FINANCE

Neiman Marcus swings to Q2 loss

BY Marianne Wilson

Neiman Marcus Group’s profit fell in the second quarter even as its same-store sales rose.

The luxury retailer reported a net loss of $29 million in quarter ended January 26, compared with net earnings of $372.5 million in year-ago period, which included through the year-ago period included a $387.8 million tax benefit.

Revenue totaled $1.39 billion, down from $1.48 billion last year. Same-store sales edged up 0.7%, the sixth consecutive quarter of comparable sales increases.

“The stabilization of our business continues as we work deliberately to transform Neiman Marcus Group into a luxury customer platform, fueled by technology, innovation, and supported by seasoned and talented executives who are laser-focused on this mission.” said Geoffroy van Raemdonck, CEO, Neiman Marcus Group.

As previously announced, Neiman Marcus reached a preliminary agreement with lenders owning about half of the company’s debt on an extension and amendment of its debt maturities. The agreement, if approved, would give the retailer some relief from its crushing debt load.

Neiman Marcus will open its first-ever location in Manhattan on Friday, March 15. The three-level, 188,000-sq.-ft. store will anchor The Shops & Restaurants at the new Hudson Yards complex on the city’s West Side.

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