Neiman Marcus 2003 Annual Report Download - page 15
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OPERATING RESULTS
Performance Summary
The following table sets forth certain items expressed as percentages of net revenues for the periods indicated.
Years Ended
July 31,
2004
August 2,
2003
August 3,
2002
Revenues 100.0% 100.0% 100.0%
Cost of goods sold including buying and occupancy costs 65.5 66.9 67.7
Selling, general and administrative expenses 24.7 25.9 26.3
Effect of change in vacation policy — — (0.5)
Impairment and other charges 0.1 — 0.5
Operating earnings 9.7 7.2 6.0
Interest expense, net 0.4 0.5 0.5
Earnings before income taxes, minority interest and change in accounting
principle 9.3 6.7 5.5
Income taxes 3.4 2.6 2.1
Earnings before minority interest and change in accounting principle 5.9 4.1 3.4
Minority interest in net earnings of subsidiaries (0.1)(0.1)—
Earnings before change in accounting principle 5.8 4.0 3.4
Change in accounting principle — (0.5)—
Net earnings 5.8%3.5%3.4%
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