NEIMAN MARCUS REPORTS FIRST QUARTER LOSSES

Texas-based retailer Neiman Marcus Group LTD LLC has reported financial results for its first fiscal quarter ended October 31, 2015.

For the first quarter, Neiman’s reported total revenue of $1.16 billion, representing a decrease of 1.8% compared to total revenue of $1.19 billion for the first quarter of fiscal year 2015. During this same period, comparable revenues decreased 5.6% and a net loss of $10.5 million compared to net earnings of $0.2 million for the first quarter of fiscal year 2015. Adjusted EBITDA for the first quarter of fiscal year 2016 was $164.3 million compared to $194.3 million for the first quarter of fiscal year 2015.

Neiman’s, which is privately owned, had originally planned to have an initial public stock offering this year, but has postponed it until 2016. Among the company’s other plans are to open stores in Fort Worth, Texas (in 2017) and in New York City, at the Hudson Yards project, in 2018.