Neiman Marcus 2008 Annual Report Download - page 128

Table of Contents
The following tables set forth the information for our reportable segments:
Fiscal year ended
(in thousands)
August 1,
2009
August 2,
2008
July 28,
2007
REVENUES
Specialty Retail stores $ 2,991,318 $ 3,853,074 $ 3,674,600
Direct Marketing 652,028 747,462 715,476
Total $ 3,643,346 $ 4,600,536 $ 4,390,076
OPERATING (LOSS) EARNINGS
Specialty Retail stores $ 112,350 $ 476,724 $ 490,564
Direct Marketing 70,652 117,657 116,042
Corporate expenses (59,950 ) (56,944 ) (56,229 )
Amortization of intangible assets and favorable
lease commitments (72,703 ) (72,192 ) (72,265 )
Impairment charges (1) (703,266 ) (31,261 ) (11,473 )
Other income (2) — 32,450 10,164
Total $ (652,917 )$ 466,434 $ 476,803
CAPITAL EXPENDITURES
Specialty Retail stores $ 91,128 $ 164,640 $ 124,402
Direct Marketing 10,397 18,812 23,475
Total $ 101,525 $ 183,452 $ 147,877
DEPRECIATION EXPENSE
Specialty Retail stores $ 128,018 $ 127,186 $ 118,126
Direct Marketing 16,727 16,801 13,671
Other 6,014 4,424 4,671
Total $ 150,759 $ 148,411 $ 136,468
August 1,
2009
August 2,
2008
ASSETS
Tangible assets of Specialty Retail stores $ 1,703,435 $ 1,994,456
Tangible assets of Direct Marketing 142,123 173,265
Corporate assets:
Intangible assets related to Specialty Retail
stores 2,804,438 3,519,045
Intangible assets related to Direct Marketing 474,509 523,572
Other 456,521 346,481
Total $ 5,581,026 $ 6,556,819
(1) 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 years 2008 and 2007, we recorded $31.3 million and $11.5 million pretax impairment charges related to the
writedown to fair value of the Horchow tradename.
(2) 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.