Exhibit 99.1
The Neiman Marcus Group Reports January Revenues
DALLAS--(BUSINESS WIRE)--Feb. 3, 2005--The Neiman Marcus Group, Inc.
(NYSE:NMG.A) (NYSE:NMG.B) announced the following preliminary company-wide
revenues:
4 weeks ended
January 29, January 31,
2005 2004 % Change
------------------- ------------------- ---------
Total Revenues $236 million $214 million 10.1%
Comparable Revenues $235 million $209 million 12.2%
13 weeks ended
(2nd Fiscal Quarter)
January 29, January 31,
2005 2004 % Change
------------------- ------------------- ---------
Total Revenues $1,129 million $1,048 million 7.7%
Comparable Revenues $1,123 million $1,017 million 10.4%
Comparable revenues for both the four weeks and quarter ended Jan. 29,
2005, and Jan. 31, 2004, exclude the sales of Chef's Catalog prior to its
disposition in November 2004.
In the four-week January period, comparable revenues in the Specialty
Retail Stores segment, which includes Neiman Marcus stores and Bergdorf Goodman,
increased 11.9 percent. Revenue growth trends were the strongest in the
Company's stores in the West and Southeast. Top merchandise categories were
contemporary sportswear, fine apparel, women's shoes, fur and men's shoes.
Comparable revenues at Neiman Marcus Direct for the four-week January
period increased 18.2 percent. In the direct-to-consumer business, the top
merchandise categories were women's apparel, women's shoes, handbags and
furniture and rugs.
Comparable revenues for the Neiman Marcus Group for the second quarter of
fiscal year 2005 increased 10.4 percent. For the second quarter of fiscal year
2005, Specialty Retail Stores comparable revenues increased 9.6 percent which
represents a comparable revenue increase of 9.0 percent at Neiman Marcus Stores
and 14.5 percent at Bergdorf Goodman. Neiman Marcus Direct second quarter fiscal
year 2005 revenues were 15.8 percent above last year.
The Company currently expects earnings in the range of $1.37 to $1.42 per
share for the second quarter of fiscal year 2005. The Company currently expects
comparable store revenues for the third quarter of its fiscal year 2005 to
increase in the range of 3 percent to 5 percent compared to last year versus the
third quarter of fiscal year 2004 comparable revenue increase of 22 percent.
The Neiman Marcus Group plans to report second quarter earnings on
Wednesday, March 2, 2005, 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 second 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 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