Neiman Marcus 2009 Annual Report Download - page 130

Table of Contents
The following tables set forth the information for our reportable segments:
Fiscal year ended
(in thousands)
July 31,
2010
August 1,
2009
August 2,
2008
REVENUES
Specialty Retail stores $ 3,010,804 $ 2,991,318 $ 3,853,074
Direct Marketing 681,964 652,028 747,462
Total $ 3,692,768 $ 3,643,346 $ 4,600,536
OPERATING EARNINGS (LOSS)
Specialty Retail stores $ 272,569 $ 124,252 $ 476,724
Direct Marketing 112,576 73,322 117,657
Corporate expenses (58,146) (52,067) (56,944)
Other expenses (1) (21,945) (22,455) —
Amortization of intangible assets and favorable lease
commitments (73,259) (72,703) (72,192)
Impairment charges (2) — (703,266) (31,261)
Other income (3) — — 32,450
Total $ 231,795 $ (652,917) $ 466,434
CAPITAL EXPENDITURES
Specialty Retail stores $ 43,585 $ 91,128 $ 164,640
Direct Marketing 15,108 10,397 18,812
Total $ 58,693 $ 101,525 $ 183,452
DEPRECIATION EXPENSE
Specialty Retail stores $ 119,871 $ 128,018 $ 127,186
Direct Marketing 14,939 16,727 16,801
Other 7,029 6,014 4,424
Total $ 141,839 $ 150,759 $ 148,411
July 31,
2010
August 1,
2009
August 2,
2008
ASSETS
Tangible assets of Specialty Retail stores $ 1,640,063 $ 1,716,361 $ 2,009,383
Tangible assets of Direct Marketing 158,547 142,123 173,265
Corporate assets:
Intangible assets related to Specialty Retail stores 2,747,061 2,804,438 3,519,045
Intangible assets related to Direct Marketing 458,627 474,509 523,572
Other 527,984 456,521 346,481
Total $ 5,532,282 $ 5,593,952 $ 6,571,746
(1) Other expenses consists primarily of costs (primarily professional fees and severance) incurred in connection with cost
reductions and corporate initiatives.
(2) Impairment charges recorded in fiscal year 2009 consist of pretax charges of 1) $329.7 million for the writedown to fair
value of goodwill, 2) $343.2 million for the writedown to fair value of the net carrying value of tradenames and 3) $30.3
million for the writedown to fair value of the net carrying value of certain long-lived assets.
For fiscal year 2008, we recorded $31.3 million pretax impairment charges related to the writedown to fair value of the
Horchow tradename.
(3) For fiscal year 2008, other income represents a pension curtailment gain of $32.5 million as a result of our decision to freeze
certain Pension and SERP benefits as of December 31, 2007.
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