• Q4 net loss of US$42.1m
  • Sales drop slightly to $1.11bn
  • Comparable sales grow 4.9%

Upscale department store retailer Neiman Marcus Group has swung to a loss in its fourth-quarter due to an increase in interest expenses and flat margins.

The company reported a net loss of US$42.1m in the three months ended 2 August, compared to net earnings of $2.9m a year earlier. Excluding accounting factors and other items, the group's adjusted net loss was $12.9m versus an adjusted profit of $10.8m in the year ago period.

Neiman Marcus was bought out by Ares Management and Canada Pension Plan Investment Board (CPPIB) in October last year in a deal worth $6bn. Subsequently, Neiman Marcus acquired global online luxury business mytheresa.com last week in a bid to expand its international reach.

For the quarter, the company reported total revenues of $1.11bn compared to $1.12bn in the prior year. Comparable sales increased 4.9%.