Neiman Marcus 2010 Annual Report Download - page 134
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Table of Contents
Fiscal year ended July 30, 2011
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ — $ 3,309,567 $ 692,705 $ — $ 4,002,272
Cost of goods sold including buying
and occupancy costs (excluding
depreciation) — 2,148,704 440,715 — 2,589,419
Selling, general and administrative
expenses (excluding depreciation) — 812,542 121,635 — 934,177
Income from credit card program — (42,622) (3,400) — (46,022)
Depreciation expense — 118,328 14,105 — 132,433
Amortization of intangible assets and
favorable lease commitments — 49,649 12,899 — 62,548
Operating earnings — 222,966 106,751 — 329,717
Interest expense, net — 280,448 5 — 280,453
Intercompany royalty charges (income) — 194,556 (194,556) — —
Equity in (earnings) loss of subsidiaries (31,623)(301,302)— 332,925 —
Earnings (loss) before income taxes 31,623 49,264 301,302 (332,925) 49,264
Income tax expense — 17,641 — — 17,641
Net earnings (loss) $ 31,623 $ 31,623 $ 301,302 $ (332,925)$ 31,623
Fiscal year ended July 31, 2010
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ — $ 3,068,503 $ 624,265 $ — $ 3,692,768
Cost of goods sold including buying
and occupancy costs (excluding
depreciation) — 2,022,268 397,277 — 2,419,545
Selling, general and administrative
expenses (excluding depreciation) — 772,353 113,053 — 885,406
Income from credit card program — (54,400) (4,676) — (59,076)
Depreciation expense — 125,955 15,884 — 141,839
Amortization of intangible assets and
favorable lease commitments — 60,359 12,900 — 73,259
Operating earnings — 141,968 89,827 — 231,795
Interest expense, net — 237,105 3 — 237,108
Intercompany royalty charges (income) — 182,910 (182,910) — —
Equity in loss (earnings) of subsidiaries 1,838 (272,734)— 270,896 —
(Loss) earnings before income taxes (1,838) (5,313) 272,734 (270,896) (5,313)
Income tax benefit — (3,475)— — (3,475)
Net (loss) earnings $ (1,838)$ (1,838)$ 272,734 $ (270,896)$ (1,838)
F-38