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