US: Data breach costs move Neiman Marcus to Q2 loss
- Q2 net loss of US$67.9m
- Net sales growth of 5.1%
Upscale department store Neiman Marcus Group moved to a net loss in its second quarter as costs related to a data breach hit earnings.
The company, which was acquired by an investor group led by Ares Management and Canada Pension Plan Investment Board in October last year, reported a net loss of US$67.9m in the three months ended 1 February. This compared to earnings of $40.4m a year earlier.
Neiman Marcus said it incurred expenses associated with the sale of the company in the quarter, in addition to costs related to its data breach and free shipping and returns. To date, the breach is understood to have cost the retailer around $4.1m.
Sales in the period, however, climbed 5.1% to $1.43bn from $1.36bn in the prior year period. Comparable revenues increased 5.5%.
Neiman Marcus Group Ltd. LLC (Neiman) is a luxury, multi-branded, omni-channel fashion retailer. The company sells apparels and accessories with a focus on the needs of the luxury market. Its product ...
Upscale department store retailer Neiman Marcus has swung to a profit in its third-quarter thanks to stronger revenues....
- SOURCING: Production problems weigh on Pakistan
- Cutting-edge companies focus on consumer needs
- Speed to market key to Adidas 2020 growth plan
- SuperGroup to adapt sourcing model for speed
- What next for smart fabrics and garments?
- Major Ethiopia textile build experiences delays
- Swedish textile water project to expand globally
- PVH “pleased” after swinging to Q4 profit
- Organic cotton assessment tool launches
- Apparel and textiles rank high on EU alert system
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead
- Outdoor performance apparel: peaks, valleys, and green fields
- Global market review of swimwear - forecasts to 2019