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RAPAPORT... Luxury retailer Neiman Marcus Inc. filed the necessary regulatory plans to launch an initial public offering (IPO) for as much as $100 million in stock, which is a standard filing figure. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering will be made only by means of a prospectus.
TPG and Warburg acquired Neiman Marcus in early October 2005 for $5.1 billion and took the luxury retailer private at that time. Earlier this year, it was reported that the equity funds hoped to price an IPO for $8 billion. The stock in this IPO will be sold by affiliates of Newton Holding LLC, TPG and Warburg Pincus.
Neiman Marcus no longer reports monthly sales figures, but for the most recent quarter that ended on April 27, revenue rose 3.7 percent year on year to $1.1 billion and same-store sales increased 3.6 percent. Operating earnings increased 2.5 percent to $150.3 million and profit rose 13 percent to $70.8 million.
Neiman Marcus operates a specialty retail stores segment and an online component. Retail stores consist of Neiman Marcus, Last Call and Bergdorf Goodman. The online segment conducts direct to consumer operations under the Neiman Marcus, Horchow, Last Call and Bergdorf Goodman brand names.
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