Neiman Marcus 2002 Annual Report Download - page 68
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Year Ended August 3, 2002
(in millions, except for
per share data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Revenues $ 681.1 $ 908.1 $ 692.7 $ 666.4 $ 2,948.3
Gross profit $ 245.3 $ 262.3 $ 251.3 $ 192.1 $ 951.0
Net earnings $ 23.0 $ 24.3(1) $ 47.0(2) $ 5.3(3) $ 99.6
Earnings per share:
Basic $ 0.49 $ 0.51 $ 0.99 $ 0.11 $ 2.10
Diluted $ 0.48 $ 0.51 $ 0.98 $ 0.11 $ 2.08
(1) Net earnings for the second quarter of 2002 reflect a $2.0 million pretax charge in connection with certain cost reduction
strategies consisting primarily of severance costs and lease termination expenses incurred in connection with the closing of
the Neiman Marcus Galleries store in Seattle, Washington.
(2) Net earnings for the third quarter of 2002 reflect a $16.6 million pretax gain from the change in vacation policy made by
the Company and an $8.2 million pretax impairment charge related to the write-off of the remaining net carrying value of
its cost method investment in WeddingChannel.com, Inc. in light of its continued operating losses, the write-down of the
carrying values of the fixed assets of two Neiman Marcus Galleries stores to estimated fair value and the accrual of the
estimated loss associated with the abandonment of excess warehouse space held by the Company pursuant to a long-term
operating lease.
(3) Net earnings for the fourth quarter of 2002 reflect a $3.1 million pretax impairment charge recorded by the Company,
which represents the write-down of the net carrying values of the fixed assets of three Kate Spade LLC stores to estimated
fair value.
F-34