National department store's merchandise The Neiman Marcus Group Inc reported financial results for the fourth quarter and fiscal year 2005.
For the fourth quarter of fiscal year 2005, the Company reported total revenues of $851 million compared to $784 million in the prior year. Comparable revenues increased 9.6 percent. Net earnings were $34 million, or $0.69 per diluted share, in the fourth quarter of fiscal year 2005 compared to $21 million, or $0.42 per diluted share, in the fourth quarter of fiscal year 2004, an increase of 67 percent.
Excluding the impact of certain items as described below under "Other Items", adjusted earnings for the fourth quarter of fiscal year 2005 were $26 million, or $0.53 per diluted share, compared to $23 million, or $0.47 per diluted share, in the fourth quarter of fiscal year 2004, an increase of 15 percent. See the attached "Reconciliation of GAAP Net Earnings to Non-GAAP Adjusted Earnings" for the reconciliation of adjusted earnings and the Company's statements regarding the use of this non-GAAP financial measure.
For fiscal year 2005, total revenues were $3.82 billion compared to $3.52 billion in the prior year. Comparable revenues increased 9.9 percent for fiscal year 2005. Net earnings for fiscal year 2005 were $249 million, or $5.02 per diluted share, compared to $205 million, or $4.19 per diluted share, for fiscal year 2004, which represents an increase of 21 percent. Adjusted earnings for fiscal year 2005 were $251 million, or $5.06 per diluted share, compared to adjusted earnings of $200 million, or $4.09 per diluted share, for the prior year, an increase of 26 percent. Adjusted earnings for fiscal year 2005 and 2004 exclude the impact of certain items as described below
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