Neiman Marcus Inc. narrowed its fourth-quarter loss and posted a strong fiscal year, giving the luxury retailer momentum heading into Christmas, China and possibly an initial public offering down the road.
“We have a lot of good things going on. Our strategies are all starting to take hold in the stores and with our merchandising organizations. We feel like we are in a really good place to grow the business,” Karen Katz, president and chief executive officer, told WWD on Thursday, just after the company said it narrowed its fourth-quarter loss to $11.1 million. A year ago, Neiman’s posted a $61.4 million loss, which included a payment of $42.7 million to extinguish debt.
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