Neiman Marcus, Inc. reported total revenues of $1.10 billion in its fiscal third quarter compared to $1.06 billion in the prior year. Comparable revenues increased 3.6 percent. Operating earnings for the third quarter of fiscal year 2013 were $150.3 million compared to $146.6 million for the third quarter of fiscal year 2012.
The Company reported net earnings of $70.8 million for the third quarter of fiscal year 2013 compared to $62.6 million in the prior year, an increase of 13.0 percent. EBITDA for the third quarter of fiscal year 2013 was $196.0 million compared to EBITDA of $191.2 million in the third quarter of fiscal year 2012.
For the 39 weeks ended April 27, 2013, the Company reported total revenues of $3.53 billion compared to $3.34 billion in the prior year. Comparable revenues increased 4.8 percent. The Company reported operating earnings for the 39 weeks ended April 27, 2013 of $402.5 million compared to operating earnings of $378.1 million for the comparable period a year ago, an increase of 6.5 percent.
The Company reported net earnings of $160.8 million for the 39 weeks ended April 27, 2013. Excluding the $9.4 million after-tax loss on debt extinguishment as described below under Other Items, the Companys adjusted net earnings for the 39 weeks ended April 27, 2013 were $170.2 million compared to net earnings of $151.1 million in the prior year, an increase of 12.6 percent. EBITDA for the 39 weeks ended April 27, 2013 was $538.9 million compared to EBITDA of $511.9 million for the 39 weeks ended April 28, 2012.
Other Items
The Company incurred a pre-tax loss on debt extinguishment of $15.6 million (or $9.4 million after-tax) which included 1) costs of $10.7 million related to the tender and redemption of its senior subordinated notes and 2) the write-off of $4.9 million of debt issuance costs related to the extinguished debt facility. The total loss on debt extinguishment was recorded in the second quarter of fiscal year 2013 as a component of interest expense.
