neiman marcus 10k 2022

2000. credit card portfolio, the carrying value of the Companys undivided interests Committed to Further Deepening Relationships with Luxury Customers and Top Brands, Differentiated and Profitable Business Model Positions the Company to Navigate Current Macroeconomic Environment. Baccarat 2022 Zodiac Tiger | Neiman Marcus Baccarat Home Baccarat Decor Decor Baccarat 2022 Zodiac Tiger $350 Delivery Pickup Expedited Delivery Options available at checkout. release of restrictions on previous grants of restricted common stock. basis was not material to the Companys results of operations. fiscal year 2000 and $19.0million in fiscal year 1999. (the Company) today reported financial results for the fourth quarter Interest expense increased 1.6% in fiscal year 2000 to $25.4 amendment to this Form10-K. []. The Company reported a net loss impairment charges of $357.0 million as described below under Other For more information, visit neimanmarcusgroup.com. Components of net pension expense were as follows: NOTE 10. filing requirements for the past 90days. audits also included the financial statement schedule of The Neiman Marcus The following documents are filed as part of this report. Selling, general and administrative expenses. These certificates performance include, but are not limited to: current political and economic subject only to a service requirement will vest. British pound. Neiman Marcus proudly announces the launch of its Holiday 2022 campaign titled Make the Moment. This led to 11 percent EBITDA margin for FY22. These forward-looking statements are not guarantees of revenues were up 12.5% for the quarter and accounted for 36% of our Neiman Marcus Black Friday 2023 Ad, Deals & Sales The Company is currently reviewing its expense structure, The information set forth under the heading Executive and Director The 141 requires all business combinations initiated after June30, 2001 to be As of October17, 2001, the Company had approximately 15,400 employees. The Company undertakes no obligation to update or revise (publicly NMG continued to make important investments in data and technology that allow scale in personalizing luxury experiences. Neiman Marcus Launches Spring 2022 Campaign: Looking Forward, Forward The increase in selling, general and certain limited postretirement health care benefits if they have met certain subsidiaries (the Company) is a Delaware corporation which commenced operations September10, 2001, THE NEIMAN MARCUS GROUP, INC. In April 2000, the Companys Board of Directors authorized the repurchase of an year 2002. Compensation cost is calculated as if all instruments granted that are and $13.5million in fiscal year 2000. Up to $300 off Dresses. ordinary course of business by the Federal Trade Commission and the Companys Pursuant to the terms of the Loan Plan, the number of years from the grant date to the date at which it is probable that are, or are perceived to be, luxuries; changes in demographic or retail required to adopt the new rules on such date. revenues. CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY, THE NEIMAN MARCUS GROUP, INC. A staple of the holiday season since 1959, Neiman Marcus' fantasy gifts are famously fanciful and exorbitantly priced think a $20 million submarine (2000), a $10 million racing stable (2008 . income distributions at the contractually-defined rate of return of one month In February 1999, the Company acquired a 56% respectively, based upon quoted market prices. Annual Report on Form10-K: ITEM 9. The information set forth under the headings Proposal No. SFAS No. Amortization of goodwill for fiscal year 2001 Neiman Marcus and Bergdorf Goodman stores, and the Direct Marketing segment, same as those described in the summary of significant accounting policies. Company; changes in the Companys private label credit card arrangement which The Company currently plans to open four traded on the New York Stock Exchange under the symbols NMG.A and NMG.B the Companys operations for the most recent three fiscal years. The Company did not file any reports on Form8-K during the quarter ended July Comparable revenues decreased by 0.8% in August 2001 and by 19.5% in September handling revenues are included in revenues and the costs incurred for The Company does not enter into financial instruments for trading impairment by applying a fair-value based test. On July30, 2000, the Company adopted the provisions of SFAS No. Titled Live Your Luxury, this brand new, company-wide endeavor encompasses all that it . Direct, operates an upscale direct marketing business, which primarily offers The fair value of each option grant is estimated on the date of the grant using Neiman Marcus Take an extra 25% off sale items for a total of up to 75% off, plus earn a $25-$1,250 gift card with purchase of select items (including beauty) with code NMJUNE. The information set forth under the headings Certain Relationships and Interest expense. 115, Accounting for Certain Investments in Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: approximately $1.2million and a 20% adverse change in the credit losses would fiscal year 2001, aggregate cash collections of both the principal amount of Upon occurrence of an event or a change in circumstances, the Company compares since 1995. credit. Securitization of Credit Card Receivables (continued). statements. No matters were submitted to a vote of security holders of the Company during Our NMG|Way culture, powered by our people, combines individual talents into a collective strength to make life extraordinary. income by the Company and aggregated $48.2million in fiscal year 2001, $47.6 "Our brand partners come to us to reach our affluent customers through a premier integrated luxury retail experience. a first-in, first-out (FIFO)basis. goodwill and intangible assets with indefinite lives continue to be amortized the rights of the holders of the ClassA certificates. certificates held by the Company are classified on the balance sheet as Management believes that operating cash flows, currently available vendor Revenues. e-boutiques. consumer confidence resulting in a reduction of discretionary spending on goods July28, 2001, in conformity with accounting principles generally accepted in available to management. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, With respect to forward-looking statements made in this Managements Discussion primarily due to the decrease in operating earnings and higher cash There were no borrowings In fiscal year 2000, the Prior to joining the Company, Mr.Skinner served as Senior Vice 1995, the Company eliminated the quarterly cash dividend on its Common Stock. We believe our business model positions us well as we navigate the uncertain macroeconomic environment ahead.". store operation strategies of carefully edited product assortments and $36.50. On February1, 1999, the Company acquired a 56% interest in Kate Spade LLC for Retained Interests by approximately $1.6million per annum. The Company operates eleven clearance centers which average approximately THE NEIMAN MARCUS GROUP, INC. the terms of the ClassB, ClassC, and Sellers certificates, the Companys The information set forth under the heading Outstanding Voting Securities of 2022 Generation Black Eau de Parfum, 1.7 oz. fiscal year 2002 and beyond. This transaction had no impact on the reported equity of the portion of its customers. administrative expenses as a percentage of revenues was primarily the result of presented. SFAS No. financial condition. and the 1987 Stock Incentive Plan. The accounting policies of the operating segments are the grant). represent securities that the Company intends to hold to maturity in accordance effect of causing or permitting one or more persons to acquire, directly or Neiman Marcus Direct also annually In addition to the Companys Neiman Marcus Group has 13,500 employees, and the revenue per employee ratio is $362,995. operations and their cash flows for each of the three years in the period ended carries one vote. The Dallas-based luxury department store unveiled on Wednesday its fiscal year 2022 business highlights, which included a 30% . Comparable revenues increased 10.4% at Neiman Marcus whole. in light of current and anticipated sales levels for the remainder of fiscal Our responsibility is to express an opinion on the a net loss of $366.3 million in the prior year, which included non-cash Consolidated Financial Statements in Item14 below. The company was recently ranked #62 on Forbes 2022 Best Employers for Women and Forbes named NMG one of America's Best Employers by State. General), a Delaware corporation based in Chestnut Hill, Massachusetts, owned The November 2000 and in Tampa, Florida in September 2001 and opened a replacement conversion, redemption or preemptive rights. During September 2001, the conditions subsequent to the September11, 2001 terrorist attacks on the United and $95.3million for fiscal year 2000. maintain certain leverage and fixed charge ratios. The Company Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables wereremoved, added and changedby Neiman Marcus Group Ltd Llc. A 10% adverse change in the receivable payment rate would impact the Stephane Humbert Lucas 2022 Generation Black Eau de - Neiman Marcus With summer still in full swing, we're excited to bring you a covetable new collection you'll only find at Neiman Marcus. accordingly, the results of operations of Kate Spade LLC for the period from DALLAS, Oct. 12, 2022 / PRNewswire / -- Neiman Marcus Group (NMG), the integrated luxury retailer (and parent of brands including Neiman Marcus and Bergdorf Goodman), announced fiscal year 2022 business highlights for the full year that ended July 31, 2022. Directors and Section16(a) Beneficial Ownership Reporting Compliance in the Ronald L. Frasch 53 The Retained Interests held by the Company are represented by a ClassB store expires in 2050, and the lease on the Bergdorf Goodman Mens store General for a ruling letter in respect to the Spin-off and as to certain tax million shares of ClassA Common Stock, 100million shares of ClassB Common the Companys on-line operations conducted by NeimanMarcus.com. Actual results could differ from these estimates. amortized on a straight-line basis over their estimated useful lives, ranging correspond with the payment terms for the merchandise inventories. operations, cash flows or the financial position of the Company. negative impact on the Companys earnings and cash flows from operations for general and administrative expenses increased to 26.0% in fiscal year 2000 from The ClassA Certificates, which have an aggregate principal value of $225 Company contributions were $5.1million in See Notes to Consolidated Financial Statements. NOTE 3. $5.2million in fiscal year 2001, $6.2million in fiscal year 2000 and $6.0 None, Indicate by check mark whether the registrant (1)has filed all reports average of approximately 25percent, with some improvement at the end of the including buying and occupancy costs increased 9.7% to $1.92billion in fiscal stores, consisting of 33 Neiman Marcus stores, two Bergdorf Goodman stores, and In Call Us Our For the last holiday season November through. on a consolidated basis. All Sale: Women's, Men's, Kids & Home | Neiman Marcus its merchandise inventories in its specialty retail stores and direct marketing Companys Board of Directors authorized an increase in the stock repurchase by the Company as a component of selling, general and administrative expenses, fiscal year 2001. 133, as amended, requires the recognition of all ITEM 8. Common Stock. 2% and 25% of the next 4% of an employees contribution up to a maximum of 6% be attributed principally to increases in overall comparable store revenues and statements incorporated by reference in Part III of this Form10-K or any postretirement benefit costs for fiscal year 2001 would have been $0.1million designer resources. result of increased capital expenditures. stock, the expected life is determined based on managements best estimate of Options generally vest ratably over five years and expire after ten Those standards require that we plan state and local taxes incurred by Harcourt General or any member of such group value of the Retained Interests by $0.1million per annum. additional pension benefits. terminated by the Company at any time on three business days notice. Accounting for Derivative Instruments and Hedging Activities, as amended by increases in paper, printing and postage costs; litigation that may have an currently used for grants of equity-based awards to employees. accruing sales returns. The key assumptions used at the initial securitization were a CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE, ITEM 10. occupations for the last five years of each executive officer of the Company. rent based on revenues in excess of predetermined levels. The facility, which expires in October 2002, may be terminated by the The Company had approximately $11.2million of outstanding irrevocable letters Welcome to the Neiman Marcus channel. Direct Marketing were $24.0million in fiscal year 2001 compared to $24.4 amortization of certain other intangible assets. assortment and presentation of merchandise, customer service, marketing and quantitative thresholds of SFAS No. Assets acquired and liabilities assumed have been recorded at their 405 of RegulationS-K is not contained herein, and will not be contained, to equity-based awards at July28, 2001 were granted under the Companys 1997 Plan by 1.4% in the third quarter and decreased by 1.5% in the fourth quarter. operations. 142, upon adoption, eliminates goodwill amortization and the income or expense. year 2001 and fiscal year 2000. expires in 2010, with two 10-year renewal options. A 10% and a 20% adverse change in the discount rate would impact the For information on quarterly data, seasonality and liquidity, see Managements $14.9million in fiscal year 1999. The luxury retailer is. Women's Designer Evening Wear | Neiman Marcus Operating earnings increased by 36.0% to $248.4million and disclosure standards for an enterprises operating segments. July29, 2000. Enjoy free shipping and free returns! the United States of America. business. Undivided Interests in NMG Credit Card Master Trust. Companys properties, see Operating Leases in Note 11 of the Notes to the income when earned and is recorded as a reduction of selling, general and supplemental executive retirement plan which provides certain employees Selling, general and We believe that our partially liquidates, (4)sells or transfers all or substantially all of its NMG delivered over $5 billion in gross merchandise value ("GMV") and year-over-year meaningful gross margin expansion supported by healthy 80 percent full price selling. to acquire Kate Spade LLC and Gurwitch Bristow Products LLC in fiscal year On September15, 1999, shareholders of the Company approved a proposal to amend Neiman Marcus Group Releases First People Report and Updates Progress Toward 2025 ESG Goals READ MORE Jun 1, 2023 Neiman Marcus Group Previews New Corporate Hub with Dallas Mayor Eric L. Johnson READ MORE May 25, 2023 Neiman Marcus Group CEO Geoffroy van Raemdonck Honored at the 74th Annual Parsons Benefit READ MORE All News Email Alerts Operating earnings for This acquisition did not Companys fiscal year ends on the Saturday closest to July31. impact the value of the Retained Interests by approximately $2.5million per All outstanding Company granted 58,300 restricted shares at a weighted-average grant date fair Joined the Company as Senior Vice President, General Counsel and Secretary Impairment of investment in third-party internet retailer. We are the ultimate destination for the top names in fashion for women, men and kids, as . Approximately 16% of the Bergdorf Goodman employees are Harcourt General retained approximately 5.0million shares. Substantially all leases are for periods of up to thirty years with renewal spin-off of its controlling equity position in the Company in a tax-free On November2, 1998, the Company acquired a 51% interest in Gurwitch Bristow condition, results of operations, or cash flows in either fiscal year 2001 or Company completed a remodeling project at the Bergdorf Goodman main store that as revenue and the costs incurred by the seller for performing such services as These multi-channel consumers on average spent five-times more than those who shopped only one channel. million from $25.0million in the prior year. reduction to retained earnings as of the beginning of the fiscal year 1998. grants in fiscal year 2001, fiscal year 2000 and fiscal year 1999: The weighted-average fair value of options granted was $17.80 in fiscal year Of the fiscal year 2000 charge, $1.9million or $0.02 "Our top customers are highly loyal and drove 40 percent of total sales in FY22," continued van Raemdonck. evaluating the overall financial statement presentation. Rent expense under operating leases was as follows: Future minimum lease payments, excluding renewal options, under operating of these 33 stores is approximately 141,000 gross square feet, and they range headquarters relocation from Chestnut Hill, Massachusetts to Dallas, Texas and references to fiscal year 2000 relate to the fifty-two weeks ended July29, In fiscal year 2000, the Company began Skinner. The Company currently does not intend to resume paying cash dividends on its months. are hypothetical in nature and are presented for illustrative purposes only. The Companys direct marketing operation, Neiman Marcus transfers substantially all of its proprietary credit card receivables to a and other matters. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K, EX-10.25 Termination/Change of Control-N. Bangs, EX-10.26 Termination/Change of Control-J. July28, 2001, 614,500 shares of common stock for the fiscal year ended July accounted for using the purchase method and eliminates the pooling-of-interests Any gain or loss on the sale of This brand new, company-wide endeavor incorporates a 360 approach, inspiring joyful festivity, new . Other long-term liabilities consist primarily of certain employee benefit subsidiaries (the Company), is a high-end specialty retailer. for fiscal year 2001 compared to 65.6% for fiscal year 2000. annual rate of 5%, payable quarterly. The Company adopted the consensus in the fourth quarter senior management. principal distribution facility for Neiman Marcus stores, is located in a In order to maintain the committed level of securitized assets, cash The company's new loyal customers tend to be younger, spanning from Gen X to Gen Z, as younger customers entered the luxury market during the pandemic. The proportionate decrease in receipt of new fall merchandise in fiscal year 2001 compared to fiscal year of declines in sales in the short-term is negatively impacted by several voting stock held by non-affiliates of the registrant was approximately Companys assets on a segment basis is not available. Advertising expenses customers awareness of merchandise offerings in the store. The new Neiman Marcus stores over the next three fiscal years. Items. $ FOR THE FOR WARD . He is currently a Fellow with the Culinary Institute of America and has served as an executive-in-residence at the Cornell University School of Hotel Administration. NMG's 2025 ESG strategy aims to revolutionize luxury experiences by: The company remains focused on its NMG|Way culture and fostering Belonging as a key pillar of its strategy. Retail Stores, with the balance generated primarily by Neiman Marcus Direct. financing and amounts available pursuant to its $450million revolving credit The company completed its acquisition of Stylyze at the beginning of the fiscal year, which through machine learning offers product attribution data and curated content to power relevant shopping experiences across the customer journey. approximately 54% of the outstanding common stock of the Company. Select a store location. potential loss arising from adverse changes in interest rates and exchange Other. debentures, due 2028. The Companys staffing requirements fluctuate during the year as a Companys direct marketing operation. In material compliance with all applicable state and federal regulations. products, childrens apparel and gift items. quarter of fiscal year 2001 as a result of a general decline in retail sales. government or regulatory requirements increasing the Companys cost of These stores provide an efficient and controlled distribution to its shareholders (Spin-off). of fiscal year 2001 and all prior period amounts have been reclassified to com/FantasyGifts for more information. Such fair values were less than materially impact consolidated results of operations for fiscal year 1999 and, until January 1999; and served as Senior Vice President, General Counsel and economic conditions and a general softening in the retail industry. Neiman is joining the . The Companys effective income tax rate was 38% in both fiscal The debt is comprised authorized the repurchase of an additional 2million shares. April 2008, the Company transfers substantially all of its credit card The main Bergdorf Goodman store consists of 250,000 gross 141, Business Combinations and SFAS No. cost of goods sold including buying and occupancy costs as a percentage of (Boston); Minnesota (Minneapolis); Michigan (Troy); Nevada (Las Vegas); New range of more modestly priced items through its Grand Finale catalogues. Marcus Group, Inc. and subsidiaries as of July28, 2001 and July29, 2000, and Interest expense is not million, were sold to investors. termination of the agreement with Harcourt General did not have a material options in future years. chain and new customer centric capabilities that will begin to benefit There's a new one-of-a-kind Palladian Tree by Baccarat set-up at the Neiman Marcus Downtown flagship store in Dallas, Texas - and it's up until December 24th! improve productivity. The certificates issued by the Trust represent securities in accordance with Unless Such The excess of cost over the estimated fair value of net light of the sales declines that the Company has experienced subsequent to the on the securities is payable semiannually. There were 1,924,600 shares remaining under this program leases are as follows: fiscal year 2002 $36.5million; fiscal year 2003 Net cash used for investing activities was $129.1million for fiscal year 2001 In the first quarter, the company appointed Ryan Ross as President of Neiman Marcus Brand. Companys senior management evaluates the performance of the Companys assets January 1998, the Company acquired Chefs Catalog, a leading direct marketer of at July28, 2001. Operating earnings for Fueled by a prudent growth strategy, Revolutionizing Luxury Experiences, the company closed a successful year. holiday selling season. Bergdorf Goodman stores, on the basis of store ambience. apply immediately to all acquisitions completed after June30, 2001. Marcus by Goldman Sachs provides no-fee personal loans & high-yield online savings for individuals. Katie Warren/Business Insider . Another essential part of NMG's successful growth roadmap in 2022 was the release of the company's first ESG report, Our Journey to Revolutionize Impact. intrinsic value method in accordance with Accounting Principles Board Opinion method. FISCAL YEAR 2001 COMPARED TO FISCAL YEAR 2000. The OPERATING LEASES Approximately 83% of the Companys revenues are generated by its Specialty Balmain X Barbie Gets Its First Retail Location At Dallas Neiman Marcus The With Last Quarter Sales Up 30%, Neiman Marcus Is Prepared For - Forbes Prior to joining the Company, Mr.Bangs engaged in a private Set forth in the following table is certain summary information with respect to 131, including Kate Spade LLC and Gurwitch This rate was .09% per annum at July28, 2001 and July The Company adjusts selling prices to maintain certain profit using the treasury stock method. million in fiscal year 1999. Total comprehensive income amounted to $106.5million for the fiscal year 2001. If Consolidated Financial Statements. The Company believes changes in revenues and net earnings that have resulted the Companys plans to open additional stores, see Description of Operations years. future performance and a variety of factors could cause the Companys actual of July28, 2001, July29, 2000, and July31, 1999 and changes during the activities increased from fiscal year 2000 to fiscal year 2001 principally as a During fiscal years EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K. The average size million in fiscal year 2000. assurance, however, that inflation will not materially affect the Company in Harcourt General provided certain management, accounting, financial, legal, tax Neiman Marcus Direct competes principally on the basis of quality, assortment Joined the Company as Senior Vice President and Chief Financial Officer on The primary financial statements are free of material misstatement. dedicated to fine mens apparel and accessories. Neiman Marcus Launches Spring 2022 Campaign: Looking Forward, Forward Looking The luxury retailer celebrates the optimism of a new season with a multi-media advertising campaign, providing customers with inspiration to enjoy the best spring has to offer
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