Exhibit 99.1
The Neiman Marcus Group Reports October Revenues
DALLAS--(BUSINESS WIRE)--Nov. 4, 2004--The Neiman Marcus Group, Inc.
(NYSE:NMG.A)(NYSE:NMG.B) announced the following preliminary company-wide
revenues:
4 weeks ended
October 30, November 1,
2004 2003 % Change
---------------- ---------------- ---------------
Total Revenues $308 million $271 million 13.7%
Comparable Revenues $308 million $271 million 13.6%
13 weeks ended
(1st Fiscal Quarter)
October 30, November 1,
2004 2003 % Change
---------------- ---------------- ---------------
Total Revenues $915 million $825 million 10.9%
Comparable Revenues $913 million $824 million 10.8%
In the four-week October period, comparable revenues in the Specialty
Retail Stores segment, which includes Neiman Marcus stores and Bergdorf Goodman,
increased 13.5 percent. Revenue growth trends were the strongest in the
Company's stores located in the Southeast, Midwest and West Coast regions. Top
merchandise categories were women's apparel, shoes, designer handbags and
precious jewelry.
Comparable revenues at Neiman Marcus Direct for the four-week October
period increased 17.7 percent. The top selling merchandise categories in the
Direct Marketing segment included shoes, women's apparel, handbags, jewelry and
furniture and rugs.
Comparable revenues for the Neiman Marcus Group for the first quarter of
fiscal year 2005 increased 10.8 percent. For the first quarter of fiscal year
2005, Specialty Retail Stores comparable revenues increased 11.1 percent.
Comparable revenues for the first quarter of fiscal year 2005 compared to last
year increased 10.5 percent and 14.3 percent at Neiman Marcus Stores and
Bergdorf Goodman, respectively. Neiman Marcus Direct first quarter fiscal year
2005 revenues were 9.2 percent above last year.
The Company currently expects earnings in the range of $1.42 to $1.47 per
share for the first quarter of fiscal year 2005. The Company currently expects
comparable store revenues for the second quarter of its fiscal year 2005 to
increase 8 percent to 10 percent compared to last year.
The Neiman Marcus Group plans to report first quarter earnings on
Wednesday, Dec. 1, 2004 after the market closes. The release will be followed by
a conference call that will be simultaneously webcast.
The Company's four-week reporting period is consistent with last year and
reflects a 4-5-4 week first 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, Chef's Catalog and Bergdorf Goodman brand names.
Information about the Company can be accessed at www.neimanmarcusgroup.com.
From time to time, the Company makes statements that predict or forecast
future events or results, depend on future events for their accuracy or
otherwise contain "forward-looking information" such as the forecasts of
revenues and earnings contained in this release. 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
and/or inventory liquidations by vendors or other retailers; changes in the
Company's relationships with key customers; delays in the receipt of merchandise
ordered by the Company due to work stoppages and/or other causes of delay in
connection with either the manufacture or shipment of such merchandise;
seasonality of the retail business; adverse weather conditions, particularly
during peak selling seasons; delays in store 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 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 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