• Q3 net loss of US$2.7m
  • Total sales up 5.4%
  • Comparable sales climb 5.9%

Upscale department store retailer Neiman Marcus has swung to a loss in its third-quarter as a result of one-off costs.

In the 13 weeks ended 3 May, the company reported a net loss of US$2.7m. This compared to earnings of $70.8m a year earlier. The loss was a result of significantly higher interest expense, markdowns and costs associated with free shipping and returns.

Excluding costs, adjusted earnings totaled $45.1m compared to $78.7m in the prior year.

Sales in the period were up 5.4% to $1.16bn compared to $1.1bn in the year ago period. Comparable revenues increased 5.9%.