Exhibit 99.1
The Neiman Marcus Group Reports July Revenues
DALLAS--(BUSINESS WIRE)--Aug. 3, 2006--The Neiman Marcus Group,
Inc. announced preliminary Company-wide revenues for July 2006. The
Company's fifty-two week fiscal year 2006 ended on July 29, 2006.
4 weeks ended
July 29, July 30,
2006 2005 % Change
---------------- --------------- ----------
Total Revenues $249 million $226 million 9.7%
Comparable Revenues $242 million $225 million 7.5%
13 weeks ended
July 29, July 30,
2006 2005 % Change
---------------- --------------- ----------
Total Revenues $915 million $840 million 9.0%
Comparable Revenues $890 million $835 million 6.6%
52 weeks ended
July 29, July 30,
2006 2005 % Change
---------------- --------------- ----------
Total Revenues $4.11 billion $3.77 billion 8.8%
Comparable Revenues $3.99 billion $3.74 billion 6.8%
All figures have been adjusted to exclude the revenues of Gurwitch
Products, L.L.C.
In the four-week July period, comparable revenues in the Specialty
Retail Stores segment, which includes Neiman Marcus Stores and
Bergdorf Goodman, increased 7.9 percent. Revenue growth trends were
the strongest in the Company's stores in the Southeast and at Bergdorf
Goodman in Manhattan. The merchandise categories in the Specialty
Retail Stores segment that performed the strongest included jewelry,
women's contemporary sportswear, designer handbags, women's shoes and
men's.
Comparable revenues at Neiman Marcus Direct in the four-week July
period increased 11.5 percent. The top selling merchandise categories
in the Direct Marketing segment included jewelry, women's apparel and
shoes, handbags, furniture and rugs and men's.
Comparable revenues for the Neiman Marcus Group for the fourth
quarter of fiscal year 2006 increased 6.6 percent. For the fourth
quarter of fiscal year 2006, Specialty Retail Stores comparable
revenues increased 5.8 percent, including a 4.7 percent increase at
Neiman Marcus Stores and a 12.7 percent increase at Bergdorf Goodman.
Neiman Marcus Direct fourth quarter fiscal year 2006 revenues were
13.2 percent above last year.
On a separate matter, the Company announced that its majority
interest in Gurwitch Products, L.L.C. was sold to Alticor Inc. on July
27, 2006, for cash proceeds of approximately $40.8 million.
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 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.
James E. Skinner, 214-757-2954
or
Stacie Shirley, 214-757-2967