NEIMAN MARCUS REPORTS SALES DECLINE

Dallas-based Neiman Marcus Group has reported financial results for its third fiscal quarter ended April 30.

For the third quarter, the company reported total revenues of $1.17 billion, representing a decrease of 4.2 percent compared to total revenues of $1.22 billion for the third quarter of fiscal year 2015. During this same period, comparable revenues decreased 5 percent and the company reported net earnings of $3.8 million compared to net earnings of $19.8 million for the third quarter of fiscal year 2015. Adjusted EBITDA for the third quarter of fiscal year 2016 was $173.2 million compared to $202.6 million in the prior year.

On a year-to-date basis, the company reported total revenues of $3.82 billion, representing a decrease of 2.7 percent compared to total revenues of $3.93 billion in the prior year. During this same period, comparable revenues decreased 4.2 percent and the company reported net earnings of $1.1 million compared to net earnings of $47.8 million in the prior year.