Neiman Marcus

Neiman marcus posts first comparable sales gain in more than a year

by Brian Lipton

Neiman MarcusDallas-based luxury retail company Neiman Marcus Group has reported its financial results for first quarter of fiscal 2018, which ended on October 28.

The big news for the company is that its comparable revenues rose 4.2 percent in the first quarter of fiscal 2018 from the same quarter a year ago – the first increase since the fourth quarter of fiscal 2015. Neiman attributed the positive result its “Digital First” strategy and recent investments in new technologies and marketing tools.

In addition, Neiman reported total revenues of $1.12 billion, an increase of 3.8 percent compared with total revenues of $1.08 billion from the same quarter a year ago. On the downside, Neiman reported a net loss of $26.2 million compared with a net loss of $23.5 million for the first quarter of fiscal year 2017, while adjusted EBITDA was $123.5 million compared to Adjusted EBITDA of $122.9 million for the first quarter a year ago.

The retailer also told reporters that the company’s men’s business performed well for the quarter, and that online channels continued to contribute significant, double-digit growth. It also stated that the opening of its New York City flagship at Hudson Yards remained on schedule, with the store set to open its doors in March 2019.