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Neiman Marcus Reports Revenue, Comp Store Sales Gains

For the first quarter, Neiman Marcus Group LTD LLC, formed in an acquisition of Neiman Marcus Group LTD Inc. by an investor group led by Ares Management LLC and the Canada Pension Plan Investment Board, posted total revenues of $1.13 billion versus $1.07 billion in the year-earlier period. First quarter comparable revenues gained 5.7% year over year, according to the company.

Operating earnings for the quarter were $32.1 million compared to $127.8 million in the prior-year period. Operating earnings in the most recent quarter included $109.4 million in transaction costs associated with the acquisition, Neiman Marcus stated. Excluding the one-time costs, operating earnings for the first quarter were $141.5 million, the company noted.

With total one-time expenses of $113.7 million, including the $109.4 million, and $4.7 million, Neiman Marcus reported a net loss of $13.1 million for the first quarter compared to net earnings of $49.6 million in the year earlier period.