Neiman Marcus 2014 Annual Report Download - page 104

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Table of Contents

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) as of August 1, 2015
(Successor) and August 2, 2014 (Successor), and the related (i) consolidated statements of operations and consolidated statements of comprehensive earnings
(loss) for the fiscal year ended August 1, 2015 (Successor), thirty-nine weeks ended August 2, 2014 (Successor), thirteen weeks ended November 2, 2013
(Predecessor) and fiscal year ended August 3, 2013 (Predecessor), (ii) consolidated statements of cash flows for the fiscal year ended August 1, 2015
(Successor), Acquisition and thirty-nine weeks ended August 2, 2014 (Successor), thirteen weeks ended November 2, 2013 (Predecessor) and fiscal year
ended August 3, 2013 (Predecessor), (iii) consolidated statements of member equity for the fiscal year ended August 1, 2015 (Successor) and 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 fiscal year 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 schedules 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 1, 2015 (Successor) and August 2, 2014 (Successor), and the (i) consolidated results of its operations for the fiscal year
ended August 1, 2015 (Successor), thirty-nine weeks ended August 2, 2014 (Successor), thirteen weeks ended November 2, 2013 (Predecessor) and fiscal year
ended August 3, 2013 (Predecessor) and (ii) its cash flows for the fiscal year ended August 1, 2015 (Successor), Acquisition and thirty-nine weeks ended
August 2, 2014 (Successor), thirteen weeks ended November 2, 2013 (Predecessor) and fiscal year 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 1, 2015, based on criteria established in Internal Control-Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated September 22, 2015 expressed an
unqualified opinion thereon.
/S/ ERNST & YOUNG LLP
Dallas, Texas
September 22, 2015
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