Neiman Marcus 2002 Annual Report Download - page 66
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NOTE 15. Segment Reporting
The Company has identified two reportable segments: Specialty Retail Stores and Direct Marketing. The Specialty Retail Stores
segment includes all Neiman Marcus and Bergdorf Goodman retail stores, including Neiman Marcus clearance stores. The Direct
Marketing segment conducts both print catalogue and online operations under the Neiman Marcus, Horchow and Chef's Catalogue
brand names. Other includes the operations of Kate Spade LLC and Gurwitch Products, LLC and corporate expenses.
The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies.
The Company's senior management evaluates the performance of the Company's assets on a consolidated basis. Interest expense is
not allocated by segment.
The following tables set forth the information for the Company's reportable segments:
Years Ended
(in thousands)
August 2,
2003
August 3,
2002
July 28,
2001
REVENUES
Specialty Retail Stores $ 2,524,816 $ 2,433,195 $ 2,504,806
Direct Marketing (1) 493,473 444,019 437,879
Other 79,835 71,118 72,849
Total $ 3,098,124 $ 2,948,332 $ 3,015,534
OPERATING EARNINGS
Specialty Retail Stores $ 198,201 $ 170,465 $ 200,986
Direct Marketing (1) 45,754 22,835 11,065
Other (21,845)(18,993)(8,660)
Subtotal 222,110 174,307 203,391
Effect of change in vacation policy — 16,576 —
Impairment and other charges — (13,233)(9,763)
Total $ 222,110 $ 177,650 $ 193,628
CAPITAL EXPENDITURES
Specialty Retail Stores $ 91,293 $ 137,615 $ 105,173
Direct Marketing 6,761 10,118 9,879
Other 1,940 1,513 4,935
Total $ 99,994 $ 149,246 $ 119,987
DEPRECIATION EXPENSE
Specialty Retail Stores $ 68,153 $ 66,168 $ 63,098
Direct Marketing 8,692 8,321 7,262
Other 2,131 2,320 2,744
Total $ 78,976 $ 76,809 $ 73,104
(1) Direct Marketing includes the operations of Neiman Marcus Direct, the Company's catalogue and online operations.
During 2002, the Company reclassified its Neiman Marcus Online operations to the Direct Marketing Segment from Other.
Prior year amounts have been reclassified to conform to the current year presentation.
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