Neiman Marcus’ ‘strategy is working,’ increasing revenue, sales in Q3
Neiman Marcus Group is on a roll with three consecutive quarters of year-over-year sales growth, an indication that the company’s focus on innovations across the customer experience is paying off.
For the quarter ended April 28, the company reported net revenue of $1.17 billion, an increase of 4.8% compared to total revenues of $1.11 billion for the third quarter of fiscal year 2017. This included a provisional non-cash income tax benefit of approximately $386.2 million in fiscal year 2018, and non-cash impairment charges of $153.8 million in the second quarter of fiscal year 2017 to state certain intangible and other assets.
The company is also narrowing its net loss, which was $19.9 million for the quarter, compared to a net loss of $24.9 million for the same period in 2017. Adjusted EBITDA for the third quarter of fiscal year 2018 was $143.8 million compared to $135.9 million in the prior year.
Same-store sales increased 6%. Meanwhile, online sales increased 17.1% to $416 million, a segment that represents more than 35% of overall sales.
“Our strategy is working, so we will continue to be laser-focused on areas that set us apart from competitors – innovation that enhances the customer experience, a strong high-performance culture and new partnerships with both emerging and industry-leading luxury brands,” said Geoffroy van Raemdonck, Neiman Marcus CEO.
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