Neiman Marcus swings to Q1 loss as sales fall
- Q1 loss of $10.5m versus $200,000 profit
- Revenue down 1.8% to $1.16bn
Upscale US department store retailer Neiman Marcus swung to a net loss during its first quarter, as sales fell.
The company's net loss amounted to US$10.5m for the three months to 31 October, compared to net earnings of $200,000 in the same period of last year.
Adjusted EBITDA fell to $164.3m from $194.3m in the prior year.
Revenue fell 1.8% to $1.16bn from $1.19bn last year, while comparable sales dropped 5.6%.
In October, Neiman Marcus revealed it had cut around 500 jobs as part of its plans to free up funds to accelerate investment. The company's 'Organising for Growth' initiative aims to improve the way it runs its business and accelerate investments in the customer facing initiatives that drive growth.
Donald Grimes, the chief financial officer of upscale department store retailer Neiman Marcus, has stepped down after just 18 months in the role. ...
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....
Upscale department store retailer Neiman Marcus has widened its losses in the fourth quarter and booked its fourth consecutive quarter of comparable sales declines. ...
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