UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
OR
o TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file no. 1-9659
The Neiman Marcus Group, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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95-4119509 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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One Marcus Square |
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(Address of principal executive offices) |
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(214) 741-6911 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES ý NO o
As of December 1, 2003, the number of outstanding shares of each of the issuer’s classes of common stock was:
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Class |
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Outstanding Shares |
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Class A Common Stock, $.01 Par Value |
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28,979,575 |
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Class B Common Stock, $.01 Par Value |
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19,941,833 |
THE NEIMAN MARCUS GROUP, INC.
THE NEIMAN MARCUS GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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(in thousands) |
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November
1, |
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August 2, |
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November
2, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
127,524 |
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$ |
206,950 |
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$ |
67,278 |
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Undivided interests in NMG Credit Card Master Trust |
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314,138 |
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243,145 |
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270,303 |
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Accounts receivable |
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33,075 |
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22,595 |
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29,040 |
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Merchandise inventories |
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830,319 |
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687,062 |
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821,040 |
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Other current assets |
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73,345 |
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86,369 |
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61,240 |
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Total current assets |
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1,378,401 |
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1,246,121 |
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1,248,901 |
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Property and equipment, net |
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674,970 |
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674,185 |
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677,680 |
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Other assets |
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112,655 |
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114,124 |
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105,822 |
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Total assets |
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$ |
2,166,026 |
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$ |
2,034,430 |
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$ |
2,032,403 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Notes payable and current maturities of long-term liabilities |
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$ |
2,252 |
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$ |
1,241 |
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$ |
1,163 |
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Accounts payable |
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266,889 |
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262,909 |
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266,366 |
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Accrued liabilities |
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323,188 |
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266,259 |
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292,947 |
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Total current liabilities |
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592,329 |
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530,409 |
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560,476 |
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Long-term liabilities: |
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Revolving credit facility borrowings |
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— |
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— |
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50,000 |
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Notes and debentures |
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249,739 |
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249,733 |
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249,716 |
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Other long-term liabilities |
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114,463 |
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108,234 |
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80,506 |
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Total long-term liabilities |
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364,202 |
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357,967 |
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380,222 |
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Minority interest |
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9,700 |
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8,206 |
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7,796 |
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Common stocks |
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488 |
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479 |
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480 |
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Additional paid-in capital |
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471,328 |
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458,520 |
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444,577 |
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Accumulated other comprehensive income |
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(25,642 |
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(25,573 |
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189 |
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Retained earnings |
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775,667 |
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719,442 |
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638,663 |
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Treasury stock, at cost (699,777 shares at November 1, 2003 and 524,177 shares at August 2, 2003) |
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(22,046 |
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(15,020 |
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— |
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Total shareholders’ equity |
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1,199,795 |
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1,137,848 |
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1,083,909 |
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Total liabilities and shareholders’ equity |
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$ |
2,166,026 |
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$ |
2,034,430 |
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$ |
2,032,403 |
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See Notes to Condensed Consolidated Financial Statements.
1
THE NEIMAN MARCUS GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
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Thirteen Weeks Ended |
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(in thousands, except per share data) |
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November
1, |
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November
2, |
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Revenues |
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$ |
824,863 |
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$ |
734,083 |
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Cost of goods sold including buying and occupancy costs |
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508,412 |
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453,931 |
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Selling, general and administrative expenses |
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219,162 |
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204,908 |
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Operating earnings |
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97,289 |
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75,244 |
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Interest expense, net |
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3,462 |
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3,594 |
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Earnings before income taxes, minority interest and change in accounting principle |
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93,827 |
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71,650 |
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Income taxes |
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36,592 |
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27,585 |
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Earnings before minority interest and change in accounting principle |
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57,235 |
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44,065 |
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