Dallas-based luxury retailer Neiman Marcus Group reported positive financial results for its second quarter of fiscal year 2018 that reflect indications that the company’s base business is stabilizing and is positioned for growth after two straight quarters of year-over-year revenue increases. These increases were supported by the company’s “Digital First” strategy and recent investments in new technologies and marketing tools.
For the second quarter, the company reported total revenues of $1.48 billion, representing an increase of 6.2 percent compared to total revenues of $1.40 billion for the second quarter of fiscal year 2017. During this same period, comparable revenues increased 6.7 percent.
For the fiscal year-to-date, the company reported total revenues of $2.60 billion, representing an increase of 5.2 percent compared to total revenues of $2.47 billion for the same period in the prior year. During this same period, comparable revenues increased 5.6 percent.
“I am excited about our momentum, which underscores Neiman Marcus Group is truly unique within our industry for our ability to deliver on a personalized luxury shopping experience across channels and brands,” said Geoffroy van Raemdonck, chief executive officer of the company. “We will continue to innovate and invest in the business to envision new ways to serve the luxury customers of today and tomorrow.”
This marks the first earnings report since Karen Katz stepped down as CEO last month after more than 30 years with the Dallas-based luxury retailer. Katz remains on the board.
Her successor Geoffroy van Raemdonck has only been on the job since February 12 and took over after the retailer’s fiscal second quarter ended in January.