• 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. 

Neiman Marcus cuts 500 jobs in investment move