NEIMAN MARCUS CONTINUES TO POST GAINS IN FOURTH QUARTER
Neiman Marcus continued its streak of quarterly sales gains and significantly lowered its loss in the recent quarter as it enters a pivotal year.
The Dallas-based luxury retailer reported a sales increase of 2.3 percent to $1.13 billion in its fiscal fourth quarter and narrowed its loss to $75 million. That compared with sales of $1.12 billion and a loss of $366 million last year.
For fiscal year 2018, the company reported total revenues of $4.90 billion, representing an increase in comparable revenues of 4.9 percent.
“The fourth quarter was in-line with our expectations and marked our fourth consecutive quarter of positive sales increases,” said Geoffroy van Raemdonck, chief executive officer of Neiman Marcus Group. “Online revenues were up 12.5% for the quarter and accounted for 36 percent of our overall business. We also delivered healthy gross margin performance through lower markdowns and strong inventory management. As we look to the future, we are making long-term investments in technology, supply chain and new customer centric capabilities that will begin to benefit the business in fiscal 2020 and beyond. Our multi-year strategic plan is designed to both protect and advance our existing business, while also positioning Neiman Marcus Group for long-term growth.”
