports March Revenues
DALLAS--(BUSINESS WIRE)--April 8, 2004--The Neiman Marcus Group,
Inc. (NYSE:NMG.A)(NYSE:NMG.B) announced the following preliminary
Company-wide revenues:
5 weeks ended
April 3, April 5,
2004 2003 % Change
-------------------- --------------- -----------
Total Revenues $345 million $274 million 25.8%
Comparable Revenues $344 million $273 million 25.7%
In the five-week March period, comparable revenues in the
Specialty Retail Stores segment, which includes Neiman Marcus Stores
and Bergdorf Goodman, increased 27.0 percent. The Company experienced
strong sales trends in all of its geographic regions with particular
strength in the Southeast stores. The merchandise categories in the
Specialty Retail Stores segment that performed well included designer
handbags, women's shoes, women's fine apparel, contemporary sportswear
and dresses, men's categories and jewelry.
Comparable revenues at Neiman Marcus Direct in the five-week March
period increased 15.5 percent. In the direct-to-consumer business, the
Neiman Marcus brand experienced the highest year-over-year sales
performance, supported by strong sales in women's apparel, women's
shoes, designer handbags and jewelry.
The Company currently expects comparable store revenues for the
third quarter of fiscal 2004 to increase in the range of 19 percent to
21 percent compared to last year.
The Company's five-week reporting period is consistent with last
year and reflects a 4-5-4 week third quarter.
The Neiman Marcus Group, 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 print
catalog and online operations under the Neiman Marcus, Horchow and
Chef's Catalog 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 or escalation in
the international war on terrorism; 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
that are, or are perceived to be, "luxuries"; 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; 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 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; 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: The Neiman Marcus Group, Inc., Dallas
James E. Skinner, 214-743-7625
or
Stacie Shirley, 214-757-2967