Neiman Marcus Group Ltd. LLC saw comparable sales rise in the fourth quarter, although the retailer’s bottom line was hit by costs associated with its acquisition last October by Ares Management and the Canada Pension Plan Investment Board.
In the three months ended Aug. 2, the Dallas-based operator of Neiman Marcus and Bergdorf Goodman registered a net loss of $42.1 million versus net income of $2.9 million in the year-ago quarter, the end of which preceded its Oct. 25 acquisition.
Excluding various acquisition- and transition-related charges, adjusted earnings before interest, taxes, depreciation and amortization fell 0.9 percent to $105.8 million from $106.8 million.
Revenues declined 0.6 percent to $1.11 billion from $1.12 billion in the 2013 period, with specialty retail sales down 2.9 percent and online sales ahead 7.3 percent to $275.6 million. Comparable sales were up 4.9 percent, with specialty retail ahead 2.3 percent and online up 13.7 percent.
The comp trend in the retailer’s final quarter marked a deceleration from the full-year trend. In the 12 months, comps rose 5.5 percent, with specialty retail up 3.4 percent and online up 12.9 percent. Comp results for fiscal 2013 exclude the effect of the 53rd week on the retail calendar.
The net loss for the full year was $147.2 million versus net income of $163.7 million, while adjusted ebitda rose 0.9 percent to $677.6 million from $671.5 million. Revenues were up 4.1 percent to $4.84 billion from $4.66 billion in the 2013 fiscal year.
Year-end inventories stood at $1.07 billion, 5 percent above the $1.02 billion at the end of last year.
Figures for the fourth quarter compare the company after the acquisition to its predecessor, and full-year results compare a combination of the current firm and its predecessor with results from the predecessor company.
The company will hold a conference call this morning to discuss the results.