Deutsche Bank Leveraged Finance Conference September 25, 2008
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1 Deutsche Bank Leveraged Finance Conference September 25, 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 995). 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.
3 Company Overview Specialty Retail Neiman Marcus Direct 40 Full Line NM Stores 2 BG Stores 5 Cusp Stores $3.85B $748M LTM Revenue: $4.6 Billion* * Note: LTM revenue is as of July 2008.
4 Competitive Advantages Attractive Market & Customer Demographics Professional, Relationship-Focused Salesforce Unique Customer Loyalty Program Strong Relationships with Diverse Group of Vendors
5 Specialty Retail Initiatives Merchandise Productivity Customer Service Inventory Management Return on Full Line Stores Maintaining and Expanding our Leadership Position
6 Focused Expansion Strategy STATE COMPLETION DATE SQ. FOOTAGE New Stores Topanga California September 2008 (Opened) 20,000 Bellevue Washington Fall ,000 Sarasota Florida Fall ,000 Walnut Creek California Fall 200 0,000 Princeton New Jersey Fall 20 90,000 San Jose California Fall 20 20,000 Long Island New York TBD 50,000 Remodels Atlanta Georgia Spring 2008 (Completed) Additional 50,000 Westchester New York Summer 2008 (Completed) No additional sq. footage Cusp Chestnut Hill Massachusetts August ,000
7 Prime Store Locations Minneapolis Chicago Northbrook, Oakbrook Troy Westchester, NYC - BG (2) LA, SF, Palo Alto, San Diego, Newport Beach, Topanga, 6 3 King of Prussia Tyson s Corner Boston, Natick Short Hills, Paramus Washington D.C. Charlotte Honolulu Las Vegas Scottsdale Denver 7 7 Atlanta 40 Neiman Marcus Stores 2 Bergdorf Goodman Stores Total Specialty Square Footage: 5.8M Northpark, Houston, Dallas, Plano, Ft. Worth, San Antonio, Austin St. Louis Bal Harbour, Coral Gables, Ft. Lauderdale, Tampa Bay, Orlando, Palm Beach, Boca Raton Geographically diverse store base in premier locations in the nation s most affluent markets
8 Prime Store Locations Bellevue Minneapolis Chicago Northbrook, Oakbrook Troy Long Island Westchester, NYC - BG (2) Princeton LA, SF, Palo Alto, San Diego, Newport Beach, Topanga Walnut Creek, San Jose 8 3 King of Prussia Short Hills, Paramus Princeton Washington D.C. Tyson s Corner Charlotte Boston, Natick Honolulu Las Vegas Scottsdale Denver 7 Sarasota 8 Atlanta 46 Neiman Marcus Stores 2 Bergdorf Goodman Stores Total Specialty Square Footage: 6.2M Northpark, Houston, Dallas, Plano, Ft. Worth, San Antonio, Austin St. Louis Bal Harbour, Coral Gables, Ft. Lauderdale, Tampa Bay, Orlando, Palm Beach, Boca Raton, Sarasota Geographically diverse store base in premier locations in the nation s most affluent markets
9 Topanga, CA Topanga Plaza Opened: September ,000 square feet
10 Bellevue, WA The Bravern Scheduled opening: Fall ,000 square feet
11 Sarasota, FL University Town Center Scheduled opening: Fall ,000 square feet
12 CUSP
13 CUSP
14 Neiman Marcus Direct
15 NeimanMarcus.com
16 BergdorfGoodman.com
17 Horchow.com
18 Cusp.com
19 Neiman Marcus Direct Innovative marketing Designer sites FY 2002 $355M Growth of Internet FY 2008 $748M Customer personalization 7% 24% Technology investment 83% 76% Catalog Internet
20 Neiman Marcus Direct Innovative marketing
21 Neiman Marcus Direct Designer sites
22 Neiman Marcus Direct Customer personalization
23 Financial Overview
24 Historical Financial Performance Historical Financial Performance ($ in millions) $2,580 $,888 $2,8 $2,338 $2,042 $50 $59 $83 $99 $83 7% Revenue CAGR 0% EBIT CAGR $2,93 $2,998 $2,86 $248 $203 $73 $3,00 $24 $3,42 $336 $3,695 $407 $4,030 $447 $4,390 $550 $4,60 $ Fiscal Years Ending July Revenue EBIT Consistent growth through multiple business and economic cycles highlighted by 3 year Revenue and EBIT CAGRs of 7% and 0%, 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 2002 and FY 2008 reflect 53 weeks. 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.
25 Financial Metrics Specialty Retail Revenue ($ in millions) ($ in millions) Specialty Retail EBIT $2,442 $2,487 $2,47 6% CAGR $2,507 $2,850 $3,03 $3,375 $3,675 $3,853 $ % $20 8.% 9% CAGR $3 0.9% $98 $7 7.9% 7.% $ % $404 $49 $ % 3.4% 2.4% NMD Revenue ($ in millions) ($ in millions) $405 $438 $444 8% CAGR $494 $57 $592 $655 $75 $ EBIT EBIT Margin NMD EBIT EBIT EBIT Margin Note: Specialty Retail revenue reflects the change in classification of revenues deferred in connection with the Company s loyalty programs. $2 $ $23 2.5% 5.% 67% CAGR $46 9.3% $6 0.7 % $ % $98 $6 $8 5.0 % 6.2 % 5.8 %
26 Superior Performance $700 $600 $500 $400 $300 $200 $00 Sales Per Square Foot Note Figures are from LTM ending August 2, NMG data is for the Specialty Retail segment only (Full line Neiman Marcus Stores and Bergdorf Goodman). SFAE is estimated Saks Fifth Avenue stores and internet sales (excludes estimated clearance center sales).
27 FY 2008 Financial Highlights NMG FY '08 FY '07 % change Comparable Sales.7% 6.7% Adjusted Operating Earnings ($M)* $537 $ % Adjusted Operating Margin.7% 2.5% Specialty Retail Comparable Store Sales.3% 6.2% Operating Earnings ($M) $477 $49-2.8% Operating Margin 2.4% 3.4% Neiman Marcus Direct Sales Growth 4.5% 9.2% Operating Earnings ($M) $8 $6.4% Operating Margin 5.7% 6.2% Source Neiman Marcus, Inc. FY2008 Q4 Earnings Release (for the fiscal period ended August 2, 2008). *Adjusted Operating earnings represents operating earnings excluding amortization of customer lists and favorable lease commitments and other income/expense.
28 Summary Balance Sheet ($ in millions) FY 2008 FY 2007 Cash $ 239 $ 4 Merchandise inventories Current liabilities $ 733 $ 768 Long-term debt 2,946 2,946 Shareholder s equity $,677 $,558
29 Leverage Ratio Q FY 06 Q4 FY 06 Q4 FY 07 Q4 FY 08 Leverage ratio is calculated as Total Debt / LTM Adjusted EBITDA LTM adjusted EBITDA excludes purchase accounting adjustments and transaction and other costs.
30 Reconciliation of Adjusted Operating Earnings Fiscal Year Ended August 2, July 28, (dollars in millions) OPERATING EARNINGS: Specialty Retail Stores $ 477 $ 49 Direct Marketing 8 6 Corporate expenses (57) (56) ADJUSTED OPERATING EARNINGS $ 537 $ 550 Amortization of intangible assets (72) (72) Other income (expense) () OPERATING EARNINGS $ 466 $ 477 Depreciation & Amortization Source Neiman Marcus, Inc. 0-K (For the fiscal period ended Aug 2, 2008).
31 EBITDA Reconciliation ($ in millions) Q4 FY '08 Q4 FY '07 Q4 FY '06 Q FY '06 LTM EBITDA (Reported) $ 687 $ 686 $ 55 $ 509 Adjustments: Inventory purchase price adjustment Transaction costs Gain on credit card transaction (6) Other (income) expense () - - Total EBITDA adjustments () LTM EBITDA (Adjusted) $ 686 $ 687 $ 577 $ 534 Debt/LTM EBITDA (Adjusted)
32
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