Neiman Marcus Inc reported financial results for the third quarter of fiscal year 2007. On October 6, 2005, the Company announced the completion of the acquisition of Neiman Marcus, Inc. by an investor group led by TPG Capital (formerly Texas Pacific Group) and Warburg Pincus LLC.
The accompanying condensed consolidated statements of earnings and related information present the Company's results of operations for the period preceding the acquisition (Predecessor) and the period succeeding the acquisition (Successor). The results of operations have been prepared by comparing the results of the Successor for the 39 weeks ended April 28, 2007 to the mathematical combination of the Successor and Predecessor periods in the 39 weeks ended April 29, 2006.
The presentation does not comply with generally accepted accounting principles, but the Company believes that it provides a more meaningful method of comparison. For further information related to the Company's financial results, refer to the Company's Form 10-Q and other information available from the Securities and Exchange Commission.
Neiman Marcus Inc believes reporting adjusted operating earnings is a more meaningful representation of the Company's on-going economic performance and therefore uses adjusted reporting internally to evaluate and manage the Company's operations. Adjusted operating earnings exclude the impact of certain items as described below under “Other Items.”
For the 13 weeks ended April 28, 2007, the Company reported total revenues of $1.07 billion compared to $992.3 million in the prior year. Comparable revenues increased 6.1 percent. Operating earnings for the third quarter of fiscal year 2007 were $162.6 million compared to $133.1 million for the third quarter of fiscal year 2006. Adjusted operating earnings were $180.6 million in the third quarter of fiscal year 2007 compared to $150.6 million in the third quarter of fiscal year 2006, an increase of 19.9 percent.
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