Neiman Marcus reports profits in third quarter
The Neiman Marcus Group on Friday reported positive financial results for the third quarter of fiscal year 2015. For the 13 weeks ended May 2, 2015, total revenues amounted to $1.22 billion, compared to $1.16 billion in the prior year. Comparable revenues increased 2.2 percent.
The Company reported net earnings of $19.8 million for the third quarter of fiscal year 2015, compared to a net loss of $8.0 million in the prior year.
EBITDA for the third quarter was $185.7 million compared to that of $149.1 million for the same period the year before. Excluding purchase accounting and certain transaction related and other expenses, adjusted EBITDA for the third quarter of 2015 was $202.6 million, compared to adjusted EBITDA of $194.4 million the year before.
For the 39 weeks ended May 2, 2015, the Company reported total revenues of $3.93 billion compared to $3.73 billion in the prior year. Comparable revenues increased 4.5 percent. The Company reported net earnings of $47.8 million for the 39 weeks ended May 2, 2015 compared to a net loss of $105.1 million in the prior year.
EBITDA for the 39 weeks ended May 2, 2015 was $543.9 million compared to EBITDA of $252.2 million for the 39 weeks ended May 3, 2014.
In acquisition news, the Company acquired MyTheresa, a luxury retailer headquartered in Munich, Germany, in October 2014. The operations of MyTheresa are primarily conducted through the MyTheresa.com global luxury website. The Company’s revenues for the thirty-nine weeks ended May 2, 2015 include revenues from MyTheresa of $80.6 million.
And on October 25, 2013, the Company announced the completion of the acquisition of Neiman Marcus by an investor group led by Ares Management LLC and Canada Pension Plan Investment Board.
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