NEIMAN MARCUS REPORTS $23.5 MILLION NET LOSS FOR FIRST QUARTER
Dallas-based retailers Neiman Marcus Group today reported financial results for its first fiscal quarter of 2017, ended October 29, 2016.
Total revenues were $1.08 billion, representing a decrease of 7.4 percent compared to total revenues of $1.16 billion for the first quarter of fiscal year 2016. Comparable revenues decreased 8 percent, and the company reported a net loss of $23.5 million compared to a net loss of $10.5 million for the first quarter of fiscal year 2016.
Adjusted EBITDA was $122.9 million compared to Adjusted EBITDA of $164.3 million for the first quarter of fiscal year 2016.
Like many high-end retailers, the company has been facing a challenging retail environment, including a decrease in international tourist dollars, a change in the buying cycle, the need for more markdowns and promotions to compete with online and other brick-and-mortar retailers.
