Lehman Brothers High Yield Bond and Syndicated Loan Conference March 13, 2008
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1 Lehman Brothers High Yield Bond and Syndicated Loan Conference March 13, 2008
2 Forward Looking Statements Disclaimer The following information contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The future results of the company may vary from the results expressed in, or implied by, the following forward-looking statements, possibly to a material degree. For a discussion of some of the important factors that could cause the company s results to differ from those expressed in, or implied by, the following forward-looking statements, please refer to the company s Offering Circular. The company undertakes no obligation to update or revise any forward-looking statements. 2
3 Company Overview High-end specialty retailer offering luxury apparel and accessories Specialty Retail Neiman Marcus Direct (84% of Total Sales) (16% of Total Sales) 39 Full Line Stores 2 Stores LTM Revenue: * Note: LTM revenue is as of Q2 FY 2008 and excludes Kate Spade LLC. $4.6 Billion* 3
4 Professional, Relationship-Focused Salesforce Focus on building long-term relationships, not just transactions Highly specialized sales associate selection, training, and development programs Sales Associate Turnover Sales Associate Productivity (3) 65% 66% 32% 20% Neiman Marcus Specialty Retail (2) Retail Average (1) % of Associates Selling Over $500K % of Associates Selling Over $1M (1) Includes all full-time and part-time sales associates for fiscal 2007 for Neiman Marcus Stores and Bergdorf Goodman. (2) Retail average turnover statistics are for full-time only sales staff provided by 2005 National Retail Federation Annual Compensation and Benefits Survey. (3) Represents fiscal 2007 revenues at Neiman Marcus full-line stores and Bergdorf Goodman only. Excludes associates with less than one year of service. 4
5 Unique Customer Loyalty Program Unique and powerful InCircle rewards program drives superior loyalty from an attractive, affluent customer base InCircle Program Revenue InCircle Customer Behavior InCircle Sales Non-InCircle InCircle ($ in millions) $1,800 $1,600 % of Total Neiman Marcus Store Sales 12% CAGR $1,572 $1,697 60% Annual Purchases ($) $629 $12,333 Difference vs. Non-InCircle 19.6x Trips Per Year Difference vs. Non-InCircle 5.1x $1,400 $1,200 $1,174 $1,324 52% 52% 50% Spend Per Item ($) $86 $212 Difference vs. Non-InCircle 2.5x $1,000 $800 $850 $894 41% $1,008 43% 45% 46% 40% $600 37% $ Calendar Year 30% Note: InCircle customer behavior data presented for calendar year Customer behavior statistics based on private label credit card information only. CY 2007 figures are preliminary. 5
6 Specialty Retail Initiatives Drive Greater Merchandise Productivity Attract and Develop a Younger Customer Base Maximize Return on Full Line Stores Expand Last Call Clearance Centers Maintaining and Expanding our Leadership Position 6
7 Natick, MA Natick Mall Opened: September ,000 square feet 7
8 Topanga, CA Topanga Plaza Scheduled opening: Fall ,000 square feet 8
9 Bellevue, WA The Bravern Scheduled opening: Fall ,000 square feet 9
10 CUSP store openings LOCATION MALL/AREA OPENING DATE SQ. FOOTAGE Washington, DC Tyson s Mall July ,500 Los Angeles, CA Century City August ,100 Washington, DC Georgetown March ,000 Northbrook, IL Northbrook Court July ,000 10
11 CUSP 11
12 CUSP 12
13 CUSP 13
14 Neiman Marcus Direct
15 Neiman Marcus Direct Innovative marketing Designer sites FY 2002 $355M Growth of Internet FY 2007 $715M Customer personalization 17% 30% Online clearance 83% 70% Technology investment Catalog Internet 15
16 Financial Overview
17 Historical Financial Performance Historical Financial Performance ($ in millions) $1,888 $2,042 $2,580 $2,181 $2,338 $150 $159 $183 $199 $183 7% Revenue CAGR 11% EBIT CAGR $2,913 $2,998 $2,861 $248 $203 $173 $3,001 $214 $3,421 $336 $3,695 $407 $4,030 $447 $4,390 $4,561 $550 $ LTM Q Fiscal Years Ending July Revenue EBIT Consistent growth through multiple business and economic cycles highlighted by 12 year Revenue and EBIT CAGRs of 7% and 11%, respectively Note: All information for 2000 and thereafter reflects the change in classification of revenues deferred in connection with the Company s loyalty programs. EBIT figures exclude non-recurring items. FY have been restated to exclude Brand Development. FY 2002 reflects 53 weeks ended August 3, Operating earnings are adjusted to exclude amortization of customer lists and favorable lease commitments, purchase accounting adjustments, transaction and other costs and other non-recurring items. 17
18 Financial Metrics Specialty Retail Revenue ($ in millions) ($ in millions) Specialty Retail EBIT $2,442 $2,487 $2,417 6% CAGR $2,507 $2,850 $3,103 $3,375 $3,675 $3,823 $249 $201 10% CAGR $311 $ % $ % $ % $ % $491 $ % 13.2% 10.2% 8.1% 7.1% LTM Q2 '08 NMD Revenue ($ in millions) ($ in millions) LTM EBIT EBIT Margin Q2 '08 NMD EBIT $405 $438 $444 $494 8% CAGR $571 $592 $655 $715 $ LTM Q2 '08 Note: Specialty Retail revenue reflects the change in classification of revenues deferred in connection with the Company s loyalty programs. $2 $11 $23 2.5% 5.1% 83% CAGR $46 9.3% $ % $ % $ % $116 $ % 16.4 % LTM Q2 '08 EBIT EBIT Margin 18
19 Superior Performance NMG Sales per Square Foot $440 $452 $497 $511 $478 $472 $528 $577 $611 $638 $ LTM Q2 '08 NMG Comparable Revenue Growth 11.8% 14.0% 9.8% 6.0% 2.6% 2.3% 3.8% 7.3% 6.7% 5.6% -4.4% LTM Q2 '08 Note: NMG comparable revenue growth figures for reflect the change in classification of revenues deferred in connection with the Company s loyalty programs and reflect the sale of Gurwitch Products and Kate Spade. NMG Sales per Square Foot figures represent Specialty Retail and exclude clearance centers. 19
20 Superior Performance $700 $600 $500 $400 $300 $200 $100 Sales Per Square Foot Note Figures are from LTM ending January 26, NMG data is for the Specialty Retail segment only (Full line Neiman Marcus Stores and Bergdorf Goodman). SFAE is estimated Saks Fifth Avenue stores and internet sales (excludes estimated clearance center sales). 20
21 FY 2008 Q2 Financial Highlights NMG Q2 '08 Q2 '07 % change Comparable Sales 3.7% 6.8% Adjusted Operating Earnings ($M)* $152 $ % Adjusted Operating Margin 11.1% 11.3% Specialty Retail Comparable Store Sales 3.4% 7.0% Operating Earnings ($M) $128 $ % Operating Margin 11.3% 11.4% Neiman Marcus Direct Sales Growth 5.2% 6.1% Operating Earnings ($M) $42 $39 7.3% Operating Margin 17.7% 17.3% Source Neiman Marcus, Inc. FY2008 Q2 Earnings Release (for the fiscal period ended January 26, 2008). Figures exclude Kate Spade LLC. *Adjusted Operating earnings represents operating earnings excluding amortization of customer lists and favorable lease commitments and other income. 21
22 Summary Balance Sheet ($ in millions) Q Q Cash $ 236 $ 189 Merchandise inventories Current liabilities $ 694 $ 731 Long-term debt 2,946 3,021 Shareholder s equity $ 1,648 $ 1,495 22
23 Leverage Ratio Q1 FY 06 Q4 FY 06 Q4 FY 07 Q2 FY 08 Leverage ratio is calculated as Total Debt / LTM Adjusted EBITDA LTM adjusted EBITDA excludes purchase accounting adjustments and transaction and other costs. Figures exclude Brand Development. 23
24 Capitalization (As of January 26, 2008) ($ in millions) Q2 FY '08 % of Q1 FY '06 % of 1/26/2008 Cap. 10/29/2005 Cap. $600 Million Asset-Based Revolving Credit Facility 0 0.0% % Senior Debentures due 2028 (7.125%) % % Senior Secured Term Loan 1, % 1, % Other Senior Secured Debt 3 0.1% 6 0.1% Total Senior Secured Debt $1, % $2, % Senior Unsecured Notes (9.00%) % % Total Senior Debt $2, % $2, % Senior Subordinated Notes (10.375%) % % Total Debt $2, % $3, % Equity 1, % 1, % Total Capitalization $4, % $4, % No maintenance covenants or mandatory amortization Senior Unsecured Notes Cash / PIK feature provides flexibility Excess liquidity from $600 million Asset-Based Revolver 24
25 Reconciliation of Adjusted Operating Earnings Thirteen Thirteen weeks ended weeks ended Jan 26, Jan 27, (dollars in millions) OPERATING EARNINGS: Specialty Retail Stores $ 128 $ 122 Direct Marketing Corporate expenses (18) (15) ADJUSTED OPERATING EARNINGS $ 152 $ 146 Amortization of intangible assets (18) (18) Other income 0 0 OPERATING EARNINGS $ 134 $ 128 Depreciation & Amortization Source Neiman Marcus, Inc. 10-Q (For the fiscal period ended Jan 26, 2008). 25
26 EBITDA Reconciliation ($ in millions) Q2 FY '08 Q4 FY '07 Q4 FY '06 Q1 FY '06 LTM EBITDA (Reported) 1 $ 730 $ 686 $ 515 $ 509 Adjustments: Inventory purchase price adjustment Transaction costs Gain on credit card transaction (6) Non-cash gain on curtailment of defined benefit retirement obligation (33) Total EBITDA adjustments (33) LTM EBITDA (Adjusted) $ 697 $ 686 $ 577 $ 534 Debt/LTM EBITDA (Adjusted) (1) LTM EBITDA excludes Gurwitch Products and Kate Spade. 26
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