Neiman Marcus 2004 Annual Report Download - page 27
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The following table sets forth certain financial measures on a quarterly basis for 2005:
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Revenues as a percentage of annual revenues 23.8% 29.5% 24.4% 22.3%
Gross margin 38.9% 32.5% 38.3% 29.4%
Selling, general and administrative expenses as a percentage of revenues 25.1% 21.9% 23.8% 24.5%
Operating margin 12.1% 10.6% 14.4% 5.6%
See Note 15 of the Notes to Consolidated Financial Statements for additional information about our quarterly operating results.
OPERATING RESULTS
Performance Summary
The following table sets forth certain items expressed as percentages of revenues for the periods indicated.
Years Ended
July 30,
2005
July 31,
2004
August 2,
2003
Revenues 100.0% 100.0% 100.0%
Cost of goods sold including buying and occupancy costs 65.3 66.0 67.5
Selling, general and administrative expenses 23.7 24.1 25.3
Loss on disposition of Chef's Catalog 0.4 — —
Gain on Credit Card Sale (0.2) — —
Impairment and other charges — 0.1 —
Operating earnings 10.8 9.8 7.2
Interest expense, net 0.3 0.5 0.5
Earnings before income taxes, minority interest and change in accounting principle 10.5 9.3 6.7
Income taxes 3.8 3.4 2.6
Earnings before minority interest and change in accounting principle 6.7 5.9 4.1
Minority interest in net earnings of subsidiaries (0.1) (0.1) (0.1)
Earnings before change in accounting principle 6.6 5.8 4.0
Change in accounting principle — — (0.5)
Net earnings 6.6% 5.8% 3.5%
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