Neiman Marcus 2008 Annual Report Download - page 94

Table of Contents
NEIMAN MARCUS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Fiscal year ended
(in thousands)
August 1,
2009
August 2,
2008
July 28,
2007
Revenues $ 3,643,346 $ 4,600,536 $ 4,390,076
Cost of goods sold including buying and occupancy costs (excluding
depreciation) 2,536,764 2,934,968 2,753,814
Selling, general and administrative expenses (excluding depreciation) 882,737 1,045,447 1,015,140
Income from credit card program, net (49,966 ) (65,727 ) (65,723 )
Depreciation expense 150,759 148,411 136,468
Amortization of intangible assets 54,826 54,314 54,387
Amortization of favorable lease commitments 17,877 17,878 17,878
Impairment charges 703,266 31,261 11,473
Other income — (32,450 )(10,164 )
Operating (loss) earnings (652,917 ) 466,434 476,803
Interest expense, net 235,574 239,805 259,805
(Loss) earnings from continuing operations before income taxes (888,491 ) 226,629 216,998
Income tax (benefit) expense (220,445 )83,816 82,295
(Loss) earnings from continuing operations (668,046 ) 142,813 134,703
Loss from discontinued operation, net of taxes — — (22,771 )
Net (loss) earnings $ (668,046 )$ 142,813 $ 111,932
See Notes to Consolidated Financial Statements.
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