Neiman Marcus 2013 Annual Report Download - page 98

Table of Contents
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To the Board of Directors and Member of Neiman Marcus Group LTD LLC
We have audited the accompanying consolidated balance sheets of Neiman Marcus Group LTD LLC (the Company) (formerly Neiman Marcus
Group LTD Inc.) as of August 2, 2014 (Successor) and August 3, 2013 (Predecessor), and the related (i) consolidated statements of operations and
consolidated statements of comprehensive (loss) earnings for the thirty-nine weeks ended August 2, 2014 (Successor), the thirteen weeks ended November 2,
2013 (Predecessor), and for each of the two years in the period ended August 3, 2013 (Predecessor), (ii) consolidated statements of cash flows for the
Acquisition and thirty-nine weeks ended August 2, 2014 (Successor), the thirteen weeks ended November 2, 2013 (Predecessor) and for each of the two years
in the period ended August 3, 2013 (Predecessor), (iii) consolidated statement of member equity for the thirty-nine weeks ended August 2, 2014 (Successor),
and (iv) consolidated statements of stockholders’ equity for the thirteen weeks ended November 2, 2013 (Predecessor) and for each of the two years in the
period ended August 3, 2013 (Predecessor). Our audits also included the financial statement schedule listed in the Index at Item 15. These financial
statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and
schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Neiman
Marcus Group LTD LLC at August 2, 2014 (Successor) and August 3, 2013 (Predecessor), and the (i) consolidated results of its operations for the thirty-nine
weeks ended August 2, 2014 (Successor), the thirteen weeks ended November 2, 2013 (Predecessor), and for each of the two years in the period ended August
3, 2013 (Predecessor) and (ii) its cash flows for the Acquisition and thirty-nine weeks ended August 2, 2014 (Successor), the thirteen weeks ended November
2, 2013 (Predecessor) and for each of the two years in the period ended August 3, 2013 (Predecessor), in conformity with U.S. generally accepted accounting
principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole,
presents fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Neiman Marcus Group
LTD LLC’s internal control over financial reporting as of August 2, 2014, based on criteria established in Internal Control-Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated September 25, 2014 expressed an
unqualified opinion thereon.
/S/ ERNST & YOUNG LLP
Dallas, Texas
September 25, 2014
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