NEIMAN MARCUS INTRODUCES NEW “DIGITAL FIRST” STRATEGY AMONG SLOWLY IMPROVING SALES
Neiman Marcus Group has reported financial results for the fourth quarter and fiscal year that showed growing online sales, greater sales stability at full-line stores, and improved inventory alignment. The company is also introducing a new strategy, called “Digital First,” to further its leadership position in the luxury retail space by anticipating customers’ evolving behaviors and engaging them more deeply to drive traffic online and in stores.
For the fourth quarter, the company reported total revenues of $1.12 billion, representing a decrease in comparable revenues of 0.5 percent from the fourth quarter of fiscal year 2016. Including non-cash impairment charges of $357.0 million and $466.2 million in the fourth quarter of fiscal year 2017 and fiscal year 2016, respectively, as described below under “Other Items”, the company reported a net loss of $366.3 million for the fourth quarter of fiscal year 2017 compared to a net loss of $407.3 million in the prior year.
For fiscal year 2017, the company reported total revenues of $4.71 billion, representing a decrease in comparable revenues of 5.2 percent. Including non-cash impairment charges of $510.7 million and $466.2 million in fiscal year 2017 and fiscal year 2016, respectively, as described below under “Other Items”, the company reported a net loss of $531.8 million in fiscal year 2017 compared to a net loss of $406.1 million in the prior year.
