Neiman Marcus Plans To Raise Up To $100M In IPO
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NEW YORK (CBSDFW.COM/AP) — Luxury retailer Neiman Marcus plans to raise up to $100 million from an initial public offering of its common stock.
That amount is likely to change, though, as bankers gauge investor interest. The plan to go public comes about eight years after private equity firms TPG Capital and Warburg Pincus bought Neiman Marcus for $5.1 billion.
Dallas-based Neiman Marcus has benefited from upscale shoppers that are willing to pay more for its luxury goods. During the recession Neiman Marcus was not as hurt by the consumer spending pullback as other retailers, because its upscale shoppers suffered less in the poor economy.
Neiman Marcus won’t receive any proceeds from the offering.
The company, whose corporate headquarters and flagship store in downtown Dallas are a listed Texas landmark, runs its namesake stores, Bergdorf Goodman, Cusp and discount shops under the Last Call brand.
Neiman Marcus Inc. did not disclose how many shares would be offered, or what the projected price range would be. A regulatory filing by the company also did not disclose what exchange it expects to list the stock on or what ticker symbol it plans to use.
For fiscal 2012, Neiman Marcus had net income of $140.1 million on revenue of $4.35 billion. The retailer had net income of $31.6 million and revenue of $4 billion in fiscal 2011.
Earlier this month the company reported that its fiscal third-quarter net income increased 13 percent on stronger sales, particularly online. Revenue from its online business jumped 15 percent in the period. Revenue from stores open at least a year, considered a key indicator of financial performance because it strips away the effects from recently opened or closed stores, increased 3.6 percent.
(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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