Exhibit 99.1
The Neiman Marcus Group Reports March Revenues
DALLAS--(BUSINESS WIRE)--April 7, 2005--The Neiman Marcus Group,
Inc. (NYSE:NMG.A)(NYSE:NMG.B) announced the following preliminary
Company-wide revenues:
5 weeks ended
April 2, April 3,
2005 2004 % Change
------------- -------------- ----------
Total Revenues $350 million $343 million 2.2%
Comparable Revenues $348 million $336 million 3.4%
Comparable revenues for the five weeks ended April 3, 2004 exclude
the sales of Chef's Catalog prior to its disposition in November 2004.
The increase in comparable revenues at the Neiman Marcus Group in
the five-week March 2005 period was 3.4 percent, while the increase
for the same period last year was 26.3 percent.
In the five-week March period, comparable revenues in the
Specialty Retail Stores segment, which includes Neiman Marcus Stores
and Bergdorf Goodman, increased 1.6 percent. March sales results were
negatively impacted by the store closings on Easter Sunday which
occurred in March this year compared to April last year. Additionally,
sales were negatively impacted by the Company's decision to shift its
loyalty program events that occurred in March of last year to April in
the current year. The Company experienced the strongest sales trends
in its stores located in the Western region. The merchandise
categories in the Specialty Retail Stores segment that performed well
included women's contemporary sportswear and designer apparel, fashion
accessories, men's shoes, beauty and designer jewelry.
Comparable revenues at Neiman Marcus Direct in the five-week March
period increased 12.6 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, accessories and jewelry.
The Company currently expects comparable store revenues for the
third quarter of fiscal 2005 to increase in the range of 5 percent to
6 percent compared to last year versus the third quarter of fiscal
year 2004 increase in comparable revenues of 22 percent.
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 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 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