• Q4 losses widen to $407.3m from losses of $32.9m
  • Total sales down 3.3% to $1.13bn
  • Comparable sales fall 4.1%

Upscale department store retailer Neiman Marcus has widened its losses in the fourth quarter and booked its fourth consecutive quarter of comparable sales declines. 

In the three months ended 30 July, net losses amounted to US$407.3m from losses of $32.9m a year earlier. The 2016 figure included a $466.2m writedown in the fair value of goodwill, tradenames and certain assets.

Total revenue in the quarter fell 3.3% to $1.13bn, compared to $1.17bn in the year ago period. Comparable sales, meanwhile, dropped 4.1%. 

For the full year, the company booked a net loss of $406.1m from earnings of $14.9m in the prior year. Total sales were down 2.9% to $4.95bn, while comparable sales dropped 4.1%.

In August, Neiman Marcus eliminated around 50 jobs across buying, IT and alterations as part of plans to complete its omni-channel transformation. This has included the launch of its NMG One merchandising system, which went live in early September.

Neiman Marcus buyer jobs hit by omnichannel restructuring

In June, the retailer was forced to deny reports it was on the lookout for a buyer or investor amid struggles under a "toxic combination" of a US$5bn debt load and flagging sales.

Neiman Marcus denies reports it is looking for buyer